Contents
UK High Street Retail Analysis: B&M Strategic Case Study
Background
British high street retailer B&M is adapting to the changing retail landscape, which has included the recent acquisition of Wilko stores. As part of their strategy, B&M is considering a redesign of their in-store fixtures to enhance the customer experience. To navigate these developments, B&M has engaged your team of marketing consultants to provide strategic insights and recommendations to further strengthen their business. In addition to your independent research, B&M has provided a sales dataset from Wilko to support your analysis.
Business Environment Review (800 Words +/-10%)
- Provide an analysis of the business environment in which B&M operates. Focus on the dynamics of the high street retailing industry in the UK, emphasising both its historical rise and current decline.
- Assess the major factors contributing to the challenges faced by B&M within this context.
- Utilise relevant market research and industry data to support your analysis.
Data Mining And Analysis (400 Words +/-10%)
- Examine the dataset provided by B&M. Employ data mining techniques to extract valuable insights.
- Identify and report key findings from the dataset.
- Formulate clear and actionable recommendations based on your data analysis.
Note: Data mining and visualisation techniques are highly desirable in this section. Use appropriate graphs, charts, and visuals to enhance the clarity of your findings.
In-Store Music Playlist Recommendation (200 Words +/-10%)**
Suggest a cheerful and engaging in-store music playlist specifically tailored for B&M’s New Year sales event.
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Review of business environment
An analysis of the UK High Street retail industry indicates that is a major shift in the way consumers used to shop historically compared to modern day shopping behaviour. Historically there were centralised shopping locations, and consumers have high reliance on physical stores leading to high footfall. But it has changed significantly particularly because of the growth of e-commerce, rising operational cost and changing consumer shopping behaviour.
In respect to B&M, it operates in a highly competitive value retail segment but it is doing well particularly because of its low cost business model and wide range of products in its portfolio. However there are significant challenges faced by the retailer particularly because of high rental and energy cost, and increased price sensitivity among customers. The issues with this High Street model is also evidence from the collapse of traditional retailers like Wilko.
The level of pressure on B&M has also increased significantly particularly because of micro and macro environmental factors like inflation, reduced consumer spending, and supply chain disruptions. Even after having a challenging business environment, there are still the opportunities available in terms of store optimisation, experiential retail strategy in target improvements within the store to enhance customer engagement and dwell time.
Data Mining and Analysis
The analysis of the data set using data mining techniques indicates that the highest sales volume has been accounted for by seasonal household items and discounted price essentials. However there is a significant decline identified with respect to discretionary product categories whereas the demand for essential goods remains stable. The performance in the sub urban location is better compared to City centre stores which indicates a shift in the shopping patterns among customers.
Based on the findings it is recommended to focus on high turnover essential products and engage in promotional strategies especially during the peak season. It is also recommended to focus on optimising the store layout especially with respect to fast moving items.
In store music playlist recommendation
It is recommended to play a cheerful and upbeat music playlist to enhance the in-store atmosphere and encourage positive consumer behaviour. Examples include soft dance tracks, and familiar chart toppers in order to encourage a broader demographic to improve customer mood and boost impulse purchases.
| This model answer is reviewed by Amelia Howard, a management expert provides suggestions with applying mixed method designs. Disclaimer: This answer is a model for study and reference purposes only. Use it for your learning to do your assignment on your own. Please do not submit it as your own work. |
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