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1
Rubbersole Business Plan Report
1. Executive Summary
To succeed and survive, Rubbersole must develop new footwear markets and offer new
cannot compete on price and nor can it differentiate itself selling its current branded
products. Latest projections show the business making increasing and unsustainable losses
to 2021.
A ‘perfect storm’ of increased costs, rising inflation, and low wage growth threatens
consumer confidence (Deloitte, 2017). The shift to online sales has empowered customers
with information, choice and increasing expectations. (Retail Economics 2017). Clothing and
footwear retailers are exposed to additional variables: fashion, seasonality and even the
weather.
polarised market. Rubbersole should adopt a strategic position to meet the needs of a wider
demographic of more affluent consumers, particularly men, who are more focused on
2. Market Analysis
The UK had a retail footwear market worth £10.6bn in 2016 (Statista, 2017), part of a global
footwear consumer market estimated to be over $200bn annually (Euromonitor, 2016). The
UK market has been growing against a backdrop of low inflation with 39.3% growth in the
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last five years and 6.2% in 2015-2016, pre-referendum. Since the referendum, the rate of
retail sales growth has slowed and begun to decline as sterling weakness has driven higher
inflation (FT, 2017). Online sales for clothing and footwear account 14.1% of the market and
continue to grow strongly: 11.7% year on year to April 2017 (ONS, 2017).
£10,000 12.0%
10.0%
£8,000
8.0%
£6,000
6.0%
£4,000
4.0%
£2,000 2.0%
£0 0.0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Source:
Statista/ONS
Although women’s footwear is the largest part of the market, growth in male footwear sales
has been stronger than female in recent years. In the US, the value of male footwear sales is
fast catching up with female (Woolhouse, 2017). Men are adopting a wider choice of
footwear driven by changing work patterns, images of ‘success’, culture and social media.
Retail Gazette finds the same trend for UK males with the male/female spending gap
49%/28%/23% for the UK. There seems little doubt that male footwear is the fastest
growing segment.
3
3. Industry Analysis
A segmental analysis can be drawn from this secondary data combined with primary market
footwear retailers and multiple or online retailers selling a wide range of products.
4
Supermarkets, discount pureplay retailers such as Primark and multiples such as
consumers.
Own brand stores are a notable segment. Clarks “the world's number one in
margins. Church’s, Eco, Geox, Hunter and Ugg are adopting this model focusing on
Dune, Kurt Geiger, Office, and Schuh are instore and online retailers selling branded
and own-branded footwear. Schuh aims to offer “aspirational but accessible fashion
footwear”. Dune and Office are less focused on price and more focused on fashion,
Independent shoe retailers range from single stores to multiple outlet retailers.
Luxury brand retailers such a Selfridges, Harvey Nichols and Net-A-Porter/Mr Porter
Together the large retailers graphed had a 74.9% market share with multiples the largest
segment at 43.4% leaving around 25% of the market for independent and other retailers.
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The number of UK footwear stores is in long-term decline, down 20% from 2008 to 2014
(ONS). Brantano, Jones Bootmaker, are Barratts Priceless are examples of recent
insolvencies.
70.0%
59.0%
53.1%
52.5%
52.1%
47.7%
47.5%
60.0%
45.3%
44.4%
42.2%
50.0%
40.0%
28.2%
24.6%
22.8%
20.6%
22.1%
16.8%
19.4%
30.0%
15.7%
14.8%
15.9%
12.2%
13.5%
11.0%
20.0%
7.8%
7.5%
7.5%
6.4%
5.1%
4.6%
4.5%
4.3%
4.3%
4.1%
4.1%
3.0%
10.0%
0.0%
C&J Clark Intl Clinkard Group Dune Group Office Holdings Schuh Group Rubbersole
Gross Margin LY Gross Margin PY Op margin LY Op margin PY ROCE LY ROCE PY
With total annual sales of £160m, Rubbersole has a market share of around 1.5% with a
falling trend. The graph indicates that Rubbersole is generally underperforming compared
From the primary and secondary market analysis and macro review, the table below
summarises the PESTEL factors applicable to Rubbersole to inform its choice of strategic
options.
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Political Technological
Volatility makes planning uncertain Online search is driving all retail sales, both
the UK affecting customers and staff Dependency on IT systems, the risk of failure
Economic Environmental
Brexit uncertainty for trade, imports Potentially less use of leather and tanning,
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Social Legal
Changes in lifestyle and buying trends – Changes in regulated pay likely to increase
Urban migration, more people living in Digital regulation increasing complexity and
Social media and fashion influencers Equal pay, pensions, and parental care
Ageing population
Rubbersole sells a pair of shoes on average for £37. Data from Numbeo would suggest an
average men’s price of around £60 and this was broadly substantiated by the retailer visits.
