Retail Sector Playing Catchup in New Market Gravity Innovation Insider Index

LONDON, July 15, 2015 /PRNewswire/ --

- Read the full Index here http://www.nationalbusinessawards.co.uk/mginnovationindex -

- Hear/download expert interviews -

Companies from the retail sector were notably lacking in the top 30 highest rated companies in the first Innovation Insider Index, orchestrated by specialist innovation and proposition design consultancy Market Gravity in partnership with the Lloyds Bank National Business Awards.

The index was conducted to "take the temperature and understand the status of innovation in the UK's biggest and best companies," as explained by Pete Sayburn, CEO of Market Gravity, during our interview with him, which can be downloaded by following the above link.

Only two retail companies featured in the list: they were Argos and Amazon. The Index is based on the views of around 20,000 industry Insiders - influential professionals working at these large organisations in a wide range of roles - who scored their own companies on their performance against Market Gravity's six principles of innovation, which were purpose, leadership, capabilities, collaboration, competitive advantage and customer focus.

We spoke to Dax Lovegrove, Director of Sustainability & Innovation at Kingfisher, about what might be behind the lack of success for retail companies in this index: "It is a challenge for the retail sector to innovate; however, times are changing… We are seeing more convenience stores now, retailers are getting much better at offering multi channel experiences…" You can hear Lovegrove elaborate further in the interview.

Innovation is a vital part of business and is a long-standing category of the annual Lloyds Bank National Business Awards, with Market Gravity now sponsoring it for a second year. The award celebrates companies who demonstrate innovation and innovative approaches, with previous winners including Sainsbury's, ITV, Royal Mail and last year's winner PolyPhotonix.

Sayburn further discusses the results of the index in our interview: "The results threw out some really interesting talking points, for example tech and automotive came out very strongly whereas some of the other sectors, including retail, suffered a little in the eyes of their employees."

Tom Broughton, Programme Director at the National Business Awards, commented,

"I am delighted at the results of the Index and that it offers an insider's view into the state of innovation within them. With innovation a key factor in the success of a business, the National Business Awards look to celebrate these achievements and honour companies like these for their creativity and vision."

The full Innovation Insider Index, with reactions and thoughts from the Top 30 companies and detailed insight into the findings can be downloaded at http://www.nationalbusinessawards.co.uk/mginnovationindex. Join the innovation conversation on Twitter: #innovatebig

You can now book your table at this year's National Business awards ceremony, set to take place at Grosvenor House on 10 November, follow this link to do so http://www.nationalbusinessawards.co.uk/Content/Attend-the-awards-1-2/11/.

About the National Business Awards
Open to organisations of all sizes from all sectors across the UK, the National Business Awards is the UK's most prestigious independent business recognition platform with its particular emphasis on excellence, innovation and ethical business. 

Now in its 14^th year, the National Business Awards connects the nations' professionals through its annual awards ceremony; year-round thought leadership and round table events; and is UBM plc's flagship awards programme. Visit nationalbusinessawards.co.uk for further information or follow us on Twitter @businessawards.

About Market Gravity 

Established in 2009, Market Gravity is a specialist innovation and proposition design consultancy. We work with the world's leading companies to liberate big ideas, turning them into new, innovative services: helping to build tomorrow's economy.

Our unique combination of insight, commercial and prototyping expertise puts customers at the heart of the design process, while our hands-on method builds momentum to launch. We accelerate great ideas from Post-it™ to prototype.

We've worked with clients like Visa, Aegon, Post Office, British Gas, Boots and Barclays to launch big ideas that include electric vehicles, next-generation financial advice, renewable energy and digital commerce.  

We have offices in London, Edinburgh and New York. For our approach to big business innovation, advice, news and more, visit marketgravity.com. To join the innovation conversation, follow us @Market_Gravity and LinkedIn.