Swot Analysis Of Debenhams
Debenhams Plc
Strategic Business Environment MGT2530 Assignment 2
Module Tutor: Waris Ali
Group: Time: 12:00 TO 13:00 (Monday)
GROUP MEMBERS | Name | Student No. | Allocated Company | 1 | Maureen Fischer | M00315169 | Debenhams Plc | 2 | La 'Vonne Ryan | M00254582 | | 3 | Greta Sidlauskaite | M00317668 | |
Debenhams Plc. * Debenhams is a leading department stores group with a total of 167 stores in the UK, Republic of Ireland and Denmark. The company as a department store group floated on the market in 2006, three years after being taken private by private equity groups CVC, Merrill Lynch and Texas Pacific.
* Size :
Debenhams is headquartered in London, UK and employs 30,417 people, of whom 9,019 are …show more content…
full-time employees. In addition, the company has 61 international franchise stores in 24 countries around the world as well as owning the Magasin du Nord department stores in Denmark. Debenhams also has a growing multi-channel business integrating in-store and online businesses. As far as company’s international expansion is concerned, they lag behind their competitors.
* Sector:
Retail is a sector where Debenhams Plc operates as it is a fast-moving, exciting business where teamwork really makes an impact.
They function in the following segments: clothing; electricals; home & furniture. In addition, they offer ‘wedding services’ and ‘online flowers orders and delivery’. The company offers a wide range of products across womenswear, menswear, childrenswear, lingerie, accessories, health & beauty, homeware and …show more content…
gifts.
* Growth Strategy:
The strategy of Debenhams for international growth is through franchising only. In 2005, they announced their decision to acquire 8 of Allders’ stores (Press Release, 14 February 2005). This is in accordance with their plan of expansion, to open over 200 stores. Debenhams strategic goals for the next year, are centred around four main topics (Presentation to shareholders, Nov. 2009): space expansion, product extension, supply chain rationalization, cost control.
* Competition
Their competitors are: other department stores; high street shops; electrical goods shops and furniture stores such as Marks & Spencer, Fenwick, John Lewis etc.
* Mission Statement:
Debenhams has a clear strategy to drive future profitability and grow market share. This is being achieved by increasing their sales to the existing customers, attracting new customers and moving into new markets.
Market conditions / Current Business Situation
http://www.proactiveinvestors.co.uk/columns/trader-talk/8307/debenhams-sale-now-on-8307.html
This information of Debenhams illustrates the downwards channel that the shares have followed during the past two years. A recent improvement in the wider market has boosted the retailer by almost 30% since the start of 2012, taking the shares towards the upper band of the downward channel.
On 8.1x earnings the valuation remains undemanding, but the relative valuation in comparison to the sector has narrowed recently. Furthermore, it doesn’t have the tangible asset backing relating to property that many of the other major retailers have. Recent restructuring has reduced their net debt to £383.7 million, but this still represents almost half the market capitalisation. Many analysts are forecasting little pre-tax profit growth over the next few years and given the vulnerable technical outlook combined with possible downside macro-economic shocks, which is believed to be a stock to avoid in the short-term.
Despite this environment, Debenhams has taken market share in all of the major clothing categories as customers have responded favourably to the changes made to the design, quality and value of their products and the improved in-store environment. Overall, share of Debenhams of the total clothing market increased by 0.3%.
Yips Triangle
Internationalization – might be defined as a geographical dispersion activities across national borders or world widely connection. For instance, products that have been made or purchased abroad and been sold at home country. Industry Globalization Drivers * Cotton price rises * Growth potential in a market * Consumer uncertainty over job cuts and income prospects * M&S took share from Arcadia, Debenhams and Next
Global Strategy Levers Management and Organisational Factors * Multi-channel retailing Departure of key personnel and failure * Increase in market share to attract or retain talent * Declining conversion rates Failure to develop and implement the new store roll out or acquisitions successfully
Industry Globalization Drivers – According to Yip (1992) there are four sets of factors such as cost, market, government and competitive drivers which affect company and drive the business towards the internationalisation.
