Case Study: Transforming a formal attire retailer to fuel growth
Business transformation | Profitability Evaluation
Retail | Apparel
CLIENT SITUATION
Develop the near-term plan and long-term strategy for a $3 billion retailer to regain market share and transform its operating model to better meet younger consumer needs.
CHALLENGE
The retailer faced many secular shifts in retail including the casualization of the work attire, shift to online channels away from brick and mortar stores, and rising competition from discount stores.
SOLUTION
With our deep working knowledge of the specific economics for digital platforms and traditional media, we delivered a three-phase approach to translate their vision into a concrete business plan and take the new service to market.
Phase 1: Define and Diagnose
We worked with the head of strategy and analytics, the executive team including the CEO, and across marketing, finance, retail operations, online and supply chain to assess the current turnaround initiatives, business processes and company capabilities for two divisions with distinct operating models. We defined addressable consumer segments and identified competitive threats.
Phase 2: Analyze and Prioritize
We developed a fact-based understanding of current retail trends and prioritized those most likely to impact their target market that needed to be addressed with urgency.
Phase 3: Synthesize and Recommend
We delivered a comprehensive five-year strategy centered on a clearly defined set of choices on how to win, including market positioning and consumer value proposition.
SUCCESS
Our business assessment and strategy work helped to get buy-in from the Board of Directors on the multi-year turnaround plan and continues to inform the retailer’s investment priorities and turnaround roadmap.
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