VS.

Amandeep Kataria

Aashka Shah

Table of Contents

Part 1: Describe Two Publicly Traded Business Rivals

1. JCPenney and Kohl’s………………………………………………………………………….3

Part II: Opportunity

1. Industry Description……………………………………………………...........……………....4

2. Geographic Area……………………………………………………………………………….6

Part III: Industry Analysis

1. Five Force Analysis…………………………………………………………………...……….7

2. Low-Power Forces...................................................................................................................10

3. Key Success Factors.................................................................................................................11

4. Rivalry Defended by Establishment of Brand Name………………………………………...13

Part IV: Strength Assessment

1. Calculation of Key Success Factors………………………………………………………….14

2. Converted Score of Key Success Factors…………………………………………………….15

3. Average Converted Score of Key Success Factors…………………………..………………16

4. Sustain Competitive Advantage……………………………………………………………...16

References………………………………………………………………………………………………...17

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Part 1: Describe Two Publicly Traded Business Rivals

1. In the United States, JCPenney and Kohl’s are considered some of largest department stores.

According to the article “J.C. Penney Profit Rises on Sales of Clothing, Exclusive Brands,”

JCPenney is the third largest retail department chain store, while Kohl’s comes in at number four.

In JCPenney’s annual 10-K filing, it states that they sell their merchandise and services through

department stores and by direct channeling which consists of the internet and catalogs (1).

JCPenney sells a variety of merchandise which includes apparel and footwear for the whole

family, accessories, fine jewelry, home goods, and beauty products provided by Sephora inside

their stores (JCPenney-10K, 1).They are known for their clothing and home goods where some

are sold under their own company’s brand name (Coleman-Lochner). JCPenney has recently

added more exclusive brand names to attract more fashion-orientated consumer but their main

targeted customer-base has been middle income consumers (Coleman-Lochner). According to the

Standard’s & Poor’s Industry Survey for Retailing: General, private and exclusive brands count

for 50% of annual net sales for JCPenney (13). As of January 30, 2010, JCPenney currently has

1,108 department stores open throughout United States and Puerto Rico (1). Their corporate

address is 6501 Legacy Drive, Plano, Texas, 75024-3698 (JCPenney-10K). In Kohl’s annual

filing of 10-K, it states that they sell their merchandise by two channels which are department

stores or the internet (3). According to the article “Kohl’s 3Q revenue rises, but net income is

flat,” Kohl’s major focus has been on providing moderate prices on exclusive name brand items.

They also provide their customer with national brands as well privately and exclusive brands that

can only be found within this company (Kohl’s-10K, 3). Their merchandise typically includes

apparel, footwear, and accessories for the family, soft home products, and household items

(Kohl’s-10K, 3). Kohl’s profitability is driven by two main factors which are sales growth by

offering variety of merchandise and presentation of the store to fit the customer’s preference in

different geographical regions (Kohl’s-10K, 3). According to the lecture notes, “Introduction to

strategic analysis fundamentals,” Kohl’s are following the production model keys of increasing

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profitability, effectiveness, efficiency due to an increase in quantity of product available and their

geographical regions which covers more target customers. Also, they have kept their inventory at

a reasonable level so they will not be forced to lower their prices in order to clear out their

inventory items, which is a major advantage because it will not lower their profit (Fredix). As of

January 30, 2010, Kohl’s had 1,058 stores open in 49 states (Kohl’s-10K). Their corporate

address is N56 W17000 Ridgewood Drive, Menomonee Falls, Wisconsin 53051(Kohl’s-10K, 7).

Kohl’s and JCPenney compete in the retail industry. According to IBISWorld in their Department

Stores in the US Industry Report, JCPenney has 9.0% market share, while Kohl’s has 8.5% in this

industry (27-28). The retail industry can be highly competitive because a lot of major competitors

already exist in the market place. JCPenney’s main competitors come from national, regional, and

local stores (JCPenney-10K, 4). They have to compete for customers, associates, locations,

products, and services (JCPenney-10K, 4). Their main competition includes factors like the

variety of merchandise available, quality, pricing, advertising, services, locations, reputation, and

credit availability (JCPenney-10K, 1). Kohl’s primary competitors’ are department stores,

high/upscale mass merchandisers, and specialty stores (Kohl’s-10K, 6). The key aspects they

compete in their industry are quality, merchandise mix, value, service, and convenience (Kohl’s-

10K, 6). JCPenney and Kohl’s both compete heavily on the quality and the availability of

products, price, and customer service.

