Charles and Keith is one of the many popular trade names in Singapore that made it worldwide. It is known for its women’s footwear every bit good as accoutrements such as pocketbooks and billfolds. Established in 1996 by Charles and Keith Wong. it started as a little and simple shoe shop at Amara Hotel arcade in the Central Business District. ( APPENDIX C ) The trade name shortly became really popular within the following 2 old ages and seeing the potency for farther enlargement. Charles & A ; Keith expended into the South East Asiatic market due to the similar clime and civilization. A few old ages subsequently. they ventured into many other states all around the universe. Charles & A ; Keith was besides the first retail company to establish an on-line shop in Singapore. Today. Charles & A ; Keith have set up more than 20 mercantile establishments in major shopping centres and suburban promenades in Singapore and it is now an international trade name with over 190 franchises in 27 states viz. in Asia. Europe. Middle East every bit good as Africa and it is besides a parent company for the luxury trade name Pedro. Pedro was introduced in 2005. with a line of men’s footwear. which shortly became a luxury trade name for both men’s and women’s aggregations. together with the debut of the Charles & A ; Keith Signature Label. Retailing Industry
Charles & A ; Keith are now at the head of the footwear industry due to their alone blend of advanced selling and merchandise constructs. In Singapore. retail gross revenues of medical goods & A ; toilet articless. recreational goods. proviso & A ; assorted stores. nutrient & A ; drinks and have oning dress & A ; footwear decreased between 1. 1 % and 3. 9 % . Retailers of optical goods & A ; books and section shops besides registered diminutions in gross revenues of 1. 0 % and 0. 7 % severally in March 2012 compared to February 2012. ( Refer APPENDIX B )
Analysis AND Evaluation
Each retail merchant tries to distinguish itself from their competition ; Charles and Keith differentiate themselves by bring forthing their ain designs of manner merchandises and to offer high quality merchandises and services. with a committedness to flawlessness and they section their market utilizing demographic cleavage where they cater to the upper-middle category of clients who appreciate high manner manner places at low-cost and mid-range monetary values. The company’s marks the female consumers who buy their places every month. They launched the Signature Label in 2007 in broad scope of places for manner witting ladies with all right gustatory sensation. It is to provide to the higher category people as they are monetary values at a higher monetary value as compared to the other merchandises.
Selling SchemeProducts & A ; Price: With its singularity of their in-house design and its low-cost monetary values. it has succeeded with its singular high street manner places and accoutrements. Charles & A ; Keith has won the Black Marias of many. positioning itself as one of the most marketable manner footwear trade name in the market. They develop and produce a typical line of fashionable designs that cater to market sentiments. With an attitude that displays manner and assurance. Charles & A ; Keith has captured a host of loyal fans and placed itself as a sought-after and preferable manner trade name in the extremely competitory market. Promotions: Charles & A ; Keith has publicities on its online shop every bit good as their retail shop. Promotions online such as the ongoing free bringing charge for clients in Singapore for a limited period of clip every bit good as those who are utilizing their UOB credit-cards as their check-out payment will have an sole 10 % price reduction of their points purchased. In-store publicities will include year-end gross revenues etc. Topographic point: Charles & A ; Keith presently have 24 mercantile establishments in Singapore and are located in shopping promenades around the island. This will enable them to be able to make out to their clients coming from different countries in Singapore without holding to go a long distance.
SWOT ANALYSISStrengths- Brand Name: Charles & A ; Keith has a positive trade name image and it is recognized by its clients both locally and besides internationally. They are besides secured with plentifulness of shops locally and have besides broken successfully into the abroad market. Charles & A ; Keith has the perfect combination of affordability and design. Easy handiness of financess: Charles & A ; Keith was supported by DBS for the past 12 old ages. Therefore they are able to be bold in doing determinations that are hazardous but good for their growing. Designs: They pay a immense attending to their designs as they understand that the female consumers look for that when buying merchandises. This is why 3 % of their one-year income is focused on developing the interior decorators.
Weaknesses- New-in-the-business: Charles & A ; Keith are considered new in the concern as compared to the other international trade names such as Louis Vuitton. Guess etc. Peoples tend to swear long established trade names.
Opportunities- Collaborations: Mr Charles Wong collaborates with the abroad spouses to larn from all the experient trade name operators who know how to put in and prepare a trade name. In this manner. the concern can transport on turning and larning. conveying Charles & A ; Keith to greater highs and turn outing themselves to be a strong rival.
