Snapshot of Uniqlo - Essay Example

?Snapshot of Uniqlo Uniqlo is the largest retailer in Japan, with 5.5% of the 10.7 trillion yen Japanese apparel market. They have been operating 843stores nationwide, as of August of 2011. They are presently focusing on opening larger stores with 1600 square meters of floor space, while closing their smaller stores. They also have one domestic global flagship location, the Uniqlo Shinsaibashi Store, and they plan on opening other large scale and flagship stores in major urban Japanese areas, including Tokyo, Osaka, Nagoya and Fukuoka. The forecast for their sales for the fiscal year ending in August, 2011, is 93.7 billion yen, which represents an increase of 28.7% from the previous year, and their operating profits were 8.9 billion yen, which was an increase of 40.6% from the previous year. The company has four major brands – Theory, Comptoir Des Cotonniers and Princesse Tam.Tam and g.u. Theory, which is the mainstay brand, has been experiencing growth in the United States and Japan, and is opening markets in China and Hong Kong. As for August 2011, it was operating 371 brands throughout the world. Comptoir Des Cotonniers is a French label for women, and operates 386 stores across Europe, Japan and the United States. Princesse Tam.Tam is a brand which focuses upon lingerie, home wear and swimwear. This brand operates out of well-known department stores and boutiques, and there are 159 outlets in the United States, led by France, and is available in 40 countries in Europe. g.u. is a brand that specializes in low priced jeans, and has net sales of 30 billion yen annually, and the brand operates 148 stores in total as of August, 2011, with two new flagship stores in Osaka and Tokyo. Uniqlo is looking to expand its Asian market, as they opened their first store in Taiwan in October of 2010, which generated high sales. Next, they want to focus on other Asian stores, with a focus on China, South Korea and Taiwan, and opening a flagship store in Seoul, Korea, in the fall of 2011, as well as two new stores in New York: one on Fifth Avenue and a megastore on 34th Street. They presently operate stores in the United States, China, France, Hong Kong, Japan, Korea, Malaysia, Russia, Singapore, Taiwan, Thailand and the UK. The history of Uniqlo is that they opened their first store in 1984 in Japan, and demand for their products surged with their fleece apparel campaign in 1998. Uniqlo, after experiencing an ebb and flow in their sales from 1998, reworked the strategy to focus on an expansion of women’s wear. Their expansion into international markets began in 1991, starting with the UK. After a successful launch in the UK, they ventured into the markets of China, Hong Kong, South Korea, the United States and France, Singapore and Russia. The bulk of their stores are still in Japan, with 843 in that country, and 181 overseas markets. In 2005, they expanded their domain by purchasing a range of companies worldwide, and these companies are the Comptoir Des Cotonniers, Princesse Tam.Tam and Link Theory Holdings Co., Ltd, who developed the Theory brand. These brands are explained above. At present, their worldwide industry ranking in the apparel specialty stores is exceptional, as they rank fourth overall, in terms of sales, in the world, just behind The Gap. They have more sales then the Limited, NEXT, Polo Ralph Lauren, Esprit, Abercrombie & Fitch and Liz Claiborne. As noted above, they are currently the leading Japanese Domestic Clothing Retail chain. The Uniqlo business model is that they have established a SPA, which is a Specialty Store retailer of Private label apparel, and this business model encompasses all stages of the business, from design and production to final sales. This model has helped them make adjustment to production that reflect the latest sales environment and minimizes store-operation costs, such as personnel costs and rent. It is through this SPA that Uniqlo is able to provide high quality clothing at low prices. They have an Research and Development team which looks at the latest fashions and lifestyles, as well as looks for new materials. They hold a concept meeting one year before launching a product, and, at these meetings, they are able to meet with representatives from merchandising, marketing, materials development and production to determine the upcoming seasonal concepts. The business strategy for Uniqlo is that they listen to customer feedback, as this feedback plays a large part in the product development. They receive 70,000 comments from customers on an annual basis. Another part of their strategy is their procurement of material from around the world. They procure their high quality material at low costs through directly negotiating with and purchasing in bulk from the material manufacturers globally. Another prong of their business strategy is that they have a heavy emphasis on women’s wear, which is worth 7.1 trillion yen, compared to their men’s wear market worth just 2.9 trillion yen and children’s clothing, worth just .7 trillion yen. That said, they command 8.7% share of the Japanese men’s wear market, and just 4.1% of Japanese women’s wear market, so there is room for growth there, and the company considers further expansion in the women’s wear market to be the key to overall growth. It is clear that Uniqlo can establish a larger presence in Europe, as they are currently only in France and Russia, as far as European countries go. Since they have a foothold in European countries, they can and should expand there still more. Using relevant frameworks, that