This positions Rubbersole towards the value-led category where it cannot compete against
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A “squeezed middle” has emerged – a large demographic of middle-income earners
facing a fall in real income and cost of living rising, a trend driven by the forces of
globalisation, skills gaps, and technological change. Sales to this segment are
For more affluent consumers, PwC believes that the UK “premium lifestyle” segment
of the footwear and clothing market can grow by 6.6% CAGR to 2020, above a
forecast range of 2-4.4% for the market overall. It identifies a shift towards more
casual clothing in the workplace and socially. The growth of social media, celebrity
endorsement, and the desire to identify, and share experiences is driving sales in this
In the children’s market, population and birth rate growth, the trend towards parenting
later in life, and an ageing demographic of grandparents with higher disposable incomes are
all driving growth at the premium end. The children’s footwear market is driven by growth
(literally). Children are harder to fit, increasingly fashion conscious and sales online have a
50% returns rate compared to 35% for women’s footwear (KPMG, 2017). However, of the
three market segments, PwC see this as the market with the least potential for growth:
9
UK Clothing, Footwear and Accessories Market CAGR
Forecast
2009-15 2015-20
Source: PwC
Footwear comfort matters more than style to over 75% of males and 85% of females (Levin,
2015) and independent shoe retailers are the go-to source for expertise and footwear that
In-store experience can help drive brand identity and loyalty online. Around 20% of the
£50bn clothing, footwear and accessory sales market in 2015 was online, up from 9.3% in
2010 (PwC, 2017). The online channel is expected to continue to take market share from the
in-store channel accounting for 28% of sales by 2020. All this research is though pre-
A key factor driving online sales of clothing and footwear is returns, and multiple
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62% of customers cite easy returns and free returns as a major driver of online sales.
BORIS returns (bought online returned in store) and click and collect can effectively
integrate the online and instore channels and increase instore footfall.
The UK and Europe has a long heritage in high-quality men’s footwear and the weakness of
sterling makes these home-produced products more attractive. A further trend Rubbersole
can exploit is ‘athleisure’ wear - how sports footwear has morphed into leisure and office
wear. ‘Premium sneakers’ worn with a business suit is a very different segment to value-
Data from Statista (2014) showed that the 30-49 age group spend the most on footwear, 9%
more than the under 30s, an average of £6.30 per week compared £5.80. UK Census data
shows that 28% of the population are the 30-49 age group, a market currently not served by
Rubbersole. This represents a significant opportunity to broaden the customer base and
products to meet the needs of this segment, focused particularly on the premium lifestyle
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UK Population Analysis
Age Population % %
0–4 3,914,000 6.2
5–9 3,517,000 5.6
10–14 3,670,000 5.8
15–19 3,997,000 6.3
20–24 4,297,000 6.8
25–29 4,307,000 6.8 37.5 Current Rubbersole demographic
30–34 4,126,000 6.5
35–39 4,194,000 6.6
40–44 4,626,000 7.3
45–49 4,643,000 7.3 27.7 Additional potential target demographic
50–54 4,095,000 6.5
55–59 3,614,000 5.7
60–64 3,807,000 6
65–69 3,017,000 4.8
70–74 2,463,000 3.9
75–79 2,006,000 3.2
80–84 1,496,000 2.4
85–89 918,000 1.5
90+ 476,000 0.8
Porter (1985) provides a framework for evaluating the strategic options available to
Cost Leadership: exploiting sources of cost advantage through its products and
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Differentiation: unique product range industrywide in a way which has value for
footwear retailer differentiated on style, aspiration and luxury for more affluent
customers.
Focus: meeting the needs of a market segment with two variants: cost focus and
largely English branded premium quality men’s shoes sold mostly online.
Porter argues that the firm must adopt one of these strategies or face being stuck in a
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compete.
industry-wide to manufacturers’
14
other higher volume difficult for entrants but the
particularly online.
Substitutes product but rivalry is high. A threat exists in ensure its online
online customer
experience is better
than competitors.
Not achievable
Hunt and Morgan (2001) advocate that comparative advantage and market orientation will
enable a business to compete where it chooses its target market more astutely than its
competitors and its products and services are better suited to customers’ preferences. In
line with this and based on the opportunities identified in the market analysis, a mission
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To provide the best footwear products and buying experience to attract, engage and
delight our customers through our stores and online, always focused on quality, style
and fit.
