BARTE, ROSEMARIE FE C.

BSE 3A

ASSESSMENT TASK 3

Present two giants in the local retail industry one local and one international company
who made it big but suddenly just when out and give the reasons for their downfall.

International Retail Company who made it big but suddenly just when out.

STEIN MART

Category/Product(s): Discount department store

Reasons: Stein Mart, a discount department store chain, had been struggling with
declining profits for a long time before declaring bankruptcy in August. The chain had
found a buyer in January 2020, but the deal was cancelled when the pandemic forced it
to close its stores. As of August, the 112 year old chain employed over 8,000
employees with plans to close all of its locations by the end of the year.

Local Retail Company who made it big but suddenly just when out.

ELPO RUBBER SHOES

Category/ Product(s): Specialty/Outlet Retailers

Reasons: Suffered marketing comatose because of bad awareness caused by bad

advertising aggravated by bad distribution. Killed by brand strategists because of poor
consumer acceptance. When a brand fails, it means it has lost customer loyalty and
loyalty is lost usually because customers have switched to a competitive brand or
different category or altogether new industry that offers a more meaningful benefit while
the original brand failed to respond.