Part II: Opportunity

1. The department store retail industry is very a large industry with many key competitors. This

industry offers a wide range of goods that are in a large size stores which are separated according

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to departments (IBISWorld-Department Stores, 2). The chart below is from IBISWorld

Department Store and it shows how each category is divided up in the retail industry.

Since women’s wear is the largest product segmentation, we will be putting our main focus on

this industry. The chart below is from IBISWorld Industry Report for Women’s Clothing Stores

in the US and it shows how much each product makes up in this industry.

For JCPenney, women’s apparel was one of the segments that performed the best (JCPenney-

10K, 20). The net sales for JCPenney in women’s apparel were 24% both in 2008 and 2009

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(JCPenney-10K, 20). This is JCPenney’s largest source of revenue from all the merchandise sold.

They have continued to offer new styles and latest fashion by introducing more private and

exclusive designer names for women. This shows that JCPenny is using competitive strategy by

providing a unique mix of products to attract customers and create value (Introduction to

Strategic Analysis Fundamentals). Liz Claiborne has been one of the most recognizable brand

names in women’s apparel because customers continue being loyal to this brand (JCPenney-10K,

21). At Kohl’s, women’s clothing consisted of 32% both in 2008 and 2009 (Kohl’s-10K 23).

Women’s apparel was the strongest in intimate and sportswear section because of the

improvement of the private brand names (23). While those sections were strong, overall women’s

clothing went down compared to other merchandise sold (23). Kohl’s is focused on continuing to

expand their women’s apparel by attracting more customers by creating value and offering

different exclusive and private brand names which could only be found at Kohl’s (3). One of the

new brand that was recently introduced is called Dana Buchman, which brings a classic lifestyle

brand to women’s apparel (Kohl’s-10K, 3). According to Diamonds.Net, Kohl’s will launch two

new multi-department contemporary lifestyle brands in 2011. This can help Kohl’s to

differentiate themselves from their main competitors.

2. Women’s clothing has the largest amount of demand in the United States. The women wear

industry was about $38.6 billion in 2010 in the United States (IBISWorld-Women’s Clothing

Stores, 4). JCPenney had a revenue of 17.6 billion and Kohl’s had 17.2 billion in 2009 (S&P, 9).

Women love to keep up with the latest fashion. So the demand for women’s clothing continues to

grow because the fashion-trends keep changing. They believe that over the next five years the

number of stores in the women’s clothing industry will increase each year by 1.9% (IBISWorld-

Women’s Clothing Stores, 9). The revenue increased by 1.2% from 2008-2009 and is expected to

increased each year through 2015 (IBISWorld-Women’s Clothing Stores, 34). Kohl’s had an

increase in net income from $885 million in 2008 to $991 million in 2009 and JC Penney had a

decrease of net income from $572 million in 2008 to $251 million in 2009 (Kohl’s-10K, F-4 and

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JCPenney 10-K, F-3). So even though revenue maybe increasing for some companies, their

profits may decrease. One key factor in which this industry can increase their demand is by the

growth of the female population. The population of female has increased by .9% in 2006 to

151.75 million (IBISWorld-Women’s Clothing Stores, 14). This is positive sign for companies in

this industry since women are their target market. In the United States, women’s clothing

businesses are usually located around cities that are heavily populated because consumers have

higher income and demand for fashion.

This graph shows how closely the population is related to the number of women clothing stores

are within that particular region. As you can see, the southeast region has the greatest number of

women clothing stores.

Part III: Industry Analysis

1. The five force analysis is very important to any company who is currently in or deciding to enter

into a particular industry. It allows the company to view what the levels of threat to profit will be

using the competitive forces comparing it with other companies. It also allows companies to form

strategies to defend against their threats to profit. Each industry has different levels of threat and

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should be assessed differently. The following table shows the levels of threat for each competitive

force in the women’s clothing industry.

There are many factors that are important to satisfy customer’s demand. Thus in the women’s

clothing industry, the company should make sure that they have the best suppliers that provide

high quality raw materials. Also, the company should have established a better supply chain

process in which it helps to keep up with the current fashion trends and new, upcoming trends

too. Fashion plays an important role in this industry because if suppliers cannot supply the

materials or products on time, then it will be outdated by next season. So businesses dealing with

these industries should be careful when choosing their suppliers make sure they supply the

products on time. Once the product is supplied, it is very important to have a high quality material

because in market with many rivals, it is necessary to provide customers with the best quality to

get their loyalty. Thus suppliers have a high threat to profit because they help to provide high

quality products at the right time and amount; thus, companies cannot afford to lose them. One of

the examples is by Yahoo News,”JC Penney’s 3Q profit rises on exclusives,” the chairman and

CEO, Myron E. Ullman III states that, during this recession, they have managed to focus on

expanding on their exclusive items and working with suppliers to offer them better prices.