Debenhams’ Industry Globalization Drivers: * Cost Driver – Increased cost of product development relative to market life. For example, in 2010 Debenhams has played down fears that its clothing will cost more because of cotton price rises. Floods in China and Pakistan have severely hit crops, pushing up wholesale prices to a 15-year high. According to chief executive of Debenhams plc. Rob Templeman cotton prices are only part of the equation. Prices are up 4% and volume is down 2%. What is driving inflation is Forex (currency markets). Although high street retailer Debenhams tried to calm fears, saying the harvest in India - the world 's second biggest cotton producer - was expected to be very good, the company started looking for alternatives. * Market Driver – Growth potential in a market. Recently company has been very focused on looking at Debenhams’ price points. So what they have been doing over the last few months is consolidating some of Debenhams’ supply chain, reviewing where they are buying from and how they buy and, in some cases, lowering cost prices. In addition, high street retailer has revealed half-year pre-tax profits of £120.5m, a rise of 17.9%. The boost to figures has helped by the opening of four new stores and the acquisition of Denmark 's leading department store chain Magasin du Nord. * Government Driver - Consumer uncertainty over job cuts and income prospects.
In 2010 September, Debenhams were cutting prices by up to 25% rather than waiting for the traditional end of season sale. The main reason for those reductions was that Government spending cuts were still shaking consumer confidence. The BRC (British Retail Consortium) warned the growth figures were flattered by a dismal performance in August 2009 - the worst in the second half of that year. Even though, company was pushed to look for a place in other markets. * Competitive Driver – Rise of ‘lead’ companies. In 2002, Debenhams shares fell 10 to 403p as the market was slightly disappointed with the company 's current trading figures where like-for-like sales grew by 5pc for the first six weeks of the second half. According to Luc Vandevelde, M&S chairman and chief executive during February and March M&S outperformed everyone else on the high street. The company took share from Arcadia, Debenhams and Next. This situation pushed Debenhams, which has 97 stores, to open another four in the next financial
year.
Global Strategy Levers
Global strategic levers look at strategic decision making process via which company participates in the global market. This model includes the latter market participation, variety of products and services, location of value added activities and competitive moves.
Multi-channel retailing
Debenhams makes use of multiple retail channels to reach the end market. Besides the brick-and-mortar stores, Debenhams offers its merchandise through an online store, www.debenhams.com. In the first half of 2011, the company introduced a euro-denominated website for the Republic of Ireland. In addition to this, the company is one of the few retailers to introduce kiosks in its stores, which enables customers to order products that are not available in-store, but available online. Multi-channel retailing allows the company to tap a growing number of customers who are adopting the non-traditional route to shop for their needs.
Increase in market share
According to Verdict (Datamonitor 's retail arm, 2011), in 2011, the company had 17% market share of the clothing shoppers in the country, which was more than double compared with its nearest competitors John Lewis (5.8%), and House of Fraser (4.1%). Debenhams’s attractive range of clothing lines enables it to tap the fashion conscious customers and strengthen its market position.
Declining conversion rates
Debenhams has been registering a decline in conversion rates, a metric that indicates the percentage of people who are converted from visitors to actual customers. The conversion during 2007 was 30.2% which declined to 23.2% in 2008 and to 22.7% in 2009. Declining conversion rates will adversely affect the revenues of the company generated on one unit of selling area and will force the company to further realign itself to the dynamic retail environment.
Management and Organisational Factors
Departure of key personnel and failure to attract or retain talent
Recently Debenhams faces significant delays and prevent achievement of business plans. In order to attract and retain talent, both succession and personal development plans are in place throughout the organisation. In addition, target-led, performance-related incentive schemes exist. Even though, skilled and well-educated labour is not that easy to get, so Debenhams are forced to develop and look for it in different sectors.
Ansoff Matrix
Mathematician and business manager Igor Ansoff looks at alternative corporate growth strategies, which examines a company’s growth opportunity from both market perspective and product or service perspective.
