Harvard Case - Broadway Mall: You Can Get It If You Really Want It
"Broadway Mall: You Can Get It If You Really Want It" Harvard business case study is written by Nori Gerardo Lietz. It deals with the challenges in the field of Entrepreneurship. The case study is 15 page(s) long and it was first published on : Mar 9, 2022
At Fern Fort University, we recommend Broadway Mall pursue a multi-pronged growth strategy focused on disruptive innovation, technology integration, and strategic partnerships to revitalize its position in the evolving retail landscape. This strategy will involve leveraging the power of technology and analytics to enhance the customer experience, attract new demographics, and create a truly unique shopping destination.
2. Background
Broadway Mall, a once-thriving shopping center, faces declining foot traffic and competition from online retailers. The mall?s management team, led by CEO John Smith, is grappling with how to adapt to the changing retail environment. They are considering various options, including renovations, introducing new retailers, and exploring online presence.
The case study highlights the challenges faced by traditional brick-and-mortar retailers in the digital age. It also underscores the importance of entrepreneurial thinking and adaptability in navigating a rapidly evolving market.
3. Analysis of the Case Study
Porter?s Five Forces framework can be applied to analyze the competitive landscape:
- Threat of New Entrants: High, due to the ease of setting up online stores and the rise of pop-up shops.
- Bargaining Power of Buyers: High, as consumers have access to a wide range of choices online and can easily compare prices.
- Threat of Substitute Products: High, with the rise of online shopping and alternative entertainment options.
- Bargaining Power of Suppliers: Moderate, as the mall relies on a mix of national and local retailers.
- Rivalry Among Existing Competitors: High, with the presence of other malls, online retailers, and specialty stores.
SWOT Analysis:
Strengths:
- Established location and brand recognition
- Existing infrastructure and customer base
- Potential for redevelopment and innovation
Weaknesses:
- Declining foot traffic and sales
- Limited online presence
- Lack of a clear differentiation strategy
Opportunities:
- Leverage technology to enhance customer experience
- Partner with online retailers and tech startups
- Focus on experiential retail and entertainment
Threats:
- Continued growth of online shopping
- Economic downturn and consumer spending habits
- Competition from other malls and retail formats
4. Recommendations
Embrace Technology and Analytics:
- Develop a robust mobile app: Offer features like personalized recommendations, store locator, loyalty programs, and mobile payments.
- Implement data analytics: Track customer behavior, preferences, and shopping patterns to optimize marketing and promotions.
- Offer free Wi-Fi and charging stations: Enhance the customer experience and encourage longer visits.
- Partner with technology companies: Explore collaborations with startups specializing in AR/VR, AI, and personalized shopping experiences.
Focus on Experiential Retail:
- Create unique events and activations: Host pop-up shops, art installations, live music performances, and interactive experiences.
- Introduce entertainment options: Consider adding a movie theater, bowling alley, or gaming center to attract families and young adults.
- Partner with local businesses and artists: Showcase local talent and create a sense of community.
- Offer personalized services: Provide concierge services, styling consultations, and other value-added experiences.
Strategic Partnerships:
- Collaborate with online retailers: Offer click-and-collect services, allowing customers to purchase online and pick up at the mall.
- Partner with delivery services: Provide convenient delivery options for online purchases.
- Form alliances with local businesses: Create cross-promotional opportunities and attract a wider customer base.
- Explore joint ventures: Consider partnering with other malls or developers to create a regional shopping hub.
Reimagine the Mall Space:
- Revamp the food court: Introduce a curated selection of food vendors, offering diverse cuisines and healthy options.
- Create flexible spaces: Offer pop-up shops, co-working spaces, and event venues to attract a diverse range of businesses.
- Focus on sustainability: Implement green initiatives and promote environmentally friendly practices.
- Invest in aesthetics and design: Create a visually appealing and welcoming environment.
5. Basis of Recommendations
- Core competencies and consistency with mission: The recommendations align with Broadway Mall?s existing strengths, such as its prime location and established customer base. They also leverage the mall?s potential to become a hub for community engagement and innovation.
- External customers and internal clients: The recommendations address the needs of both existing and potential customers, offering a more engaging and convenient shopping experience. They also empower employees to embrace technology and contribute to the mall?s revitalization.
- Competitors: The recommendations differentiate Broadway Mall from its competitors by focusing on technology, experiential retail, and strategic partnerships.
- Attractiveness: The recommendations are expected to increase foot traffic, sales, and customer satisfaction. While quantifying the return on investment (ROI) requires further analysis, the potential benefits are significant.
6. Conclusion
By embracing technology, focusing on experiential retail, and forging strategic partnerships, Broadway Mall can revitalize its position in the evolving retail landscape. This strategy will require a significant investment in technology, marketing, and partnerships, but the potential rewards are substantial.
7. Discussion
Alternatives:
- Focus solely on online presence: This option may be too drastic and could alienate existing customers.
- Adopt a cost-cutting approach: This could lead to a decline in customer service and brand image.
- Remain stagnant and hope for a turnaround: This is unlikely to succeed in the current competitive environment.
Risks:
- Technology adoption may be slow: Customers may not embrace new technologies.
- Competition may intensify: Other malls or online retailers may adopt similar strategies.
- Economic downturn may impact consumer spending: This could limit the effectiveness of the revitalization strategy.
Key Assumptions:
- Consumers are willing to embrace technology and engage with experiential retail.
- The mall management team is committed to implementing the recommendations.
- The economic environment remains stable and supports consumer spending.
8. Next Steps
- Develop a comprehensive business plan: Define specific goals, strategies, and timelines for implementation.
- Secure funding and resources: Explore options for investment and partnerships.
- Pilot test key initiatives: Implement pilot programs to test the effectiveness of new technologies and experiences.
- Communicate the vision to stakeholders: Engage employees, tenants, and the community in the revitalization process.
- Monitor progress and adapt: Regularly evaluate the effectiveness of the strategy and make adjustments as needed.
By taking these steps, Broadway Mall can transform itself from a struggling shopping center into a thriving destination for the 21st century.
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