Strategies for success on the beleaguered high street

This is a gem! A terrific article that is packed full of materials which students can use to develop their understanding of the strategic options open to high street retailers who are struggling with a significant downturn (once again) in consumer spending.

Marketing Week has this excellent analysis of “How to repair Britain’s crumbling high streets”

The background to the analysis ought to be familiar to business students who have been following the UK business news for the last year or two. High street sales are falling; many well-known retailers have failed (Habitat, Moben) whilst others struggle on (HMV). What are the options for change?

The article analyses several options:

- Opening outlet stores - a way of reaching a different customer base and release working capital into cash

- Expand into new geographical territories (including emerging nations)

- Invest in better staff training and customer service

- Manage by “walking around” - get senior managers much closer to day-to-day operations

- Embrace e-business - strange that some high street retailers don’t fully embrace online stores!

The article describes and has links to lots of great examples of these strategies being put into action.