Final answer:
Staying informed about changing market trends and consumer preferences is crucial for retail managers because it allows them to adapt their offerings accordingly and stay competitive in the market.
Step-by-step explanation:
Staying informed about changing market trends and consumer preferences is crucial for retail managers because it allows them to adapt their offerings accordingly and stay competitive in the market. By staying informed, retail managers can identify emerging trends, anticipate customer needs, and make informed business decisions. For example, if a retail manager notices a rising demand for organic products, they can introduce a new line of organic products to meet customer preferences. Similarly, if they observe a shift towards online shopping, they can invest in e-commerce platforms to expand their reach.