Harvard Case - Expanding The Bicester Collection to New York
"Expanding The Bicester Collection to New York" Harvard business case study is written by Boris Vallee, Kirby Brand, Kristina Brown, Julie McCrimlisk, Chloe Sztabnik, Arthur I Segel. It deals with the challenges in the field of Finance. The case study is 17 page(s) long and it was first published on : Mar 14, 2024
At Fern Fort University, we recommend that The Bicester Collection pursue a phased expansion into the New York market, focusing on a luxury outlet mall concept similar to their successful model in the UK. This strategy should prioritize building brand awareness, establishing partnerships, and leveraging their existing expertise in luxury retail and outlet mall management.
2. Background
The Bicester Collection, a leading luxury outlet mall operator in the UK, is considering expanding its operations to New York City. The company has achieved significant success in the UK, attracting high-end brands and discerning shoppers. However, the New York market presents a unique set of challenges and opportunities. The case study focuses on the decision-making process for The Bicester Collection, exploring the potential benefits and risks of expanding into the US market.
The main protagonists in the case study are:
- The Bicester Collection Management: They are tasked with evaluating the feasibility of the New York expansion and developing a strategic plan.
- Potential Investors: They are interested in the potential returns and risks associated with investing in the project.
- Luxury Brands: They are key stakeholders whose participation is crucial to the success of the project.
3. Analysis of the Case Study
The case study can be analyzed through the lens of a strategic framework, considering the following aspects:
- Market Analysis: The New York market offers a large and affluent customer base with a strong appetite for luxury goods. However, the market is highly competitive, with existing luxury retailers and outlet malls vying for customers.
- Competitive Advantage: The Bicester Collection's competitive advantage lies in its established reputation for luxury, its curated selection of brands, and its unique shopping experience.
- Financial Analysis: The expansion project requires significant capital investment, including land acquisition, construction, and marketing. The company needs to carefully assess the potential return on investment (ROI) and the financial risks associated with the project.
- Operational Strategy: The company needs to develop a clear operational strategy, including site selection, brand partnerships, marketing and promotion, and customer service.
4. Recommendations
The Bicester Collection should adopt a phased approach to expanding into New York, focusing on the following steps:
- Market Research and Feasibility Study: Conduct a comprehensive market analysis to identify the most suitable location for the outlet mall, assess the competitive landscape, and understand the target customer base.
- Partner with Local Developers: Collaborate with experienced local developers to navigate the complex regulatory environment and secure necessary permits.
- Build Strategic Partnerships: Establish strong relationships with luxury brands, leveraging their existing network and expertise in the US market.
- Develop a Unique Value Proposition: Differentiate the New York outlet mall from existing competitors by offering a curated selection of brands, exclusive experiences, and personalized services.
- Focus on Marketing and Branding: Launch a targeted marketing campaign to generate awareness and attract customers. Leverage digital marketing channels and public relations to reach the target audience.
- Monitor Performance and Adapt: Continuously monitor the performance of the outlet mall and adjust the strategy based on market feedback and customer preferences.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The Bicester Collection's expertise in luxury retail and outlet mall management aligns with the proposed expansion. The company's commitment to providing a unique and curated shopping experience will be a key differentiator in the New York market.
- External Customers and Internal Clients: The target customer base in New York is affluent and discerning, seeking luxury goods and a premium shopping experience. The expansion will cater to their needs and preferences.
- Competitors: The New York market is highly competitive, but The Bicester Collection can differentiate itself by offering a curated selection of brands, exclusive experiences, and personalized services.
- Attractiveness ' Quantitative Measures: The expansion project requires significant capital investment, but the potential return on investment (ROI) is high. The company can leverage its existing brand equity and expertise to achieve profitability in the New York market.
6. Conclusion
Expanding into the New York market presents a significant opportunity for The Bicester Collection to grow its business and expand its brand reach. By carefully considering the market dynamics, leveraging its existing expertise, and developing a strategic plan, the company can successfully establish a presence in the US market and achieve sustainable growth.
7. Discussion
Other alternatives not selected include:
- Acquiring an existing outlet mall: This option would provide a faster entry into the market but would require significant capital investment and potentially involve integration challenges.
- Opening a smaller luxury boutique: This option would require less capital investment but would limit the company's potential market reach and brand impact.
Key assumptions underlying the recommendations include:
- The New York market will continue to be attractive for luxury goods.
- The company can secure partnerships with key luxury brands.
- The company can successfully navigate the regulatory environment and obtain necessary permits.
8. Next Steps
The following steps should be taken to implement the recommendations:
- Phase 1 (Year 1): Conduct market research and feasibility study, identify potential partners, and secure funding.
- Phase 2 (Year 2): Secure land and obtain necessary permits, finalize brand partnerships, and develop marketing and operational plans.
- Phase 3 (Year 3): Begin construction and launch marketing campaign, open the outlet mall, and monitor performance.
By following these steps, The Bicester Collection can successfully expand into the New York market and capitalize on the significant growth opportunities available in the US luxury retail sector.
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Case Description
Secretariat, if anyone remembers, won the triple crown at the Belmont Race Track on Long Island, located at the nexus of La Guardia, JFK Airports, the Long Island Railroad and multiple major highways. Belmont Race Track is now being rebuilt along with an adjacent UBS hockey arena for the New York Islanders which can be transmogrified into a spectacular concert venue with great acoustics and amazing design for the likes of Harry Styles and Bruce Springsteen who have already played there to packed audiences. Adjacent to the new arena is the new Belmont Park Village filled with luxury brands such as Prada, Zegna, Polo and the like. Do people who watch and bet on horses, attend hockey games and rock concerts, shop the luxury brands? Is this the way entertainment and retail will have to work together now in the age of ZOOM and e-commerce shopping?
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