US discount retailer Kmart must carve out its own niche if it is to do well, according to company chairman Edward Lampert.
Go deeper with GlobalData
Lampert warned the company would fail if it tried to become a “second- or third-rate version” of rival Wal-Mart, reported the Associated Press.
“If that’s who our competition is going to be, and we’re going to be a second- or third-rate version, I don’t think we’re going to win,” Lampert was quoted by AP as saying.
Instead, the company should focus on providing customers with specific reasons for shopping at Kmart, such as exclusive clothing ranges, Lampert said, adding that Kmart was broadening its demographic to target families, not just “a mother who runs the household”.
“We’re taking baby steps to find a message that we think will resonate with our present customers, as well as those who may have shopped at Kmart in the past,” Lampert said.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe chairman was speaking at the company’s first shareholder meeting since emerging from bankruptcy a year ago.
