Competitive Environment of Harrods and Liberty - Essay Example

page Executive Summary Harrods and Liberty are affected by the different environmental factors thus influencing the manner in which the two stores conduct their trading activities. Considering that the stores lack control over the external environmental factors, they have had to strategize their practices to suit into the influences, as well as competing more particularly by their positioning. Any changes in the macro-environment have an equal and significant bearing on the trading practices of the stores, since they are both based within the UK. The two business organizations have different business objectives thus their practices about the external environment is greatly variable, all aimed at ensuring they stay in line with the demands of the targets and principles for which the store stands. For instance, Harrods demonstrates a higher level of aggressiveness with the incorporation of modern technological innovations, whereas Liberty is apparently more interested in conservation of its reputation and image, as opposed to multi-engagements in macro-economic influencing factors. On the other hand, Harrods appears to have its focus on a wider range of audience as evident through its marketing techniques, which are largely technology-based. This undoubtedly enables the store to pass a busy and energetic feel of communication about itself. On its part, Liberty tends to position its practices on specific and strictly premium high-end market, giving the store a more relaxed ambience. The external and internal analysis of the two stores based on their strategies of retailing suggests that the two organizations have not yet been able to fully exploit the business opportunities at their exposure. Of significant importance is the need for the two stores to adopt diversity in the products and services provided, and the manner in which this is done, in order to widen their customer base as well as helping them overcome some of the external and internal environmental barriers to business. Table of Content 1. Introduction 2. Retailers’ retail strategy in the light of its competitive environment 2.1 The overall sector’s position 2.2 The retailers’ strategies for dealing with the environment 2.3 The retailers’ strategies for dealing with the competition they face 2.4 Target market(s), competitive positioning 3. Retailers’ implementation in the light of its competitive environment 3.1 range of merchandise 3.2 pricing 3.3 customer communications 3.4 service offering 3.5 location 3.6 store ambience, layout and communication 4. Conclusions 5. Bibliography Introduction Over the past decades, there has been a significant transformation in the retail industry, which has equally posed more challenging moments for the retailers. Despite this, the global landscape of retailing, which is on constant change, has experienced massive improvement, even in the time of high competition from within the UK markets and that on the global scene (Thirumalai and Sinha, 2009). Evidence suggests that the move by the retailers to harness the multi-channel practices and the growing advances in technology have been key in increasing the stability and profitability within the industry. This report seeks to give a comparison between two of the leading departmental stores in the United Kingdom namely, Harrods and Liberty, in terms of the retailing strategy of their retailers, as well as the implementation of this in line with the competitive environment in which the entities exist (Moudud, 2009). This evaluation includes the overall position of the sector, as well as the strategies by the retailers in dealing with the otherwise challenging business environment. Similarly, the strategies employed by the retailers in overcoming the growing competition are critically analyzed, and the targeted markets of the retailers analyzed in line with the competition for positioning therein. Additionally, the various factors that affect the retailing practice at large will be evaluated, especially in terms of the pricing, the range of merchandise, location, customer communication, service offering, the store layout, ambience and communication. 2. Retailers’ Retail Strategy in the Light the Competitive Environment The Liberty & Co stores deal in selling of fabrics, ornaments, and other object dart of Japanese and Eastern origin (Klaus and Nguyen, 2013). The stores had expanded and began dealing in carpets, fabrics, as well as furniture by 1885, making it among the most fashionable shopping places within London. Following this, the store has realized massive growth and currently sells accessories, cosmetics and books. Liberty has been selling products of its brand since 1988 in other countries that include Japan, by use of the selected retailers together with providing the manufacturers and fashion houses with the Liberty fabrics across the world (Turley and Chebat, 2002). On the other hand, Harrods is a departmental store in the up market within the Knightsbridge on Brompton Road of London. The brand by Harrods is equally applicable to other numerous enterprises operated by the group of Harrods companies, amongst which are the Harrods Estates, Harrods Bank, Harrods Aviation, Harrods Estates and Air Harrods (Thirumalai and Sinha, 2009). Another one of this kind is the Harrods Buenos Aires, which was sold in 1922 by Harrods, before closing in 2011. With more than 330 departments under the company’s undertaking, the Harrods is the biggest store of its kind within Europe. Among the departments under its operation are the Food Halls and the seasonal Christmas department, which are famous businesses in the world (Ellickson, Misra and Nair, 2012). 