||Loss of profitability and/or market share if products do not remain fashionable
- Not remaining fashionable is the Group’s single biggest risk, and has significant influence on the market share enjoyed by the business.
- Customer expectations not satisfied with product offering.
- Regular regional meetings and strategy sessions held to source insight into markets, receive product feedback and communicate fashion trends, product innovation, merchandise and store improvements, market analysis and opportunities for growth.
- There are experienced brand/
chain managers in the
business, who focus on key
products and areas.
- Attendance at international trade fairs.
- Ongoing cost/pricing adjustments and expansion of distribution channels implemented (eg e-commerce).
- Store displays and trading space are continually refreshed, and ideas shared across the Group via various mediums (eg operations newsletter).
- Ongoing “competitor shopping” undertaken.
- New inventory provisioning process implemented in stores to ensure improved product life cycles.
- BOP utilised to improve in-stock levels of business critical items, and management/exit of slow moving inventory.
- Work with suppliers and leading experts to ensure ‘wow’ factor of products and merchandising.
- Use business information tools to train and motivate operators to innovate and pioneer.
- BOP will improve product lifecycles, thereby ensuring constant responsiveness to evolving fashion.
- Optimal range/pricing structures will remain a priority.