Mr. Smith had worked for sixteen years in the retail clothing business. He gained this experience by working in stores such as Belk's Department Store, Manning Owens Incorporated, and LeGrande's of Aiken, South Carolina.
After two years, the partnership was dissolved, Mr. Smith became the sole owner, and LSL was established as a sub-chapter S corporation. This began a period of growth for the company. Between the years of 1979 and 1983, four additional locations were opened. They were located in Aiken and Edgefield, South Carolina, and Augusta, and Savannah, Georgia. By the end of 1983, all four of those locations were closed. Mr. Lionel Smith stated the closings were due to several major factors. They include his inability to hire and retain professionally qualified supervisors and employees, the desire to focus his efforts on establishing an outside sales force, and high interest rates and an unstable economy. In 1982, the main location moved to the other side of Laurens Street in Aiken. The move to the new location was made possible because Lionel Smith was able to purchase the building. This has been the company's only location since 1983. With only one location, its staff and inventory are not divided between two or more venues, and rent, utilities, and other operating costs are lower. The company underwent another major change when it was purchased by Mr. Smith's son, Van, in 1992.
According to the marketing area experts SWOT analysis review for Lionel Smith Ltd. (LSL) the key issues from an analysis of the trade environment and the strategic ability of an organization. The chief objectives of conducting SWOT analysis for Lionel Smith Ltd. (LSL) is to recognize the coverage to which the existing strategy of an association and its more exact strength and weaknesses are pertinent to, and capable of, dealing by means of the changes taking place in the trade environment. It also uses to assess whether there are opportunities to develop further the exclusive resources or core capability of this clothing organization.
Moreover, SWOT stands for strengths, weaknesses, opportunities and threats. It's a four-part come within reach of to analyzing a company's generally strategy or the strategy of its trade units. All four aspects have to be considered to execute a long-range plan of action.
In order to whack the rivalry you require comprehending SWOT. No doubt, It's a way to examine a company's or a department's place in the market in relation to its contestant. The goal is to recognize all the major factors affecting competitiveness before crafting a trade policy.
SWOT recognize the internal and external issue that have an effect on an organization. Here's the breakdown of SWOT by interior and outside variables:
Internal factors (Strengths and weaknesses)
A corporate structure, culture and resources
External factors (Opportunities threats)
The first strength of Lionel Smith Ltd.