seek to explain the internationalisation process, assess the impact on the company’s expansion into Europe of the Single European Market within the European Union According to Johanson & Wiedersheim-Paul (1975), there are different stages for a firm when they decide to internationalize, and these stages represent successively higher degrees of internationalization commitment (Johanson & Vahlne, 1977, p. 23). When firms go international, each additional market commitment will happen in incremental steps (Johanson & Vahlne, 1990, p. 211). The firms go through these stages, from a low degree of international involvement in Stage 1 to a high degree of international involvement in Stage 4 (Phing & Au, 2001, p. 163). The first stage is where there are no export activities. The second stage is that there is exportation via agents or independent representatives. The third stage is where an overseas sales subsidiary is established. The fourth stage is overseas manufacturing/production units (Johanson & Wiedersheim-Paul, 1975). Before a business enters a new country, the best strategy would be to conduct both a PEST analysis of that country and to evaluate that country according to Porter’s Five Forces. Moreover, a value chain analysis must also be done. A PEST analysis begins with an examination of the external macro environment, which is an external driver for the company, which takes into the consideration the political, social, economic and technological factors of each country. (Mellahi, 2005, p. 33). In the PEST analysis, the “P” in a PEST analysis stands for political, which encompasses such aspects as legislation, regulation, and political risk. The “E” stands for economic, which would include such aspects as currency exchange rates, the cost of capital and the cost of production. The “S” stands for social, and this means any kind of external factor that affects the social fabric of the country, such as the culture of the country, social change and global convergence. “T” stands for technology, and this means anything that would affect the technology of the country, such as the spread of the Internet or the threat of viruses. (Mellahi, 2005, pp. 37-49). Another analysis is a value chain analysis. In this analysis, one must examine what the range of activities that must be done to get the goods into the market. This goes from conception, to the intermediary phases, to delivery, to disposal after use (Kaplinsky, 2000, p. 122). Therefore, the products that Uniqlo offers will have to be analyzed as to how the products will be rolled out in the different countries, from start to finish. The other analysis that Uniqlo must conduct would be an analysis of the countries vis a vis Porter’s Five Forces. These five forces deal with the threat of rivals, by examining how intense rivalry/competition is in these countries; by examining how difficult it would be for new rivals to enter the countries; and what the threat is that these rivals can supply substitutes for the product in question. Further, Porter’s Five Forces looks at the power of buyers verses the power of suppliers, in that either the buyer or the supplier would have more power in a particular country, and, obviously, the countries that afford more supplier power to entrants into the countries would be more advantageous to these new entrants. (Ungson & Wong, 2008, p. 59). One of the most important and crucial area that Uniqlo needs to research with regards to these countries would be the cultural challenges that might be faced in each country, as these challenges are one of the major hurdles in entrance to any country, and could create a barrier for Uniqlo. These challenges refer to the differences in cultural understanding between the firm and the local clientele (Copeland & Griggs, 1985, p. 52). Uniqlo’s business practices will be shaped by the culture of the target country in a variety of ways (Caslione & Thomas, 2002, p. 24). An international manager must be successful in negotiating these cultural differences if he or she is to be successful (Brooke, 1986, p. 225). Furthermore, if Uniqlo hopes to gain a competitive edge in any of the countries were it hopes to enter, it must have a sense of cultural competency (Elashmawi, 2001, p. xvi). The country’s culture will determine how the firm will respond to strategic issues, and how these issues are interpreted (Becker, 2000, p. 90). There are six different cultural dimensions, and they are 1) how society sees the nature of its people; 2) how society sees the relationship between its people and nature; 3) how society sees the relationship between people; 4) do the people accept the status quo in society, or do they concentrate on making things better?; 5) how does the society conceptualize space, such as personal space and whether meetings are held in public or private? And 6) how does the society conceptualize time, and is it oriented towards the past, the present or the future (Carroll & Gannon, 1997, p. 39). While the above factors describe a country’s culture in general, there are aspects that need to be examined specifically by businesses who are attempting to enter the countries. The first consideration is how culturally distant the two countries are, meaning the firm’s country of origin and the target country. What this means is the two country’s culture must be examined to see how far apart they are. For instance, a Western country, such as the U.K. might have a great cultural distance from an Eastern country, such as China, or a Middle-Eastern country, such as Saudi Arabia. (Ghemawat, 2007, p. 40). There, are