Place a frog in boiling water and it’ll jump out, the story goes, but slowly heat the water with the frog already in and it will not see the danger until it’s too late.

Comet was the classic boiling frog. The rise of internet shopping bumped up the temperature a few degrees the decline of retail parks made it a little hotter a prolonged slump in consumer spending added a few more degrees and before Comet-the-Frog knew it, it was game over.

Consumer electronics is particularly susceptible to the pressure of a fast-changing market. It is becoming yet another retail segment where ‘last man standing’ specialist (Dixons) plays against generalists (supermarkets) and internet pure plays (Amazon). Continued speculation over the future of HMV, another last man standing, shouldn’t provide Dixons any long-term comfort, despite its short-term victory.

Everyone is facing the same challenge: how to seize the opportunities presented by advancing technology and changing consumer habits while actually making money. Most other categories are not as susceptible as electronics or music, but change is everywhere. There are serious lessons to be learnt from Comet. The most important is that you must move fast to stay alive.

This highlights one of the most critical leadership issues of our time - management focus. Boxwood’s research highlights the struggle that leaders face every day to ensure teams are capable, motivated and focused enough to land the opportunities presented by industry changes, while at the same time not dropping the ball on the day job.

Over 90% of retail trade is conducted in-store so let’s remember what keeps the lights on. If you don’t stay ahead of the pack, however, by innovating and evolving your offer, studying trends and buying habits, you risk being out-manoeuvred not only by rivals but potential consumers.

It’s no surprise management focus is currently so important. It is a brave CEO who invests in anything but core operations, but successful leaders effectively manage innovation AND the day job. As Comet found, transformation must be business as usual if you want to win.

Matt Clark is director of consumer at Boxwood

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