Companies such as Holt Renfrew have a target market

In today’s retail market, you need to be nimble and one step ahead of the competition. Seemingly today, that means companies must understand their customers and understand their niche.  What do your customers want and how will you fill that need? Long established retailers such as Bowring, Jacob, and Bombay are filing for bankruptcy because they have not changed their business model.  Why is Holt Renfrew still thriving when they are charging such high prices and Jacob, who charges reasonably prices, has filed for bankruptcy?  It is because Holt Renfrew understands their target customer and are always working to meet their needs.  In the future, successful retailers have to be very efficient.  Either you are a mass distributor- such as Walmart, who have efficient distribution channels and can bring products to the consumers at low costs.  Or you are a niche market player that understands the product and service that the customers want. If you are not one of these two, your company will likely become another statistic in the long list of bankrupt retailers.