Industries have to make sure that they pay their suppliers properly so that they do not lose them to

their other competitors. The women wear industry has a high threat of profit from their buyers. It

is not one of those luxurious industries where buyers can choose to buy or not. No matter how

bad the economy is customers buy clothes for daily wear, casual wear, party dress, or business

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COMPETITIVE FORCES

HIGH, MODERATE, or LOW power

1) SUPPLIERS High2) BUYERS High3) SUBSTITUTES Low4) RIVALRY High5) THREAT OF ENTRY Low

outfit. But in this economy where recession has made customers think twice about spending their

money, customers are looking for clothes with better quality and for right price. Customers prefer

to spend more money on higher quality clothes rather than going for cheaper material. If

industries successfully satisfy their customer’s needs at right time and with perfect material, then

buyers will tend to come again and also pass a word to others. This is the best way to bring back

their loyal customers and attract new comers too. Since a loss of one unsatisfied customer costs

more in this industry compared to other ten satisfied customers, this industry has a high threat of

buyers. As sales growth increases, profit margin also increases, so, it is important to satisfy the

customers since they are the main source of revenue. In Kohl’s stores, sales growth has increased

from -6.9% in 2008 to 0.4% in 2009 and also JCPenney has increased from -8.5% in 2008 to -

6.3% in 2009 (Kohl’s-10K, 20 and JCPenney-10K, 11). Women clothing industry provides

clothes for all occasions like casual, business, sports, and party wear. If a customer is looking for

sportswear and for some reason that customer did not like the style, price or material, she cannot

substitute sportswear to a party wear just because she likes the material. Thus this industry has

low threat of substitutes because women cannot compensate any particular type of outfit with any

other outfit. Also, women need clothes in their everyday life so their demand cannot be satisfied

with different products from elsewhere. There are many businesses in this industry that have

numerous retail stores in the United States. The competition for this industry is between women’s

clothing stores and other industries (IBISWorld-Women’s Clothing Stores, 22). When two stores

in women clothing industry are competing, they compete against brand name, image rating,

fashion, store location, customer service, and quality of clothes. All these factors play an

important role in attracting customers and getting loyalty. Brand name clothes are more preferable

by customers so retail stores have to keep brand name clothes on their shelves to bring customers

in their stores compared to their rivals. After having brand name clothes in retail stores, they have

to market their products to spread brand awareness among customers. Businesses have to keep up

with the price, quality, and fashion because if one of these factors is better by their rivals, then,

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the company might lose their sales. Having more rivals means customers have more choices to

prefer from and in this case, retail stores have to provide extraordinary customer service. Thus

this industry has an intense competition and if one store does better in brand awareness,

marketing, customer service, or fashion trend, then the other stores will lose many sales and

customer loyalty. Investors are also interested to see how the companies are doing against each

other by looking at their stock price. Kohl’s had $53.93 share price in 2009 while JC Penney had

$26.61 share price in 2009 (S&P). Rivals for women’s clothing industry include other industries

such as local department stores, online retailers, and national department stores. These stores are

convenient for one stop shop and sell clothes at cheaper prices. Price base competition is high in

these kinds of stores where more discounts are promoted and online offers are provided. So,

basically the threat to profit from rivalry is high in this industry. In this industry, there is already

high number of competitors competing for same factors like size, fashion, quality, and services so

a new entry does not have as high as impact in market. The threat of entry is low because when

new player enters the market, it has to invest more in brand awareness, marketing, and other

factors which all other stores are competing for. This competition in market reduces the interest

for others to come in and compete with well-known companies. It is a challenge to compete

against those who already have stores all over the country and to pull loyal customers towards a

new entered store. For new comers, the first couple years would be mostly focused on growth so

there might not be as much profit. Also, they would have more expenses because they have to

advertise and promote more than their competitors do. This results in less sales and more cost of

goods sold which equates less profit margin.

2. From the five force analysis that we did above for women clothing industry, there are two low

threat forces which are substitutes and threat of entry. The two low forces represents almost the

same rate of return as much as that has been invested (Industry Analysis). This industry has three

high forces that will affect the industry financially. Suppliers have a high threat so the industry

must be careful in maintaining their suppliers or look for better suppliers. Once they have

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obtained their supplies, businesses may have to pay a higher price to them. Thus this expense of

paying more to suppliers increases but in return businesses get better material and product.

