The Talbots Inc. revealed a strategic plan for long-term growth at yesterday’s Investor Meeting. If you haven’t thought lately about a strategic plan, take a clue from Talbots. The retailer’s five key growth initiatives are:
1. Talbots Womans — Talbots plans to add approximately 35 new Talbots Womans stores over the next five years and to pilot a new “Boutique” concept, which will offer a fuller assortment within Talbots Misses stores. The retailer will invest in prospecting and marketing programs that emphasize that it can outfit all women, regardless of size.
2. Talbots Accessories & Shoes — Talbots intends to dramatically tighten its shoe assortment and provide an edited selection that will more directly complement its merchandise.
3. Talbots Collection — Talbots will differentiate its Collection offering and improve the gross margin through better sourcing and appropriate pricing. Talbots will drive stronger sales by offering the Collection more broadly and by enhancing promotions.
4. Talbots Premium Outlets — Talbots may open approximately 40 stores in three years.
5. J. Jill Brand — J. Jill will attempt to improve performance of its existing stores by improving merchandise, prospecting to add customers and marketing to build greater brand awareness. The company will limit further expansion until performance improves. Once that occurs, J. Jill will work to expand its number of stores, with a target of up to approximately 450.
So, there you have it: a plan. It’s usually worth the time to sit down and think ahead. What are you waiting for?