We introduced the New Value Equation (NVE) framework three years ago and it’s been profoundly satisfying to see the traction and mileage it has achieved with IGD clients including retailers, suppliers, shopper agencies and loyalty providers. It’s showed up in main stage presentations, investor relations materials, supplier events and strategy documents and has proven to be a valuable framework for assessing retailers, stores, categories and brands.

With that in mind, we thought it might be worth a second look to evaluate if the NVE framework needed tweaking for the trading environment in 2026 and the reassuring answer was ‘not really’. The only modest change that we highlight in the new value equation report was to the backdrop rather than the equation itself: we are hearing so many more retailers and suppliers talk more about ‘trust’ as a core part of value.

Trust is a nebulous concept at the best of times and it seems to cover manifold themes when called out by brands and retailers. There are some obvious areas where trust is key, such as quality, freshness, price integrity and price-led value, but it is also paramount in spheres such as healthfulness, environmental stewardship, responsible sourcing, being a responsible employer, playing a positive role in communities and generally doing the right thing. Shoppers are well aware that the brands they interact with have a responsibility to shareholders, but there should also be a trust that brands will do the right thing for them, their health, their planet and their communities.  

One of they key motivations for formulating the NVE in the first place was that too many players in the industry were placing too much focus on price as a value driver. Sure, price is a massively important value driver, but it is by far from being the only one. Indeed, episodes where retailers haemorrhage market share often overlap with woeful availability or plummeting shopper experience rather than selling groceries for a few pennies more than the competition.

Looking ahead, the core tenets of the NVE will continue to hold true:

• Customer experience will remain paramount: pricing needs to be appropriately anchored to experience: something isn’t expensive if it’s worth more. On the flipside, shoppers are surprisingly forgiving if they are accessing lower prices. 

• Rewards will remain a key factor for shoppers: while data and retail media are exciting side-hustles, we need to remember that loyalty programmes are there to say thank you for loyalty. Member-only pricing looks set to be a part of the landscape for the foreseeable future but the industry should ensure that it is seen as a worthwhile loyalty benefit rather than clunky coercion.  

• Time is of the essence: we remain concerned that ongoing industry evolution – particularly in the realm of retail media – is setting us back years in terms of expediting the shopper trip and category navigation. Branded bays might be good for the bottom line but they don’t always align with how shoppers actually wish to shop a category.

• The power of good: it virtually goes without saying, but doing the right thing for people planet and places will remain a fundamental part of delivering value for shoppers.   

While seeing the NVE out in the wild brings us no small measure of delight, we would love to help you meaningfully bring it to life in your business. Whether that’s helping you assess your stores or categories or simply using it as a kick-off for meetings, get in touch and we’d be more than happy to help.