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During the past, we have come across closure for several popular high-street brands due to recession. It has changed the consumer trends largely. The question to ponder upon would be how did their counterparts survive recession? In association with experts in change management, Impact International, let us understand how some businesses resisted change.
Woolworths and Wilko
Woolworths was popular for selling products at relatively lower price. With passage of time, the company opened almost 500 stores in Britain. With passage of time, supermarkets started to develop and sold more items than food. It gave serious competition to Woolworths profits. Rather than bending to recession, the company invested in DIY for people after recognizing their needs. They also took the opportunity to rebrand themselves that led to their success.
Comet and Maplin
Comet also felt the drawbacks of recession and closed in 2012. On the other hand, Maplin improved their customer service. They created smart supply chain ‘dropshipping.’ The products ordered by the customer were shipped directly from Maplin’s suppliers to the customers.
BHS and Marks and Spencer
BHS was closed in 2016 following its inability to keep up with the changing trend. On the other hand, Mark and Spencer stayed with the trend. They opened ‘food only’ stores providing small supermarkets for customers food needs. They also offered quick home meals along with Dine In campaigns.
How do business owners become more resistant to change?
If you wonder how to make business owners become more resistant to change, they should follow these points. They should rebrand when necessary, should keep up with the latest changing trends and make sure to provide high quality customer services. In addition, the business owners should also reassess the available product line along with keeping a sensible stock management system. These points would help you keep your business resistant to change.
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