2.1 The overall sector’s position External macro-environment As much as businesses may lack the control over the factors within its environment that directly affect its operations, as demonstrated in PESTLE, the businesses have the ability to ensure positive monitoring of its practices as a way of keeping their target markets or audiences in a positive view (Walker, Curren and Kiesler, 2013). Horrods and Liberty, for instance, have the corporate social obligation to be followed by the businesses in order to guarantee environmental responsibility on the part of the companies, and the manner in which they handle their customers, partners, the suppliers, and the general community (Moudud, 2009). In this respect, therefore, the business must formulate and execute the strategies that are effective in combating the changes within its environment, which include waste management, climatic changes, protection and preservation of the natural resources, as well as ensuring ethical trading practices. Political, legal, and government environment Business regulations are greatly influenced by the political environment within which the business is run. Additionally, this has an equally significant influence on the consumers’ spending power. In this case, for instance, the trends of de-regulation and regulation, the employment legislations, the social legislations, trade tariff controls, and the tax policies are instrumental in influencing the position and nature of retail businesses (Koçaş and Bohlmann, 2008). Of particular concern as far as the political, government and legal environment is concerned are the restrictions and other forms of delay in the issuance of Visas, and this has particularly had a large impact on the operations of both Harrods and Liberty stores in the trading of products. It has been observed by Datamonitor 2010 that UK might be missing out on many potential visitors from outside world due to the restriction imposed on its visas (Ellickson, Misra and Nair, 2012). For example, the people visiting Europe are required to apply for different visa documents in order to be admitted into the UK, making the entire process complicated and expensive. On the other hand, the retail businesses, within which the Harrods and Liberty stores operate, have been hard hit by the tariff and trade control. The control regulations have made it difficult for the traders, particularly on the importation and exportation of products. Such difficulties have been evident since 2005 when the import tariffs on cloths in the UK have been rising significantly (KoçaşandBohlmann, 2008). There is a move that will see the VAT move up to 20 percent, and this is predictably going to affect the trade in the retailing sector, even though analysts think this will be instrumental in the regaining of stability in the economy of the region (Walker, Curren and Kiesler, 2013). In general, the economic conditions within which the businesses operate today, whereby the consumers face a strong curbing of liquidity, and the pay being low compared to the previous years, the increases in VAT is bound to push the consumers away from purchasing from these businesses and instead opt for online shopping (Michels, and Bowen, 2005). On the other hand, the reduced disposal income, among which is the halt of Education maintenance allowance EMA, the increase in the fee paid by students, as well as the restructuring of the income tax is seen as another factor that will significantly affect the business operations of the retailers (Koschate-Fischer, Cramer and Hoyer, 2014). Economic and Financial environment Both Harrods and Liberty consumers’ have been greatly affected by the household income levels, which is an important factor as far as expenditure of the population is concerned. There is a consumption theory developed by John Maynard, its main focus is on disposal income level of people, upon which their spending is determined (Turley and Chebat, 2002). The increase in demand by the consumers is proportional to the rate of rise in income, and this is referred to as the marginal propensity to consume. The UK has generally experienced a collapse in its economy over the last five years, and this has led to the loss of jobs by many people, while others have had their working hours reduced. Due to this, many households have experienced a reduction in income, meaning they have to spend less than they did in the previous period (Evans, Mavondo and Bridson, 2008). This is referred to as income elasticity demand, and is used in measuring the manner in which a business responds to the demanded products per the change in income of the consumers. In essence, the political, economic, social and technological environment within the UK has posed significant level of challenges to the operation of the two companies. These factors, as evident herein, are majorly determined by the governmental policies, which have worked least in favor of the retailing organizations, thus making them less likely to compete on the global market with other entities from different countries (Blankson and Kalafatis, 2007). It has