The Marketing Strategies to Maintain and Increase Profitability of a Department Store
Yedo is a successful Tokyo-based Department Store chain with six outlets in Japan and two more in London and New York. Recently, the performance of Yedo have been very dissapointing and few solutions have been recommended to solve the problems. The marketing strategies needed to maintain and increase profitability of Yedo are widely globalise it's stores by opening more outlets in East countries, provide more products with low prices but good quality and concentrate on cost-cutting effort. 80
Some people insist that Yedo Department Stores should focus more towards customer-centric in order to increase profitability. Their opinion is that if customers are satidfied with the services, they will come back. However, there is a better way to solve the problem of increasing competitors which is to widely globalised Yedo Department Stores by opening more outlets in the East countries. By opening more outlets globally, Yedo can diversify its industry to target other countries widely, hence increasing its reputation. For example, Wal-Mart's emphasis on expansion in the developing world which has included acquisitions in China, Chile, and Brazil, comes as the retail giant looks to prop up sluggish, mature marketsnsuch as that of the U.S. ( Sonne and Stewart, 2010 ). 'Wal-Mart International also reported $100.1 billion in sales in the fiscal year ended Jan 31, up to 11% from a year earlier when stripping out currency fluctations' added by Sonne and Stewart. Besides Wal-Mart, Fast Retailing.co also has more than 800 stores across the globe, with Uniqlo outlets in China, Hongkong, the US, France and planning to expand into India, Austrialia and Thailand to increase their sales and reputation. ( Tan, 2010 ) 190
Yedo must also provide more products with lower price and good quality to solve the problem of aiming for brand conscious customer only. This is because lower price and attract
Some people insist that Yedo Department Stores should focus more towards customer-centric in order to increase profitability. Their opinion is that if customers are satidfied with the services, they will come back. However, there is a better way to solve the problem of increasing competitors which is to widely globalised Yedo Department Stores by opening more outlets in the East countries. By opening more outlets globally, Yedo can diversify its industry to target other countries widely, hence increasing its reputation. For example, Wal-Mart's emphasis on expansion in the developing world which has included acquisitions in China, Chile, and Brazil, comes as the retail giant looks to prop up sluggish, mature marketsnsuch as that of the U.S. ( Sonne and Stewart, 2010 ). 'Wal-Mart International also reported $100.1 billion in sales in the fiscal year ended Jan 31, up to 11% from a year earlier when stripping out currency fluctations' added by Sonne and Stewart. Besides Wal-Mart, Fast Retailing.co also has more than 800 stores across the globe, with Uniqlo outlets in China, Hongkong, the US, France and planning to expand into India, Austrialia and Thailand to increase their sales and reputation. ( Tan, 2010 ) 190
Yedo must also provide more products with lower price and good quality to solve the problem of aiming for brand conscious customer only. This is because lower price and attract