Future Recommendations: Industry Application
“Because I didn’t have much money, I bought a small shop that fit my budget. The previous six owners had closed their business in three years. The store had no people traffic and, because of that, I was able to focus on figuring out how to provide a better service to each and every one of the customers that did come through.” – Do Won Chang (Forever 21 CEO)
An excellent example of a well adapting company is Forever 21. Forever 21 is a clothing and accessory company that caters towards mainly women but also men and aims to provide stylish, trendy clothing at an affordable price. In an interview, one of the co-founders of Forever 21 stated that their success came from always changing to fit the customer and not only thinking about the company. Forever 21 is constantly coming up with new lines that are parallel to the high end designer lines, enabling them to target the more price sensitive who are looking to keep up with the trends. This is a concept that will be applied to any future decisions our company would make, adapting to a growing market is essential to increasing growth and profit as well as maintaining customer retention.