Retail IT Spending Expected to Increase in 2004

The National Retail Federation ended its national convention on the heady news that IT spending is expected to rise in 2004.

On the last day of its annual convention in New York, the National Retail Federation released a new study that shows retailers expect to increase IT spending in 2004.

Eighty-three percent of more than 100 retailers surveyed expect to replace or upgrade point of sale systems this year, according to Retail Horizons: Benchmarks for 2003, Forecast for 2004, a report conducted by the National Retail Federation Foundation (NRFF) and BearingPoint Inc.

"As the competition increases, retailers need to figure out how they can differentiate even more," said Scott Hardy, a managing director with BearingPoints Retail/Wholesale practice. "Retailers are looking to POS in 2004 to provide real-time information to have a better understanding of the customer."

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