Combining Porter’ notion of focus for Rubbersole and based on the work of Ansoff (1957)
and the market analysis, four alternatives strategies are considered in line with this mission:
New stores would be opened each year where opportunity exists for example in new
It is assumed there are some underperforming stores and a small number of stores
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Online sales growth would be achieved by investing in the website for the UK market
Improve customer service with improved training and staff incentive scheme.
A new market for existing products potentially exists in Europe. This could be achieved with
stores in European locations and/or online sales in Europe with a multi-language mobile
However, this would require significant research on the European footwear market of which
it is assumed the current management have limited knowledge. The uncertainty around
Brexit and the economic risk factors identified in the PESTEL analysis make trading in Europe
New product would be sourced from manufacturers focused on the premium lifestyle
segment identified in the market analysis at higher selling prices and improved margin.
17
Emphasis would be placed on sourcing UK and EU product with improved quality,
Rubbersole would introduce exclusive own brand footwear, sourced in the UK and
Europe focused in line with its new mission on quality, style and fit.
The staff incentive scheme and customer satisfaction initiative would also be introduced
described in Option 1.
This would focus on developing new footwear products for new footwear markets
The market penetration and product development initiatives from Options 1 and 3
In addition, Rubbersole would extend its market demographic into the 30-49 age group
across all product ranges for men and women as identified as an opportunity in the
market analysis.
With each of these strategies goes a measurable commitment to customer and employee
The following operational factors have been considered in defining these strategic options:
Staff: retail is the largest low pay sector in the UK (Clarke & D’arcy, 2016) and
Rubbersole is only paying the national minimum wage. Pay is its largest expense.
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Staff motivation is critical to a successful change of strategy. For this reason, a staff
sales incentive scheme is proposed linked to growth to enable staff to share in the
Staff training: all the strategic options require change and increased commitment
Supply chain: An assumption is made that suitable quality products to drive the
produce 2/3 of all EU-manufactured footwear, with Italy alone producing 50% of
production (EC, 2012). These sources will be key to Rubbersole to improve quality,
Coffee shops: the coffee shops do appear to be increasing footfall and possibly
customer dwell time. However retailing coffee is not the core business. The
expansion of the men’s range and the pressure on floor space may make the coffee
Other major strategic choices for Rubbersole considered but rejected where:
outside the knowledge of the management and extension of the brand name and
Acquisition/consolidation: this may be viable but needs more market data and
analysis.
19
The potential financial outcome from each of the three strategies identified (1,3 and 4) is
modelled below.
Rumelt (2011) believes that strategy involves identifying critical factors and directing
management actions to deal with these factors. Based on the external market analysis and
PESTEL analysis, three critical success factors can be identified for Rubbersole:
3. Satisfied stakeholders
Smith (2015) describes shareholder value as the creation of additional wealth for the
ultimate business owners and whether management is acting appropriately to create this
wealth. Smith believes this requires a rate of return higher than the cost of the capital
utilised to generate that return, with the rate of return given by:
However, by itself this return on capital (ROCE) is not necessarily an effective indicator of
long-term value creation. Measuring the cost of capital involves theoretical assumptions on
20
the risk-free rate, market rates of return and risk sensitivity. Agency theory suggests that
conflicts of interest can arise in the narrow management of ROCE and it can be manipulated
by management. Lazonick and O’Sullivan (2000) suggest that an aggressive short term
pursuit of narrow shareholder value may run down a company for example attempting to
reduce workforce or pay, increase dividends, or creating unjustified incentives for senior
management.
management but also engaging with shareholders and stakeholders. Mauboussin and
Rappaport (2016) suggest that shareholder value can be 'reclaimed' from manipulation and
objectives may come into conflict with an aggressive definition of shareholder value.
performance targets.
a range of financial and non-financial KPIs which recognizes that stakeholder engagement is
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the route to create long-term value for Rubbersole and its owners. Dividend level will not be
a KPI for Rubbersole. In a period when the business is investing, the dividend may need to
The following 10 KPIs are proposed for Rubbersole with indicative targets as a broader
Financial sustainability and Sales total and by category 20% growth within 5
profitability Years
competitors
offer
spend
22
Satisfied stakeholders Customer satisfaction/Net 50+
Promoter Score
A concise number of KPIs spanning the critical success factors is also consistent with the
Sales total and by category: measures retail revenue performance across any period,
ROCE: an indicator, though not the only indicator of shareholder value creation and
Sales per sq foot: average revenue for every square foot of sales space, indicates the
Inventory Turn (cost of sales/inventory): indicates sales efficiency, a low turn may
23
Average customer transaction spend: this can be measured in a single transaction or
tracked across a year for customers as a measure of loyalty and repeat business. A
Footfall and conversion: the number of people entering a store or accessing the
website and the number who subsequently make a purchase. A measure of the
attractiveness of the product and the effectiveness of the sales conversion process.