thus come upon the Liberty and Harrods organizations to device meant of survival in to thrive in the otherwise business-hostile environment. The ability of the individual organizations to make ideal strategies has eventually given them different competitive advantages in their competition. Retailer Theories Wheel of Retailing The theory gives an explanation of the changes witnessed within an institution over time particularly when the innovators, amongst which are the large businesses, take part in retailing business. In this case, therefore, the wheel of retailing describes the manner in which retailers seek to capture the market shares as well as creation of brand values. According to this theory, retailers will always start their operations at the bottom of the wheel, where the prices of the products are relatively low (Swoboda and Elsner, 2013). However, with continual prestige and profit growing afterwards, the retailers increase their prices up, just like the modeled wheel moves. The high prices of goods provided by the Liberty and Harrods retailers in the recent years have equally resulted in lower consumer attraction over time, making them lose customers to the new entries in the market. Figure of Wheel of retailing model Cyclical Theory This theory makes reference to the model applicable in explicating the political fluctuations, initially witnessed in the history of America. Conservativeness and Liberalism are grounded in the national mood, which demonstrate a dynamic shift in the involvement of the government between the private interest and the public purpose. This theory is applicable in the different political and economical factors and po0licies that influence the general business climate in the two retail stores (Blankson and Kalafatis, 2007). For instance, the public purpose value is evident in the country, as evident in the evolutionary consequences. There is an apparent complexity in the economic and social and political relationship, with the government policies failing to promote the business interests of the local investors. For instance, the high tariffs on imports and exports, together with the strict and more costly visa for visitors deny the retailers the chance to carry out their businesses at a globally competitive level. The recurrence of historical causes, which include wealth division and distinctions between social classes in the UK, makes the affordability of the products under the retailing corporations only affordable to specific classes of people and not the rest (Swoboda and Elsner, 2013). In this case, therefore, there is need for government intervention inquest to protect the common good of the citizens. For instance, the retailers believe reduction in trade tariffs and better household income for the citizens would promote the interest of the citizens and business. 2.2 The retailers’ Strategies for Dealing with the Environment Ideally, the different challenges posed by the environment within which the businesses are run has meant that the businesses formulate better mechanisms by which they can be able to maintain the competitiveness and profitability of their businesses (Koschate-Fischer, Cramer and Hoyer, 2014). Of the significant importance has been the need for the businesses to study the behaviors of their customers, and this includes the customer identification together with the behaviors of buying among them. Such studies are strictly meant to ascertain who and where do the consumers by, together with the time and manner in which they do (Evans, Mavondo and Bridson, 2008). Additionally, the studies are important in enabling the learning of the responses of the customers to the devices of sales promotion by the business as it aims to expand its coverage and sales. Results collected from this study are of significant importance in giving solutions to the variable marketing problems (Ce and Mistilis, 2012). Predictably, the interest in this study is bound to increase significantly in the coming years. The Harrods Company has been able to manage the variable environment challenges it has faced in its practices, particularly due to its strong brand, which is unique from the rest (Wilson, 2012). For instance, the company’s brand is highly valuable, admirable, and accrues much respect across the globe. As explained by the company management, the strong and unique brand is a symbolic representation of the values of the company, together with its long-term history during which the company has provided exceptional customer services (Srinivasan, Srivastava and Kumar, 2010). Despite this, the company has not sat back with complacency, but has continually fought to safeguard and maintain the competitive advantage lying within this brand, and this has is done through the values upheld in its operations. In addition, the company has maintained its integrity through maintenance of high standards and maintaining a forward drive for the purpose of acquiring improved sales for the company. In line with its motto, which is guided by the neoclassic facade of the company, Omnia Omnibus Ubique, to mean All Things for All People, Everywhere, Harrods has sought to embark on revamping. The company has generally moved to lure the Britons back, who have lately been inclined to the other modern shops, amongst which are the Selfridges (Alexander, 2011). In this move, the company has quadrupled its investment as a strategy to stamp more authority and diversify its products for the purpose of increasing its competitiveness. Additionally, the company has culled more brands of mid-prices, as well as initiating the refurbishment of its 5 acre 7-flour store for the purpose of clearing the space for both FendiSpA and Stella McCartney fashions. 