Ann Taylor, founded in 1954, is a New York City-based billion-dollar store that specializes in women’s retail items. According Ann Taylor, “ANN and its associates are committed to and driven by a simple but profound mission, to inspire and connect with our clients to put their best selves forward every day” (Ann Taylor, 2017). This large woman’s specialty retailer is committed to the success of brand and customer service. However, influences by outer and inside elements forced the corporation to battle for its survival. With retail closures increasing due to exacerbated macroeconomic conditions, Ann Taylor experienced a decrease in consumer demand and buyer requests. During the recession in 2008 Ann Taylor lost $333.9 million in revenue, …show more content…
Practicing better strategic management and strengthening Ann Taylor’s image by enhancing its e-commerce and online sales channels, thereby creating new exposure to online shopping. Even though Ann Taylor is well established as a women’s specialty retailor and excels in good customer service, its consumers would greatly benefit from shopping online. Expanding in the area of e-commerce will grant more exposure to the company than ever before and also allow Ann Taylor to remain competitive in an ever-changing industry. 2. Expanding the brand to other markets such as offering men’s or children’s clothing. Since Ann Taylor has been so successful with women’s classic clothing, they could easily break into the men’s and children’s clothing. They could consider outsourcing, using other designers, and to establish specialized lines for men, children and even eventually; home décor. Expanding the brand would assist Ann Taylor in breaking into diverse markets. 3. Expand and Invest. By utilizing increased revenue from sales, Ann Taylor can open new, remodeled store locations in profitable areas, based on the results from using balanced scorecard methods. Research shows that positive effects can develop from expansions and new investments. “Making wise investments during a recession can be cost effective and less expensive” (Pearce & Michael, 2006, pg.202). Selected Solution to the …show more content…
Progression is required for business success and continued progression without analysis of the infrastructure and existing systems will not prove effective. Since Ann Taylor's business income has elevated from year-to year, considerations need to be made regarding expansion and improvements; which may warrant location expansions & product changes. For Ann Taylor to experience continued success, its recommended that the corporation fill in its gaps/challenges in its technology usage area and adapt it toward targeted