Sales to retail staff costs: measures the sales performance of retail staff collectively
or individually.
NPS of 50+ should be an aim and can be benchmarked. Data for this KPI can be
Many of these KPIs can be looked at on a consolidated company level and sub-levels for
24
There will be a larger number of operational performance indicators. For example, online
sales performance indicators might be abandoned carts, retuning customers, social media
losses and negative ROCE. The liquidity and cash position is weakening and there is a risk
that a breach of bank covenants linked to financial performance and position could lead to
withdrawal of bank support and insolvency. Status quo is clearly not an option.
Product line Margin SKUs SKU Weight Shelf space Sales £'000 Sales Weight Avg Item £
Web site 53% 401 9.4% 15,663 9.9% 39.09
Female adult range 55% 2,093 49.2% 55.0% 90,927 57.7% 43.44
Male adult range 48% 515 12.1% 17.0% 18,898 12.0% 36.68
Children and Young Teenage 60% 998 23.4% 22.0% 31,045 19.7% 31.12
Accessories 46% 250 5.9% 6.0% 1,101 0.7% 4.40
Total 4,257 100.0% 100.0% 157,634 100.0% 37.03
Rubbersole’s average price point positions it dangerously in the cost leaders’ market
but without the volume and buying power to sustain low prices.
25
The accessories segment is significantly underperforming comparing sales (0.7%)
Male footwear sales are significantly below potential based on the market analysis.
Based on the strategic options identified earlier, the following options have been modelled
Assumptions:
A net reduction by 1 store each year: 2 under-performing stores closing and one new
5% increase in staff costs to fund a sales incentive scheme and a 1% increase in staff
Reduced space allocated to accessories with the space used proportionately for
57%/18%/23%/2%.
Outcome:
26
Strategic Option: Market Penetration
Income Statement 2016 2017 2018 2019 2020 2021
KPI Total Retail and Web Sales £'000 159,874 189,896 197,554 205,464 213,670 222,218
Direct Costs 83,561 99,892 107,648 113,587 119,634 126,026
Gross Profit 76,312 90,004 89,905 91,877 94,036 96,192
Retail outlet wages 37,587 39,997 39,643 39,289 38,935 38,581
Marketing 8,561 8,821 10,333 10,715 11,110 11,519
Overheads 25,396 28,327 28,795 29,277 29,774 30,289
Operating Profit 4,769 12,859 11,135 12,596 14,217 15,803
Interest and Tax 1,554 3,735 2,903 3,041 3,182 3,301 5 Years
Profit after Tax 3,215 9,124 8,232 9,555 11,036 12,501 50,448
Assumptions:
New premium lifestyle, athleisure and men’s products enable a 5-10% increase in
price v benchmarks.
1% increase in advertising
27
Further increase in men’s segment share, female/male/childrens/accessories now
Outcome:
Assumptions
New premium lifestyle, athleisure and men’s products together with market
28
Female/male/childrens/accessories now 48%/27%/23%/2% close to the ONS overall
market analysis.
Advertising increased by 2%
Outcome:
29
It is concluded that the related diversification strategy is the recommended option for
Rubbersole giving the best financial KPI performance over the other options for profit and
ROCE and cash. However non-financial KPIs would also have to be modelled and taken into
7. Strategic Risks
In addition to the generic PESTEL risks identified, the selected strategy of related
The business may not be able to find sources of supply for the right new products at
Rubbersole may have to rely on the design knowledge of suppliers to develop new
development.
Attempting to increase the average transaction value carries the risk that products
will not be attractive to existing customers and it proves difficult to attract new
customers.
Store locations and local demographics may not be favourable for the strategy to
work.
30
Increasing marketing spend and getting the optimal marketing mix (product, price,
Staff may not buy-in to the change in selling to a wider age group of customers and
Web site development costs may not be controlled and there are delays, cost
Reporting mechanisms may not be able to measure the select KPIs and more general
The loss of a key supplier could constrain Rubbersole’s ability to sell products and
compete.
31
Developing new stores in optimal locations
Ensuring it’s online product offer is attractive and efficient in areas such a fit/sizing
and returns.
This must be combined with improving customer and staff satisfaction and optimising the
financial and non-financial KPIs identified. A 5-year plan for the strategy is as follows:
32
Appendix: Retailer Visits
33
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