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Reitman's Future

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REITMANS WAY OUT

INTRODUCTION (PROBLEM OR ISSUE)

Founded in Montreal in 1926, Reitmans is a Canadian retailer of women’s, men’s and junior apparel and accessories, operating more than 900 stores under seven banners, each targeting consumers of different age groups.

Although Reitmans has a long history and great reputation in Canadian apparel retail market, its sales revenues and net income declined steadily and significantly since 2011, with sales dropping from more than $900 million in 2011 down to nearly $700 million in 2015 and net income from $90 million in 2011 to about $10 million in 2015. (Attachment 1)

Facing severe financial difficulties, in Nov. 2014, Reitmants, which had already closed dozens of stores across its various banners, announced that it would close or rename 107 Smart Set Stores which belong to one of its seven banners by the end of 2015. Earlier than this announcement, Reitmans had tried to refocus on the Smart Set banner over nearly two years, an attempt to attract more mature woman who had greater amount of income and who were willing to spend more on clothing. However, Reitmans decided to abandon the efforts eventually confronting with intense competition and the pressures brought on by the impact of a weaker Canadian dollar, which is currently of less the 70 cents U.S.

In order to promote sales of its Thyme maternity apparels, Reitmans announced in 2012 a partnership with Babies “R” US to supply maternity accessories in 150 US chain stores. However, it seems that none of those measures would help Reitmans survive the plight. Consequently, in order to further reduce operation costs and to struggle from rapid recession, Reitmans Canada said in January 2016 that it would eliminate 77 positions which was about 10% of its headquarter employees.

It is for sure that staff reduction is an effective way to cut down costs and 77

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