2.3 The Retailers’ Strategies for Dealing with the Competition In the recent past, the Harrods stores have realized a significant improvement through its strategies, outperforming the other players within the sector. For instance, the sales within Harrods rose by 11 percent to 652 million pounds figure, within the year ending in January 2012, as compared to the average 4 percent recorded as the gain across the entire sector of department stores in the UK that year (Ce and Mistilis, 2012). There is no doubt that Selfridges demonstrates a higher innovative level than Harrods does as far as the targeting of the younger Britons is concerned. As a measure to win back a section of the customers, there are plans by the Harrods to trim a little of the items in the mid-tier category, and eventually replace them with other brands, such as the Fendi, which is an Italian fashion merchants (Gregg, 2010). Another notable strategy employed by the Harrods is its pursuance of the social media race, which has seen it emerge top among the luxury department stores based in London. For instance, the strategic merger between Harrods and Burberry, which is the most progressive brand of fashion digitally in the world, meant the stores will not only have its show of Autumn/Winter 2012 streamed live on the Facebook page of the store, but lead to the data mining of the existing opportunities through democratization for the process of buying (Swoboda and Elsner, 2013). In this case, the company would be providing its consumers with the opportunity to become Harrods buyers for the unique opportunity. In this move, all the fans across the globe interested in the luxury retailer were being invited to “Like” the looks they found favorite from the AW12 show by Burberry AW12 show, and the prices included by default inclusive of the AW buy pieces, and these sold eventually in the store. Through this digital move, Harrods strategy outdoes that employed by the Liberty, together with all other competitors within the departmental store operations. The company becomes the first of its kind in the UK to have its data mined-sourced publicly before the launch of collection (Gregg, 2010). This pioneering move therefore sets Harrods ahead of Liberty thus positioning the store as the true brand leader in retailing business as well as being the digital innovator in the industry. The digital strategy embraced by the company is a key phenomenon in promoting its competitiveness over the Liberty and the industry at large (Klaus and Nguyen, 2013). For instance, the company is ahead of other competitors on the technological front, amassing more fans on both the Facebook and Twitter platforms more than any other competitor. 2.4 Target market(s), competitive positioning Considering the political environment which has constantly led in unpredictability in the number of international clients, particularly due to the inconveniences created by visa regulations and processes, together with increased tariffs for export and importation of products, the company has moved to create a more modern Harrods that will eventually attract younger Britons, as a measure of reducing the reliance of the stores on shoppers from the oversees (Srinivasan, Srivastava and Kumar, 2010). By doing this, the company also seeks to avoid the spending eventualities brought about by political instabilities and currency fluctuations. Additionally, there is a clear intention by Harrods to battle out with the luxury merchants running their businesses online, together with other high-end shopping centers situated in Southeast Asia and Dubai (Wilson, 2012). As a result of the high tariffs and taxation policies imposed by the government, there has been a recent increase in preference for online buying by most customers as a measure of evading the high costs incurred in purchasing from other traders. In line with its motto, which is guided by the neoclassic façade of the company, Omnia Omnibus Ubique, to mean All Things for All People, Everywhere, Harrods has sought to embark on revamping. The company has generally moved to lure the Britons back, who have lately been inclined to the other modern shops, amongst which are the Selfridges (Alexander, 2011). In this move, the company has quadrupled its investment as a strategy to stamp more authority and diversify its products for the purpose of increasing its competitiveness. Additionally, the company has culled more brands of mid-prices, as well as initiating the refurbishment of its 5 acre 7-flour store for the purpose of clearing the space for both FendiSpA and Stella McCartney fashions (Blankson and Kalafatis, 2007). Considering the political environment which has constantly led in unpredictability in the number of international clients, particularly due to the inconveniences created by visa regulations and processes, together with increased tariffs for export and importation of products, the company has moved to create a more modern Harrods that will eventually attract younger Britons, as a measure of reducing the reliance of the stores on shoppers from the oversees (Pal, Medway