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Hewison Insights

Tech rev takes hold

John Hewison
Founder and Director
24 Jan 2013

Last week it was announced that two retail icons had closed up shop – HMV music in the UK and Blockbuster video in the US. These are just two more victims of the advancing technological revolution – and there will be a lot more to come.

It makes sense doesn’t it: why would you waste your time going to a music shop when you can buy instantly and cheaper online? And why would you buy a whole CD when you can buy your selected tunes individually? Why would you waste your time and money by renting a DVD when you can quickly and cheaply download a movie onto your media player?

Some of the obvious future victims are hard copy newspapers and books, data and information transfer and passive retail, that is, retail items that are not the subject of fashion size. For instance, I needed to buy some batteries for our home security system. I wasted time and the cost of petrol looking to find a store that stocked them but without success. I then went on-line, found the product, purchased on-line and they will be delivered in 3 days’ time – easy!!

On the one hand you could take a negative and pessimistic view of all this rapid and dramatic change. But when you think about the changes that have occurred over the past couple of generations, it has been truly remarkable. I recall attending a keynote address by the former headmaster of Melbourne Grammar and test cricketer Paul Sheehan about 15 years ago. He made the comment that the future careers of most of his students hadn’t been invented yet – such was the rate and extent of change that was taking place through technological advancement. How right he was!

I believe we are entering a new era of change that will see the emergence of new industries and opportunities. For those who embrace this change, the future is exciting; for those who do not, failure is inevitable.  


Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.auPlease note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.