four dimensions to cultural distance, and these are 1) power distance, which refers to how different statuses of people are treated, in terms of equality, and how much the power hierarchy is valued; 2) uncertainty avoidance – to what degree are the people of the culture threatened by uncertain or unknown situations; 3) individualism, which looks at how loose or tight the relationships are between the individuals in the populace, and whether the society is collective or individualistic; and 4) masculinity, which looks at the distinction of gender roles. Cultural distance is determined by calculating the square root of all the dimensions for each country, then comparing the results (Ackerman, 2004, p. 5). Uniqlo is currently in two different European markets, France and Russia. They also have two brands which have a presence in Europe in Comptoir des Cotonniers in France and Princesse Tam.Tam. with a presence throughout Europe. The impact of their current presence in Europe on their expansion into Germany is significant. This is because, by establishing a firm presence in European countries, Uniqlo has demonstrated the ability to cope with the cultural distance that is between Western and Eastern countries, and, specifically, European countries. The European countries are very different from the United States, in term of their culture, but the European countries are similar to one another, as they are all a part of the same European Union. Uniqlo may find that there are political similarities between Germany and France and Russia, as well as societal similarities, technical similarities and economic similarities between all of these countries. Therefore, by establishing a firm presence in these countries, Uniqlo should have a less difficult time navigating the waters in Germany, in terms of the PEST analysis, the Value Chain analysis, the Porter’s Five Forces analysis and the cultural analysis of that country. This is the biggest impact on Uniqlo’s presence in Europe, and the major reason why Uniqlo might have success in Germany. Conduct a macro environmental analysis and a more market-specific analysis, of the German market - using as a minimum the 12C framework as the basis for an assessment of the market’s potential for Uniqlo. Your analysis should include a prioritised assessment of the principal challenges that the German market represents to the company and an argument for or against entry within the next twelve months. There are a variety of aspects to a 12C framework, and this includes country, currency, culture, control & co-ordination, concentration, commitment, communication, choices of consumers, channels of distribution, contractual obligations, capacity to pay and caveats. The country part of the 12C framework is an examination of political, legal and economic issues of the market, along with its market potential. The currency refers to the foreign currency the country uses, and if it fluctuates. Culture refers to the differences in culture, and this is explained above. Control and coordination is the training, hiring, management and control of personnel in the target country. Concentration of markets means how close together the markets are in the country, because, if the country is large, then there will be lots of isolated areas and it is not cost effective to reach them all. Commitment refers to how much long term planning, significant financial investment, time and skill is needed to succeed. Communication refers to the language barrier. Choices of consumers means what local choices the consumers have that would compete against the product. Channels of distribution refers to how easy it would be to get the goods and services to the country. Contractual obligations includes making sure that every knows the commitments of the contract. Capacity to pay is the financial health of the country and customer. Caveats refers to laws, and how much protectionism is practiced by the country, along with the amount of restrictions (Javel, 2008; Hollensen, 2008). Not all of these 12 Cs may be applied in this situation, because not all are known and some, like commitment, refers to the company’s abilities, not the country. Therefore, this analysis will cover the Cs which can be applied. The first is country – what are the political, legal and economic issues regarding Germany? The first thing that is known about this country is that it is doing well, much better than many countries in this recession. This is shown by the strength of two things –their labor market and the strength of their monetary exchange rate. Miller (2009) states that Germany has only had a very modest increase in unemployment, despite the fact that they have had a contraction of 5% of their overall GDP (Miller, 2009). This shows that their labor market is strong, and what this means for Uniqlo is that Germany has a population that is employed, therefore will have the money to buy Uniqlo’s products. The other sign of Germany’s strength is their monetary strength, and this will be explained more below under “currency.” Moreover, they have excellent purchasing power, and the country is considered the most attractive FDI destination in Europe, according to the A.T. Kearney Foreign Direct Investment Confidence Index 2010 (“The Consumer Good Market in Germany”). Currency is the next variable, and Germany is strong on this as well. Norris (2011) states that Germany has such as a strong currency that depositors are moving their euros to German bank, and this has led to lower borrowing costs for Germany companies while raising the borrowing