http://tutor2u.net/business/strategy/ansoff_matrix.htm
Market penetration
* Despite the current economic climate and competition, Debenhams maintains and is expanding clothing space and productivity ( own, designers label and concession) between 2009/10 and 2011/12 through refurbishments and acquisitions both in the UK and abroad (franchise and delivery services), competitive pricing (drastic sale promotions), advertising (Multichannel - websites, apps and TV Advertisement), retail software to boost personal selling and tightened stock control to increase gross margin. * Debenhams Competitors are John Lewis, House of Fraser and Marks and Spencer with target market of the lower-middle class (35- to 55-year-olds). * Presently, 2nd retailer in the UK with their success of a new store in Magasin du Nord ("Magasin") brought about a rise in sales as Gross value transaction in 2010 increased by 9.6% from 2009. * In 2010, Debenhams anticipate gross margin to exceed 2009 forecast due to strategy of product mix and tightening stock control grossing £150 million profit before tax via online sales (7.4% of GTV) excluding (Magasin du Nord) in 2010/11 which triples that of 2008/09. * Competitors are frustrated with Debenhams due to their unpredictable nature, with their aggressive promotional TV campaign for their Home department, pricing strategy to bring in affordable designer clothing ousting Designer labels sold by their competitors. Product strategy (Own and Designer labels) * With product expansion (lunch of new Debenhams designer label), sales increased as demand for affordable designer clothes Worldwide. * With the success of Magasin du Nord sales increased by 20%, in 5 years Debenhams is doubling international franchise, expanding online business, international delivery from 7 - 67 countries including entry to new markets while working with local partners to ensure the right range of products brands are sold on a new websites dedicated to the franchise countries in their local currency and language. Multi-channel development strategies (Website, TV and Mobile phone apps) * Technological advances (Mobile phone apps, Aurasma, website and TV) translated in different languages and currencies of specific country increase sale via Debenhams Direct sales by 88.4% (excluding VAT) as downloads of the iPhone app deliver £1m. * Debenhams increase sales further through international ecommerce sites by widening product range, drastic sales promotions before Christmas to hit profit targets with affordable Debenhams designer brand by famous designers. * Spring Sales, discount throughout the year and self-serve order kiosks points all stores is part of multichannel strategy. Balance sheet management (Profit and debt reduction) * Acquisition of Magasin du Nord boosts sales and helps reduce debt thereby pushing ahead with multichannel services to expand the UK sales. * Debenhams first TV advertising campaign repositioned them as a designer-focused chain to stimulate rise in profits and it worked giving an increase 11% profits raise. Secure dominance of growth markets * Debenhams rebranded itself driving out competitors with aggressive promotional campaign through Multi-channel strategy which led to a strong Christmas performance. * Shares rose to 20% in 2012 reflecting its resilient performance to pay off debt with steady sales of 35% due to its own designers labels as the 25% off promotions frustrate competitors. * Price integrity is important to Debenhams, highly efficient at controlling costs as repeated promotions and price remains unchanged.
Market development
International Expansion * Debenhams purchased Magasin du Nord, the Denmark-based chain bringing huge margin growth. * Expanding international Franchise, delivery and websites tailored to language and currency aimed at sales.
New distribution channels * The multi-channel indicate a sales increase 88.4 per cent to £103.8 million.
Product development * Debenhams in conjunction with Cyber Source processes over 2,500 orders together with UK General Insurance (wedding insurance policies).
Diversification * Debenhams is aware of the benefits and risk of diversification as they have diverse employees (careers opportunities). * Niche market (Replication of corporate brand image in the Middle East) * Relaunch of old brand (Principles labels)
References 1. RNS - The company news service from the London Stock Exchange, 2012. TR-1 NOTIFICATION OF MAJOR INTERESTS IN SHARES [online] Available at: http://www.debenhamsplc.com/phoenix.zhtml?c=196805&p=irol-newsArticle&ID=1676202&highlight= [Accessed 24th March] 2. Datamonitor, 2011. Debenhams plc. SWOT Analysis. Available at: http://web.ebscohost.com.ezproxy.mdx.ac.uk/ehost/detail?vid=4&hid=19&sid=c634d109-4d86-4af3-93fa-c2e3b1b6fc82%40sessionmgr10&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=bth&AN=69714067 [Accessed 24th March] 3. KeyNote, 2012. Clothing Retailing Update 2012. Available at: https://www.keynote.co.uk/market-intelligence/view/product/10551/clothing-retailing/chapter/5/strengths-weaknesses-opportunities-and---------threats [Accessed 25th March] 4. Buggs, S. , 2006. Fighting for Middle America: Retailing Houston Chronicle (TX), Nov 22. [Accessed 25th March] 5. M2PressWIRE, 2007. Global Department Store Retailing 2007: Why $9 out of every $10 spent worldwide in department stores. [Accessed 25th March] 6. Steinberg, D., 2004. A fracas in fashion brings hope to department stores. Philadelphia Inquirer, The (PA) [Accessed 24th March]
Strategic Business Environment MGT2530 Assignment 2
Module Tutor: Waris Ali
Group: Time: 12:00 TO 13:00 (Monday)
GROUP MEMBERS | Name | Student No. | Allocated Company | 1 | Maureen Fischer | M00315169 | Debenhams Plc | 2 | La 'Vonne Ryan | M00254582 | | 3 | Greta Sidlauskaite | M00317668 | |
Debenhams Plc. * Debenhams is a leading department stores group with a total of 167 stores in the UK, Republic of Ireland and Denmark. The company as a department store group floated on the market in 2006, three years after being taken private by private equity groups CVC, Merrill Lynch and Texas Pacific.