Buyers have a high threat because they are the main source of revenue. Thus it is important that

they are aware of company’s brand name and image rating which is possible through more

marketing. Different ways of marketing includes advertising, surveying, providing discounts

through newspaper, magazines, and banners. This increases the cost but the return will increase

the sales growth and leads to a higher profit margin. With high rivalry in the market, industry has

to sell the best quality products, which cost more and also should be in fashion. Businesses can

have fashionable clothes by hiring famous fashion designers which increases the salary expense

but attracts the customers. An industry having high threat forces will have to invest more money

to have a higher return and with two low forces, businesses can manage to have almost equal

profitability.

3. Key success factors are very critical in order to make the business operate successfully. Key

success factors are resources that a company utilizes to compete against its competitors

(Introduction to Strategic Analysis Fundamentals). They also allow the company and employees

to stay on pathway that will help the business run efficiently. Key success factors should be

closely related to the industry that your company is conducting their business in. Since every

industry has it’s unique set of key success factors, it may vary accordingly to the industry. A

business that sells merchandise in women’s clothing industry should focus on some of the

following key success factors. First, the company should try to establish a brand name so

consumers can become familiar with the brand (IBISWorld-Women’s Clothing Stores, 20). Since

a lot of customers are attracted to brand names, it will have a major impact on the number of

consumers who can relate to the brand. Businesses that establish brand awareness among their

consumer will command customer attention and change their shopping behaviors if they are very

loyal to the brand. This can be calculated by looking at the reputation ranking that the company

receives. Second, it is very important that the business can control the inventory they have on

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hand (IBISWorld-Women’s Clothing Stores, 20). They must have the quick ability to adjust to

increasing or decreasing demand trends so they do not have too little or too much inventory on

hand. Women depend on the store having the particular clothing available to them or else the

business might lose sales. Therefore, women’s clothing should be ordered efficiently and

effectively so it meets customer demands or so excess inventory does not pile up, while still

increasing inventory turnover rate. This can be calculated by the inventory turnover ratio for the

company. Third, the production of women’s clothing should be favored by the latest fashion

trends (IBISWorld-Women’s Clothing Stores, 20). The business should provide their customers

with new, up to date fashion trends that are consistent in the fashion world. The fashion-forward

clothes the business provides to their consumer should also appeal to their target market’s tastes.

Women are not willing to settle for last season’s fashion so the business must be able to keep up

with the fashion trends. This can be calculated by the manufacturing efficiency of the company.

Companies with better supply chain process can be successful because they can respond to the

demand quicker. Fourth, the business should have established a growth strategy by using G*. It is

important for the company in this industry to have superior financial management and debt

management (IBISWorld-Women’s Clothing Stores, 20). In the women’s clothing industry, it is

crucial because if a company is growing that means it must be doing well compared to its others

competitors. The growth strategy will allow the company to see if their current financial structure

is strong enough to support their operations or if it needs to be changed. This can be calculated by

using G* as the measure. Fifth, the business should have an attractive product presentation

(IBISWorld-Women’s Clothing Stores, 20). The store should have separate departments for

different types of good that are sold. The women’s clothing should be in one section that is

organized by style or by brand name so it easier for consumers to shop. By making it more

convenient for shoppers, it will lead to them to have a better shopping experience because they do

not have to waste time searching through messy piles of clothes to find what they are looking for.

A good display will also attract more consumers to the merchandise which will increase the

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chances of the product being purchased and strength the company’s image. Women are more

likely to purchase clothes that catch their eye. This can be calculated by sales per square foot in

the store. Sixth, the business should be located close to key markets (IBISWorld-Women’s

Clothing Stores, 20). Location is important factor in sales of merchandise, so the company should

try to locate their store where there is a larger number of passing traffic. They should also be

close to their targeted customers. Since women have to able to see the clothes they want to

purchase, companies must place their stores near locations that are heavy populated. This can be

calculated by counting up the number of stores that are in areas of highly wealthy people.

