Monday 3 November 2008

Credit Crunch apparently isn't impacting ALL Retailers!

I was reading Drapers online, and it turns out that there are many retailers (aside from TOPSHOP!) who are also seeing rises in their sales and profits, despite the economic slump that we are experiencing these days. Drapersonline.com reports that Supergroup, who has has both Cult Clothing and Superdry, witnessed a rise in sales by over 110%, and a rise in profits by over 250% over the last couple of months!!!!!! This is pretty fabulous, considering that these time are hitting hard on other retailers. What's the secret to their success? Founder Julian Dunkerton quotes that "...[Supergroup] has filled a gap in what was an unfulfilled market...the key to this is that we are a truly vertical operation, in control of our own destiny" (draperonline.com). "Filled a gap" - sounds familiar? This is what we have been learning in marketing. It's important to identify the needs and wants of your customers, current and potential, especially during hard time like this, when customers' needs and wants are changing, and to be able to oversome this slump, companies need to be on top of what those needs and wants are. From the looks of things, Supergroup was able to identify key elements in the market's customer changes, and was able to provide the market with what it wanted, and thus fulfilled this gap!

Who else has seen a rise in profits? The one, the only....PRIMARK!!!! Primark is expected to see a rise of 18% in profits for the last year!!!!

Good job Retailers!!

Nina



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