Five Rules for Retailing in a Recession  

Oleh:

Favaro, Ken ; Romberger, Tim ; Meer, David

Jenis: Article from Bulletin/Magazine - ilmiah internasional
Dalam koleksi: Harvard Business Review bisa di lihat di link (http://web.b.ebscohost.com/ehost/command/detail?sid=f227f0b4-7315-44a4-a7f7-a7cd8cbad80b%40sessionmgr114&vid=12&hid=105&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=bth&jid=HBR) vol. 87 no. 4 (Apr. 2009), page 64.
Topik: Retailing; Recession; Credit; Rates; Economy

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It was great to be in retailing during the past 15 years. Inflated home values, freely available credit, and low interest rates fueled unprecedented levels of consumer spending. Retailers responded by aggressively adding new stores, launching new concepts, building an online presence, and expanding internationally. While the U.S. economy grew 5% annually from 1996 to 2006, in nominal terms, the retail sector grew at more than double that rate—an eye-popping 12%. Revenues rose sharply, profits ballooned, and share prices soared. But that’s all gone now. Even before the financial crisis and recession began, retailers were hitting a wall. Same-store sales—or “comps”—have dropped by double digits for many chains, store closures have accelerated, store openings have slowed, and shareholder-value destruction has been massive. Starbucks—an icon of the good times—is a case in point. Last fall, it decided to shutter some 600 stores and cut back new-shop openings after the company suffered a first-ever year-over-year drop in same-store traffic and sales. The result: Its share price collapsed by almost 60% from the fall of 2007 to the summer of 2008, and it continued to slide as the economy worsened in the autumn.

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