and Byrom, 2006). By doing this, the company also seeks to avoid the spending eventualities brought about by political instabilities and currency fluctuations. Additionally, there is a clear intention by Harrods to battle out with the luxury merchants running their businesses online, together with other high-end shopping centers situated in Southeast Asia and Dubai (Anderson and Lillis, 2011). As a result of the high tariffs and taxation policies imposed by the government, there has been a recent increase in preference for online buying by most customers as a measure of evading the high costs incurred in purchasing from other traders. In 2010, the Qatar Holding, which is one of the investment arms of the sovereign wealthy fund within the country, paid a sum of money equivalent to 1.5 billion pounds. Additionally, the store investment was also boosted by the Qataris to 108 million pounds within the year that ended in January 2012 (Swoboda and Elsner, 2013). This represented an increase of 84 million pounds on the previous 24 million pounds of the year 2009. 3. Retailers’ Implementation in the Light the Competitive Environment Service offering The retail operations within Liberty stores are meant to spearhead quality growth as well as increasing the capacity of sales through improved strategies of recruitment, retaining of the employees, as well as improving the productivity of the sales force (Stoddard, Evans and Shao, 2012). The marked distinction between the strategy of recruitment between Liberty and Harrods is the focus of the later in digital recruitment, whereas Liberty concentrates on local recruitments to facilitate local growth for the competitiveness of the company. On the other hand, Liberty demonstrates an exceptional management of information surpassing Harrods as the leading advisor in financial matters (Tracey and Jarvis, 2007). The company thus commands a stronger value proposition over its competitors, as well as the strong control over costs. The business is also based on strong product innovation and development, just like it is with the Harrods stores. Store Ambience, Layout and Communication Another distinctive feature between Harrords and Liberty is the fact that Liberty practices differentiation form the rest of the market players through creation of individual-in-store aesthetics, as well as exploitation of its history, where it has existed as a leading retailer in showcasing its corporate image, particularly with the use of the earth tones and deep purple (Stoddard, Evans and Shao, 2012). Similar to Harrods, the retailing strategy adopted by Liberty capitalizes on its brand identity that facilitates market recognition, and this serves the purpose of ensuring the market shares are effectively retained, as well as making the company part of the set evoked by the consumers. Range of Merchandise The general assortment of merchandise within Harrods is relatively wide, particularly the great depth of assortments in the luxury brands offered by the stores. Within these stores, there is equally a good arrangement of the assortments where boutiques are separated from within each department (Goes, Karuga and Tripathi, 2012). However, the merchandise assortment within Liberty is comparatively smaller with a similarly shallow depth. It can be noted that the clothing department in Harrods store provides the consumers the variety of shopping, ranging from small depth and small depth width, in addition to the designer shopping. On the other hand, the Liberty stores are well known for their haberdashery, single department Liberty, which is not seen in the Harrods stores. Pricing The organization further demonstrates their differentiation, particularly originating from the immediate competitors like Harrods by use of a higher strategy of pricing. Ideally, the strategy is apparently paying off based on the figures recorded since 2009, which indicate that despite the corporation having relatively smaller outlet number than Harrods, Liberty recorded £32m on average (Tracey and Jarvis, 2007). The Harrods have a pricing strategy which ranges from between mid and high, with most of it lying within the high ranges. However, Liberty has a pricing position that is exclusively high. In addition, the Liberty markets are situated at more specific and highly prestigious levels (Blankson, Kalafatis and Cheng, 2008). The Liberty’s target market has little interest in prices but instead, more focused on the exclusive premium services and goods, together with the experience of shopping. Location Harrods store is located at Knightsbridge on Brampton Road of London making it fairly easy for the consumers to miss it. However, the location in which Liberty is found is relatively secondary on the Carnaby Street, making it fairly hard for the consumers to locate, particularly for the consumers who are not specifically searching for the stores (Blankson, Kalafatis and Cheng, 2008). Despite this, the apparently confusing location of the store, it is seen as a strategic position since it works for the kind of merchandise in which the stores deal, and equally meets the targeted market for the corporation. For instance, the vast majority of consumers for this store move around to acquire their premium selection from wherever it is. Customer Communication The communication of the brand within Liberty is relatively low compared to Harrods. For instance, there is a