As the headlines reveal another high street store has gone into administration. Have these organisations just been unlucky or have they been irresponsible managed?
Take Blockbusters for example, the impact of Netflix changed the viewing behaviour of consumers globally. No longer did we have to go out in the rain to arrange our ultimate movie night in, we could sit on the sofa and download it in an instant. More importantly we didn’t have to pay out for yet another late fee!
The newest instalment of Harry Potter used to see us queue up for hours outside bookstores eager to see what adventures would await them at Hogwarts. Even the Borders Café couldn’t tempt us anymore from just downloading it on a tablet these days to avoid the early morning start.
Typical Saturday mornings used to involve a trip to Virgin Megastore to grab the latest single release, a quick nip into Jessops to pick up the pictures from the most recent holiday and of course no journey into town could go without a Pick n’Mix from Woolworths.
Institutions have disappeared from our high street over the years, and now it looks like BHS is soon to join them. This recent development highlights the need to understand consumer needs and research future trends. Strategic investment in innovation for the future ensures you stay relevant in the market place, avoiding the fire fighting actions you see when its too late.
So when I consider whether Lady Luck had run out for these companies or not, I can’t help but think they signed their own death certificates by sitting back on their old traditions.