Retail giant House of Fraser are to close 31 of their 59 stores across the UK as part of a rescue deal, which will see 6,000 jobs to be axed in total.
This massive fall of a previously dominant retail name comes after the massive rise of e-commerce over the past decade. This is down to a number of things, such as online shopping bringing ease of access, more choice of products, and of recent; online shopping experiences tailored to specific users.
These are just some of the things that have contributed to the steady fall of the high street store, but with the fight still on to replenish the retailer; it is vital that every one of their departments reacts quickly. If 75% of House of Fraser creditors agree; 51% of the company will be sold to Hamley’s owner C.Banner in further attempts to re-boot the retailer.
House of Fraser chairman Frank Slevin has said; “Our legacy store estate has created an unsustainable cost base which, without restructuring, presents an existential threat to the business.” furthering the importance that the company, “urgently needs to adapt”. Although, it is hard not to wonder how the situation has come this far without any adaptations being made to stay up to date with things such as the rate that e-commerce is rising and the options for maintaining premium clarity throughout their years of business.
With the continuously growing options for financial and data management as a whole, it comes a shock that their data management and forecasting systems did not forecast such an “unsustainable cost base”, and if they did; why weren’t such forecasts acted upon?
The hi-tech data management systems of today hold so much potential in assisting businesses in avoiding such problems, with constantly evolving technology opening doors for systems that allow any and all users to make use of even the most complex data sets.
This case further emphasises the importance of quality data management systems. As the options for data analysis grow, so does the complexity of data, making there a profound need to stay aware of visualisation and reporting trends that allow businesses to optimise clarity and decision making for all users.