* Size :
Debenhams is headquartered in London, UK and employs 30,417 people, of whom 9,019 are …show more content…
full-time employees. In addition, the company has 61 international franchise stores in 24 countries around the world as well as owning the Magasin du Nord department stores in Denmark. Debenhams also has a growing multi-channel business integrating in-store and online businesses. As far as company’s international expansion is concerned, they lag behind their competitors.
* Sector:
Retail is a sector where Debenhams Plc operates as it is a fast-moving, exciting business where teamwork really makes an impact.
They function in the following segments: clothing; electricals; home & furniture. In addition, they offer ‘wedding services’ and ‘online flowers orders and delivery’. The company offers a wide range of products across womenswear, menswear, childrenswear, lingerie, accessories, health & beauty, homeware and …show more content…
gifts.
* Growth Strategy:
The strategy of Debenhams for international growth is through franchising only. In 2005, they announced their decision to acquire 8 of Allders’ stores (Press Release, 14 February 2005). This is in accordance with their plan of expansion, to open over 200 stores. Debenhams strategic goals for the next year, are centred around four main topics (Presentation to shareholders, Nov. 2009): space expansion, product extension, supply chain rationalization, cost control.
* Competition
Their competitors are: other department stores; high street shops; electrical goods shops and furniture stores such as Marks & Spencer, Fenwick, John Lewis etc.
* Mission Statement:
Debenhams has a clear strategy to drive future profitability and grow market share. This is being achieved by increasing their sales to the existing customers, attracting new customers and moving into new markets.
Market conditions / Current Business Situation
http://www.proactiveinvestors.co.uk/columns/trader-talk/8307/debenhams-sale-now-on-8307.html
This information of Debenhams illustrates the downwards channel that the shares have followed during the past two years. A recent improvement in the wider market has boosted the retailer by almost 30% since the start of 2012, taking the shares towards the upper band of the downward channel.
On 8.1x earnings the valuation remains undemanding, but the relative valuation in comparison to the sector has narrowed recently. Furthermore, it doesn’t have the tangible asset backing relating to property that many of the other major retailers have. Recent restructuring has reduced their net debt to £383.7 million, but this still represents almost half the market capitalisation. Many analysts are forecasting little pre-tax profit growth over the next few years and given the vulnerable technical outlook combined with possible downside macro-economic shocks, which is believed to be a stock to avoid in the short-term.
Despite this environment, Debenhams has taken market share in all of the major clothing categories as customers have responded favourably to the changes made to the design, quality and value of their products and the improved in-store environment. Overall, share of Debenhams of the total clothing market increased by 0.3%.
Yips Triangle
Internationalization – might be defined as a geographical dispersion activities across national borders or world widely connection. For instance, products that have been made or purchased abroad and been sold at home country. Industry Globalization Drivers * Cotton price rises * Growth potential in a market * Consumer uncertainty over job cuts and income prospects * M&S took share from Arcadia, Debenhams and Next
Global Strategy Levers Management and Organisational Factors * Multi-channel retailing Departure of key personnel and failure * Increase in market share to attract or retain talent * Declining conversion rates Failure to develop and implement the new store roll out or acquisitions successfully
Industry Globalization Drivers – According to Yip (1992) there are four sets of factors such as cost, market, government and competitive drivers which affect company and drive the business towards the internationalisation.