Threats- Challenges in the Retail industry: Even with the increasing record of tourer reachings since the incorporate resorts opened in 2010. the Numberss has non helped in hiking the retail industry in Singapore. This means that the local Charles & A ; Keith can merely depend on the little local market. ( Refer APPENDIX D ) PORTER’S 5 FORCES ANALYSIS
Menace of New Entrants. One tendency that started over a decennary ago has been a diminishing figure of independent retail merchants a bulk of them are concatenation shops. Therefore this means that any retail company can open a new shop merchandising places and accoutrements therefore high menaces of new entrants. Power of Suppliers: In the retail industry. providers tend to hold really small power. Charles & A ; Keith produce their ain merchandises and they merely get their natural stuffs from China therefore Suppliers for C & A ; K has small power. Power of Buyers: By and large. clients have small bargaining power therefore Charles & A ; Keith has a certain grade of buying power that will go on to pull female consumers doing them at an advantage. Availability of Substitutes: Retailers offering merchandises that are alone have a distinguishable or absolute advantage over their rivals. Like Charles & A ; Keith. they have their ain alone in-house design that makes them different from their rivals therefore they have an advantage. Competitive Competition: Retailers ever face stiff competition. The slow market growing for the retail market means that houses must contend each other for market portion. Charles & A ; Keith has few rivals in Singapore nevertheless. that why they venture overseas to contend with more competitory trade name in the universe such as TODS. LV etc. to do themselves more competitory. Contemplation
I’ve learnt that get downing and runing a concern can be rather a challenge in many different ways. There are many things that we need to see before get downing an SME. An environmental scanning at both state and industry degree should be done to look at factors such as Socio-cultural. Technological and Political every bit good as Economic stableness of the state. In the industry degree. we should besides look at the Michael Porter’s 5 competitory forces. When runing an SME. holding experience in the industry is besides critical as it is to better understand operations and the market at a wider position. Like Charles and Keith they attained some experience while working at a shoe store owned by their parents when they were younger this gives them a better apprehension of the clients and what sort of places they are looking for. It is of import to take the suited selling attack and mark market is besides of import. Equally good as the right resource direction so that the right leading manner. civilization. clip direction. staff motive is used.
The selling attack used should besides be done right so as to make out to the clients. puting the right monetary value. pass on thoughts and to construct entire merchandise offering. I have besides learnt that Pull offing financess and happening beginnings of finance is important for an SME as they are rather a little company therefor financess can be a job. They can acquire beginnings from household members or Bankss or even from their ain nest eggs. SMEs should besides pull off their hard currency flow and besides their fiscal ratios so as to be cognizant of their fiscal position and place of the company. Last. I think that Charles & A ; Keith has successfully managed their concern with difficult work and committedness to their concern.
They have a differentiated merchandise every bit good as experience and the accomplishments to bring forth alone places so that adult females in different ages would be interested with their merchandises. Singapore’s economic system. socio-cultural. technological every bit good as political factors are besides favourable for their concern. DBS has besides supported their concern over the last 12 old ages and they granted Charles & A ; Keith a loan to build a dream edifice that will enable the company to turn even faster over the following five old ages. This besides cause them to be bold in doing hazardous determinations. ( Refer APPENDIX A ) Due to lesser competition in the Singapore. they are smart to venture themselves overseas to spread out their market to a more competitory degree therefore doing them successful.
hypertext transfer protocol: //infopedia. nl. sg/articles/SIP_1696_2010-08-03. hypertext markup languagehypertext transfer protocol: //en. wikipedia. org/wiki/Charles_ % 26_Keithhypertext transfer protocol: //www. soe. org. sg/files/22. htmhypertext transfer protocol: //www. charleskeith. com/CK/about % 20us? lang=enhypertext transfer protocol: //www. investopedia. com/features/industryhandbook/retail. asp hypertext transfer protocol: //www. careers-at-enterprise. sg/files/articles/charles_n_keith. pdf hypertext transfer protocol: //www. charleskeith. com/CK/careers-vision % 20and % 20mission? lang=en hypertext transfer protocol: //www. scribd. com/doc/56162881/Strategy-Assignment-1
hypertext transfer protocol: //high–onheels. blogspot. sg/2010/05/three-elements-in-retail-store-strategy. html hypertext transfer protocol: //www. euromonitor. com/retailing-in-singapore/reporthypertext transfer protocol: //www. channelnewsasia. com/stories/singaporebusinessnews/view/1201940/1/ . H