costs for foreign competitors. Part of the reason why Germany has such a strong monetary unit is because its unemployment is so low, and it has kept its labor costs down, which made its competitive position stronger with comparison to other countries in the Euro zone. Germany’s exports are also competitive compared to other countries in the Euro zone. Germany may be compared to France, which is a country that Uniqlo has a presence in, and France’s position is much less secure than Germany’s, as France has an unemployment rate of 9.8% (Norris, 2011). Culture is the next variable after currency. Germany is a Western country with Western ideals, which is contrasted with Uniqlo, which is an Asian country with Asian ideals. This means that there will be some cultural distance between the two countries. An example of how there might be cultural distance between the two companies is shown in Daimler, which is a German company. In this company, the executives had beer breaks and could smoke in the workplace, and the CEO was having a sexual affair with his personal assistant, and this was well-known and nobody really cared about it (Golitsinski, 2000, p. 12). This means that, at least for this company, there was a relaxed attitude about drinking on the job and sexual harassment. This may be emblematic of how Germany does business, in that they are relaxed about such things. On the other hand, Uniqlo, as an Asian-based company, would probably have a problem with these things. This is just one example of cultural distance, but the research shows that Eastern countries are very different from Western countries culturally, so this is a hurdle that Uniqlo must face (Ardchivilli, et al., 2006). Control and coordination – this refers to the fact that Uniqlo will have to hire after sales service in Germany. Again, the cultural distance may be a barrier, as the individuals in Uniqlo must deal with the local employees in Germany, and they may do things very differently from what Uniqlo is used to. Concentration of markets is the next factor, and the fact is that there are some 82 million people in Germany, and the country is not that large, geographically speaking (“The Consumer Goods Market in Germany”). Therefore, the markets will not be spread out over large expanses, as they would be in India and China, so this would not be a factor. Commitment is the next factor, and this merely refers to the commitment that the company will take in entering the market – in other words, Uniqlo needs to make a commitment to the country in order to be successful. Communication is the next factor, and this will definitely pose a problem. The Uniqlo is based in Japan, so they will have a difficult time communicating with the German people if they do not have good translators or do not have local subsidiaries who might assist them in this endeavor. Uniqlo will definitely have to do research on the language, to make sure that they do not do something that might be misinterpreted in the German language, and they should have local personnel who speak both German and Japanese fluently so that they can be assured that they are communicating in a proper way. Choices of consumers is the next factor, and this speaks to whether Germany has local competitors. In looking at Uniqlo’s competitors, there are no German-based companies in the top 10 worldwide apparel specialty stores (Uniqlo.com). Therefore, there are no large apparel companies located in Germany, so this probably will be a minimal factor. Channels of distribution – this can be alleviated by the market entry choice, which will be explained below. Contractual obligations – this means that Uniqlo must make firm contracts with its partners in the German market, and that everybody is aware of the contractual commitments. Capacity to pay – Germany is stronger than other countries, in terms of weathering the recession, as explained above, so Germany has a better economic profile than France, which is where Uniqlo already is. Caveats – Germany does not seem to have very stringent laws that Uniqlo has to worry about, and they actually very competitive tax rates (“The Consumer Goods Market in Germany”). While this is the macro-environment, the environment for retail is very bright in Germany. According to “The Consumer Goods Market in Germany,” the retail market in Germany is 398 billion Euro, in 2009, which makes it one of the top three retail markets in the Europe, along with France and the UK. The populace spent around 24 percent of their available private spending on non-food consumer goods, and fashion and shoes is one of the top three non-food segments of consumer spending. The retail sector was 10 percent of the total German GDP in 2009 (“The Consumer Goods Market in Germany”). Moreover, Germany consumers have excellent purchasing power. This is because they have low personal debt levels and less of a threat of unemployment than other European countries. Their per capita private income has remained stable at 18,904 Euro (“The Consumer Goods Market in Germany”). As for apparel in general, Germany accounts for 19 percent of the total European apparel retail industry value, and 55 billion Euro in textile retail sales was the figure in 2009 for the country. Womenswear was the largest segment of this, with 19 percent of the total European market. Moreover, specialized is the dominant segment, as 64 percent of apparel sold in Germany was specialized. This was followed by fashion and shoes and the internet sales with 12 percent. The opportunities in the German market are for outdoor wear, as the health trend