Debenhams’ Industry Globalization Drivers: * Cost Driver – Increased cost of product development relative to market life. For example, in 2010 Debenhams has played down fears that its clothing will cost more because of cotton price rises. Floods in China and Pakistan have severely hit crops, pushing up wholesale prices to a 15-year high. According to chief executive of Debenhams plc. Rob Templeman cotton prices are only part of the equation. Prices are up 4% and volume is down 2%. What is driving inflation is Forex (currency markets). Although high street retailer Debenhams tried to calm fears, saying the harvest in India - the world 's second biggest cotton producer - was expected to be very good, the company started looking for alternatives. * Market Driver – Growth potential in a market. Recently company has been very focused on looking at Debenhams’ price points. So what they have been doing over the last few months is consolidating some of Debenhams’ supply chain, reviewing where they are buying from and how they buy and, in some cases, lowering cost prices. In addition, high street retailer has revealed half-year pre-tax profits of £120.5m, a rise of 17.9%. The boost to figures has helped by the opening of four new stores and the acquisition of Denmark 's leading department store chain Magasin du Nord. * Government Driver - Consumer uncertainty over job cuts and income prospects.
In 2010 September, Debenhams were cutting prices by up to 25% rather than waiting for the traditional end of season sale. The main reason for those reductions was that Government spending cuts were still shaking consumer confidence. The BRC (British Retail Consortium) warned the growth figures were flattered by a dismal performance in August 2009 - the worst in the second half of that year. Even though, company was pushed to look for a place in other markets. * Competitive Driver – Rise of ‘lead’ companies. In 2002, Debenhams shares fell 10 to 403p as the market was slightly disappointed with the company 's current trading figures where like-for-like sales grew by 5pc for the first six weeks of the second half. According to Luc Vandevelde, M&S chairman and chief executive during February and March M&S outperformed everyone else on the high street. The company took share from Arcadia, Debenhams and Next. This situation pushed Debenhams, which has 97 stores, to open another four in the next financial
year.
Global Strategy Levers
Global strategic levers look at strategic decision making process via which company participates in the global market. This model includes the latter market participation, variety of products and services, location of value added activities and competitive moves.
Multi-channel retailing
Debenhams makes use of multiple retail channels to reach the end market. Besides the brick-and-mortar stores, Debenhams offers its merchandise through an online store, www.debenhams.com. In the first half of 2011, the company introduced a euro-denominated website for the Republic of Ireland. In addition to this, the company is one of the few retailers to introduce kiosks in its stores, which enables customers to order products that are not available in-store, but available online. Multi-channel retailing allows the company to tap a growing number of customers who are adopting the non-traditional route to shop for their needs.
Increase in market share
According to Verdict (Datamonitor 's retail arm, 2011), in 2011, the company had 17% market share of the clothing shoppers in the country, which was more than double compared with its nearest competitors John Lewis (5.8%), and House of Fraser (4.1%). Debenhams’s attractive range of clothing lines enables it to tap the fashion conscious customers and strengthen its market position.
Declining conversion rates
Debenhams has been registering a decline in conversion rates, a metric that indicates the percentage of people who are converted from visitors to actual customers. The conversion during 2007 was 30.2% which declined to 23.2% in 2008 and to 22.7% in 2009. Declining conversion rates will adversely affect the revenues of the company generated on one unit of selling area and will force the company to further realign itself to the dynamic retail environment.
Management and Organisational Factors
Departure of key personnel and failure to attract or retain talent
Recently Debenhams faces significant delays and prevent achievement of business plans. In order to attract and retain talent, both succession and personal development plans are in place throughout the organisation. In addition, target-led, performance-related incentive schemes exist. Even though, skilled and well-educated labour is not that easy to get, so Debenhams are forced to develop and look for it in different sectors.
Ansoff Matrix
Mathematician and business manager Igor Ansoff looks at alternative corporate growth strategies, which examines a company’s growth opportunity from both market perspective and product or service perspective.