4. The key success factors are very important because they can help to defend against company’s

high threats to profit. The women’s clothing industry can be a very competitive environment with

many rivals existing in the market place. To gain popularity in the industry, the establishment of

name brand is very important because it allows the company to differentiate themselves from

their competitors. There are many rivals in the women’s clothing industry that can easily reduce

the sales of other businesses. Since this industry has a high threat to profit from rivalry, the

company can defend themselves by focusing on establishing a name for their company. This will

allow the company to position themselves to achieve success in the long-term, so they should first

focus on building up their company’s name and reputation. If the company is well-recognized in

the industry, then, when new competitors enter the market they will not have a major impact on

the company because consumers will continue to shop with them. If the customers are attracted

and can relate to the company’s name brand, then, they will continue to be loyal to the company.

JCPenney and Kohl’s have established their brand names by advertising heavily in the public’s

eyes. They continue to bring out the newest, latest private and exclusive brand names from their

consumers at reasonable prices. Even if more competitors enter into the industry, their customers

will remain loyal to them because those department stores may carry merchandise that is

exclusively available at JCPenney and Kohl’s only.

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Part IV: Strength Assessment

1. JCPenney

Key Success Factors Calculation Result

Company Rating 5.60 5.60

Inventory Turnover (17,556,000)/((3,024,000+3,259,000)/2) 5.5884

Manufacturing Efficiency

(10,646,000)/(17,556,000) .6064

G* (1 – 75%) x 5.6% .014

Sales per sq. ft. $149 $149

Location (434)/(10) 43.4

Kohl’s

Key Success Factors Calculation Result

Company Rating 6.06 6.06

Inventory Turnover (17,178,000)/((2,923,000+2,799,000)/2) 6.0042

Manufacturing Efficiency

(10,680,000)/(17,178,000) .6217

G* (1 – 0%) x 13.6% .1360

Sales per sq. ft. $93 $93

Location (500)/(10) 50The company’s rating was calculated by using CNNMoney Fortune’s ranking for the “World’s

Most Admired Companies” overall score. The higher the overall score the better it is for the

company. According to the lecture notes “Measuring Performance & Setting Objectives,” the

inventory turnover can be calculated as revenue divided by average inventory. These numbers can

be found from the company’s 10-K filing. A higher inventory rate is better because that means the

company is selling their inventory at a faster pace. The manufacturing efficiency can be

calculated by cost of goods sold divided by revenue (Measuring Performance & Setting

Objectives). These numbers can also be found in the company’s 10-K filing. A lower

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manufacturing efficiency is better because that means it costs the company less to develop and

deliver goods to the customers. The G* can be calculated by multiplying ROE by one minus the

dividend payout ratio (Measuring Performance & Setting Objectives). These numbers can be

obtained from S&P Industry Survey for the industry the company is in. The higher the G* is

better because it means that the company will be able to maintain its growth strategy. The sales

per square foot were found on the company’s 10-K filing. The higher the sales per square foot the

better it is for company because that means they are selling more merchandise. The location can

be calculated by finding the states in the United States with highest number of household whose

income is $200,000 or higher. We took the numbers from “Household Income--Distribution by

Income Level and State: 2007” which can be found on the census website. Then, we took the

wealthiest states and compared it to the number of stores in that state. So, we took the top 10

wealthiest states and the number of stores corresponding to the state and added them up for each

company and divided the total by 10. The calculation gave us an average of which company has

more stores in higher income states. The wealthiest states numbers can be found on the census

website and the number of company’s store in each state can be found in their 10-K.

2.

Key Success Factors JCPenney Kohl’s

Company Rating 1 5

Inventory Turnover 1 5

Manufacturing Efficiency 3 3

G* 1 5

Sales per sq. ft. 5 1

Location 1 5

3.

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JCPenney Kohl’s

Average Strength Score 2 4

4. From the strength assessment above, we can conclude that Kohl’s will sustain a competitive

advantage over JCPenney. Kohl’s is the strongest in many of key factors that are important in this

industry. They have a higher company ranking compared to their competitor. Also, Kohl’s is able

to control their inventory better and this can be crucial in this industry because women are

looking for the latest fashion items. Since women demand up to date clothing, the manufacturing

efficiency is important. JCPenney and Kohl’s are about equal in providing their customers with

the latest fashion trends. Since Kohl’s is not paying out dividends, they have more cash available

to grow their company. Kohl’s is using its internal financial resources more effectively than

JCPenney. One factor that Kohl’s is weak on is its sales per square foot, but they are strong on

location compared to JCPenney. During the recession, Kohl’s was the only major company that

increased their net profits during 2008-2009 (IBISWorld). So, overall Kohl’s be able to sustain a

competitive advantage over JCPenney.

Resources

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Pictures:

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