in Germany has caused a demand for this type of apparel, and clothes made with organic material, for the same reasons (“The Consumer Goods Market in Germany”). After examining the macro environment of Germany, as well as the retail sector, it is clear that Germany would be an excellent place to diversify for the company. The indications are that Germany is stronger than many countries, even in the face of recession, largely due to a low unemployment rate and strong monetary value. The German people have excellent purchasing power, and the country is a magnet for foreign investment. And, since Uniqlo has already established a presence in other European countries, the learning curve in dealing with European countries has already been taken care of. The challenges will be the differences in culture and communication. As noted above, German companies have a more relaxed organizational culture than do Asian companies, and studies have shown that Asian and Western values and beliefs are very different. Moreover, the company will have to overcome the language barrier, for the Japanese language and the German language are completely different, so this will also be a challenge. That said, the company is well-versed in overcoming these hurdles, and it has already established a great Western presence, as it is in European countries as well as the United States, so they should be able to overcome these hurdles as well. Evaluate relevant market entry modes for Uniqlo into the German market and argue the case for the mode or combination of modes that you consider most appropriate for the company in the first two years of operation in that market. This next section will describe what the best entry strategies would be for the target country, Germany. A good way to develop a strategy would be to do it gradually and through stages. (Johanson & Vahlne, 1977, p. 23). The earliest steps involve a low degree of internationalization, while the higher steps involve a high degree of internationalization (Phing & Au, 2001, p. 163). When a firm is in the first stage, there are no export activities. In the second stage, there is exportation to the target countries, and this is done through agents and independent representatives. In the third stage, an overseas sales subsidiary is established, so that the relationship is between the parent company, Uniqlo, and the “child” company, who is owned by Uniqlo. In the fourth stage, Uniqlo would establish her own manufacturing and distribution units within the target country (Johanson & Wiedersheim-Paul, 1975). Additionally, Uniqlo may enter the markets by the use of a joint venture, which will help her circumvent the difficulties and entry barriers that each country may present (Barham & Oates, 1991, p. 18). This joint venture may take a number of different forms. For instance, Uniqlo may decide to acquire a domestic firm, which requires full integration. She may also partner with a domestic firm, which requires partial integration. (Ackerman, 2007, p. 2). Alternatively, a greenfield plan may be set up. This is where the institutional arrangement resembles the parent company, but the staff is recruited and chained individually (Estrin et al., 2007, p. 8). Yet another way for Uniqlo to enter markets would be to directly invest in domestic firms, which is known as Foreign Direct Investment (FDI). FDI is helpful for both the domestic firms and the foreign competitors, because upstream suppliers are affected in a positive way. This is because FDI helps to upgrade the entire industry through the imposition of higher grades and standards, while lowering transactional costs (Dries & Swinnen, 2003, p. 3). FDI also helps the industry in the target country, as access to finance is loosened, investment is increased and small local suppliers improve the quality of their goods (Dries & Swinnen, 2003, p. 6). Therefore, FDI helps everyone by lifting the quality of the entire industry within the target country. This, in turn, would lead to an increased return on the investment to Uniqlo, because if the industry standards are increased, along with access to credit and other reforms that are made possible by FDI, then the domestic firm in which Uniqlo invests will have a better chance of succeeding, and a higher chance for profits, plus risks will be reduced. Since Uniqlo has already established a presence in Europe, and has been successful, there is less of a need to go slow. That said, they need to circumvent the possible cultural and communication barriers, and this might be difficult to do without have a local subsidiary in place, one who knows there way around German laws and customs. This is a strategy which has seemed to work well with Uniqlo’s French subsidiary, the Comptoir Des Cotonniers, which has enjoyed substantial growth as of late. Therefore, while there is not a need to start at Stage 1 or 2 in Johnson’s international stages, because of the worldwide presence of Uniqlo now, there also is not a reason to skip ahead to Stage 4, where Uniqlo goes into the country without having a local subsidiary to buffer the rough spots. That said, the alternative would be the use of a joint venture, as Uniqlo could buy a local company or partner with one. This is a strategy that has worked well with Uniqlo’s other concerns that they have bought and have enjoyed substantial growth – Theory, Comptoir des Cotonniers and Princess Tam.Tam. Since this is a strategy that has been used successfully, and Uniqlo appears to have the capital, this might be the best idea yet. 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