http://tutor2u.net/business/strategy/ansoff_matrix.htm
Market penetration
* Despite the current economic climate and competition, Debenhams maintains and is expanding clothing space and productivity ( own, designers label and concession) between 2009/10 and 2011/12 through refurbishments and acquisitions both in the UK and abroad (franchise and delivery services), competitive pricing (drastic sale promotions), advertising (Multichannel - websites, apps and TV Advertisement), retail software to boost personal selling and tightened stock control to increase gross margin. * Debenhams Competitors are John Lewis, House of Fraser and Marks and Spencer with target market of the lower-middle class (35- to 55-year-olds). * Presently, 2nd retailer in the UK with their success of a new store in Magasin du Nord ("Magasin") brought about a rise in sales as Gross value transaction in 2010 increased by 9.6% from 2009. * In 2010, Debenhams anticipate gross margin to exceed 2009 forecast due to strategy of product mix and tightening stock control grossing £150 million profit before tax via online sales (7.4% of GTV) excluding (Magasin du Nord) in 2010/11 which triples that of 2008/09. * Competitors are frustrated with Debenhams due to their unpredictable nature, with their aggressive promotional TV campaign for their Home department, pricing strategy to bring in affordable designer clothing ousting Designer labels sold by their competitors. Product strategy (Own and Designer labels) * With product expansion (lunch of new Debenhams designer label), sales increased as demand for affordable designer clothes Worldwide. * With the success of Magasin du Nord sales increased by 20%, in 5 years Debenhams is doubling international franchise, expanding online business, international delivery from 7 - 67 countries including entry to new markets while working with local partners to ensure the right range of products brands are sold on a new websites dedicated to the franchise countries in their local currency and language. Multi-channel development strategies (Website, TV and Mobile phone apps) * Technological advances (Mobile phone apps, Aurasma, website and TV) translated in different languages and currencies of specific country increase sale via Debenhams Direct sales by 88.4% (excluding VAT) as downloads of the iPhone app deliver £1m. * Debenhams increase sales further through international ecommerce sites by widening product range, drastic sales promotions before Christmas to hit profit targets with affordable Debenhams designer brand by famous designers. * Spring Sales, discount throughout the year and self-serve order kiosks points all stores is part of multichannel strategy. Balance sheet management (Profit and debt reduction) * Acquisition of Magasin du Nord boosts sales and helps reduce debt thereby pushing ahead with multichannel services to expand the UK sales. * Debenhams first TV advertising campaign repositioned them as a designer-focused chain to stimulate rise in profits and it worked giving an increase 11% profits raise. Secure dominance of growth markets * Debenhams rebranded itself driving out competitors with aggressive promotional campaign through Multi-channel strategy which led to a strong Christmas performance. * Shares rose to 20% in 2012 reflecting its resilient performance to pay off debt with steady sales of 35% due to its own designers labels as the 25% off promotions frustrate competitors. * Price integrity is important to Debenhams, highly efficient at controlling costs as repeated promotions and price remains unchanged.
Market development
International Expansion * Debenhams purchased Magasin du Nord, the Denmark-based chain bringing huge margin growth. * Expanding international Franchise, delivery and websites tailored to language and currency aimed at sales.
New distribution channels * The multi-channel indicate a sales increase 88.4 per cent to £103.8 million.
Product development * Debenhams in conjunction with Cyber Source processes over 2,500 orders together with UK General Insurance (wedding insurance policies).
Diversification * Debenhams is aware of the benefits and risk of diversification as they have diverse employees (careers opportunities). * Niche market (Replication of corporate brand image in the Middle East) * Relaunch of old brand (Principles labels)
References 1. RNS - The company news service from the London Stock Exchange, 2012. TR-1 NOTIFICATION OF MAJOR INTERESTS IN SHARES [online] Available at: http://www.debenhamsplc.com/phoenix.zhtml?c=196805&p=irol-newsArticle&ID=1676202&highlight= [Accessed 24th March] 2. Datamonitor, 2011. Debenhams plc. SWOT Analysis. Available at: http://web.ebscohost.com.ezproxy.mdx.ac.uk/ehost/detail?vid=4&hid=19&sid=c634d109-4d86-4af3-93fa-c2e3b1b6fc82%40sessionmgr10&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=bth&AN=69714067 [Accessed 24th March] 3. KeyNote, 2012. Clothing Retailing Update 2012. Available at: https://www.keynote.co.uk/market-intelligence/view/product/10551/clothing-retailing/chapter/5/strengths-weaknesses-opportunities-and---------threats [Accessed 25th March] 4. Buggs, S. , 2006. Fighting for Middle America: Retailing Houston Chronicle (TX), Nov 22. [Accessed 25th March] 5. M2PressWIRE, 2007. Global Department Store Retailing 2007: Why $9 out of every $10 spent worldwide in department stores. [Accessed 25th March] 6. Steinberg, D., 2004. A fracas in fashion brings hope to department stores. Philadelphia Inquirer, The (PA) [Accessed 24th March]