chance that a customer would move in the Liberty store without noticing a brand therein (Doherty, 2007). The store enjoys comfort in its reserved advertisement practice and instead, created ample environment for its shoppers. The spacing, where three open spaces are stage between small rooms makes the shopping experience more relaxed. On the other hand, the display is a classic feel of shopping, with the products not appearing like a display in store but more of a living room. Both Harrods and Liberty have their quality communicated through their products. The only difference is that Liberty has a higher number of products of premium designer which are not seen in Harrods. Both Harrods and Liberty are continuously employing technology as they seek to improve their experience in retailing, together with ensuring efficient communication with their customers. Harrods leads as the pioneer in the digital strategy of retailing, where the store has exploited the social media avenue in reaching out the vast majority of its consumers (Goes, Karuga and Tripathi, 2012). On the other hand, Liberty has prominently been known for its introduction of the interactive window display, which has been initiated in conjunction with other renowned fashion blog ShowStudio. In this, the customers together with other passers-by are able to take photos of them. SWOT Analysis Strengths The companies have different strengths in their operations, which have been a distinguishing factor giving them their respective competitive advantages. The Harrods’ technological expertise gives them an edge over other competitors in terms of marketing of their products, especially through the social media platform (Turley and Chebat, 2002). On the other hand, the brand name upon which the Liberty capitalizes for its business is a major strength that makes the company less likely to run out of business. Liberty has existed as company whose brand has acquired loyalty from the customers, despite its less vibrant marketing strategy. Weaknesses The conservative nature of the Liberty marketing strategy means they cannot be able to attract newer customers except for the loyal customers of the organization. On the other hand, the hand, the pricing of the retailer, which is high, means only a certain class of customers, can have the products (Blankson and Kalafatis, 2007). Harrods, however, exhibits poor merchandise arrangement in their stores, and this makes it hard for the shoppers to locate all they want. Opportunities Both companies have the opportunities they ought to capitalize on to ensure maximum profitability. For instance, the growing technological advancements provide a key avenue through which the companies can transform their strategies to enhance their competitiveness globally (Swoboda and Elsner, 2013). On the other hand, the companies should capitalize on the multiculturalism of the UK in providing variable makes and types of products to acquire a wider range of customers. Threats With the declining household income of the UK consumers, the companies are at risk of losing their businesses to the otherwise cheaper online marketers, whose products are gaining popularity among the UK consumers, due to the relatively lower prices at which they can be acquired. This shift in preferences makes the departmental retailers less competitive in tne market. 5. Conclusion From this report, it is evident that the United Kingdom exhibits a significant level of diversity in terms of the cultural variability in the society. Despite this, it is evident that the two departmental organizations have literally not exhausted the business potential which could make them realize maximum profit from its customers. For instance, there is much reliance by the organizations on the Western-based shopping behaviors, with all their strategies coined to meet the respective behaviors of the western society. This could be improved by adopting a more integrated form of business, where the strategies give consideration to other factions of the society. For instance, they should follow the lead as pioneered by Selfridges, a competing organization, which has its operations encompassing Ramadan celebrations, held by the Islamic community. Both Harrods and Liberty are bound to acquire more market shares through continuous creation of stand-out selling points, which promote differentiation from their immediate competitors. Based on the exciting brand provided by Harrods, there is need for the organization to communicate more as a destination of shopping experience.Liberty Corporation, based on the brand reputation and history of the stores in the premium services, ought to exploit more marketing opportunities as a store destination in which customers can effectively use the premium knowledge and service availability from its employees, as well as benefitting from the product exclusivity provided by the organization. The investment strategy employed by Liberty Corporation, where there is floatation within the stock market is risky. As a means of spreading risk in the recession emergency, and ensure efficient creation of brand awareness in the relatively young market in London, the organization should consider developing an almost defunct organization within the city, done through particular collaboration between it and other widely recognized and more affordable brands. 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