Another high profile high street casualty was seen this week. But what was the cause of its downfall?
My own views are -
- They failed to provide a strong multichannel and eCommerce offering compared to the likes of M&S, John Lewis and Next.
- They lost their heritage and meaning. Over the generations went to BHS for specialist products such as lighting and school wear. They were seen as the leading retailer offering good value.
- The look and feel of the stores failed to move with the times. Often I walked in to a store and it felt like stepping back in time.
- They failed to live up to the challenge from the supermarkets as they developed their non-food offering. With Tesco Direct and Asda Living, why go anywhere else for value led homewares?
- Who were the target customers? The middle and upper age groups had lost their ways with BHS, continuing to support the innovative and stylish offering from John Lewis and M&S.
A brand that fails to maintain its purpose or doesn’t communicate its value proposition to the consumer is always more likely to fail. Consider the affordable yet fast fashion at Primark, the high quality, sexy food at Marks & Spencer, accessible home offerings at Next, celebrity endorsed labels at H&M and the unbeatable price promise at John Lewis. We intrinsically know how these retail brands contribute to our daily lives. We trust their promises and allow them to enrich our sense of worth, family and community.