Provide feedback that team members can incorporate into their drafts.
Write a synopsis of n
Provide feedback that team members can incorporate into their drafts.
Write a synopsis of no more than 350 words summarizing what the team has learned from the review and discussion.
Attached are two essays Karen and Aarons essay. Please summarize each for a total of 350 Words or more if possible.
Running head: NEW DIVISION OF GENESCO, INC. Business Model and Strategic Plan Part 1: New Division of Genesco, Inc.
Aaron L Hampton
December 17, 2015
University of Phoenix
Thomas Lalka 1 NEW DIVISION OF GENESCO, INC. 2 Business Model and Strategic Plan Part 1: New Division of Genesco, Inc.
Nashville-based Genesco, Inc. is a publicly traded retailer specializing in shoes, hats, and
other footwear related items (IBISWorld, 2015). Genesco, Inc. was founded in 1924 as Jarman
Shoe Company and operated shoe manufacturing in Nashville, TN, and other southern U.S.
cities. Genesco, Inc. continued to manufacture shoes under their brand Johnston and Murphy
until 2002 when costs of manufacturing in the U.S. became too high. Now Genesco retails shoes
produced by third party manufacturers overseas.
Genesco, Inc. operates over 2,800 retail stores in the U.S, Canada, United Kingdom, and
the Republic of Ireland (Genesco, Inc., 2015). The retail stores operated are Journeys, Journeys
Kidz, Shi by Journeys, Schuh, Schuh Kids, Lids, Locker Room by Lids, Lids Clubhouse,
Johnston and Murphy, and the internet presence of each (Genesco, Inc., 2015). Additionally,
Genesco sells wholesale footwear under its Johnston and Murphy brand as well as licensed
brands like Dockers, and SureGrip. Third party producers manufacture these shoes overseas.
Genesco Inc. has a long history of innovation in how it produced, and retailed shoes
currently owning 2.4% market share in this highly profitable industry, the time to add a new
dynamic to increase market share is now. Building on the success of the current retail model a
new strategic initiative to provide consumers with athletic wear based on intended use, fit, and
performance is proposed. The fastest-growing segment of the footwear industry is athletic shoes
(IBISWorld, 2015), and our current model neglects the needs of these consumers. By adopting
our Lids stores to retail athletic shoes with one on one consumer advisement, we can differentiate
ourselves from the current market leader Footlocker, and reduce overall investment by
leveraging current locations and suppliers. NEW DIVISION OF GENESCO, INC. 3 Locker Room Shoes
Locker Room shoes will be a full-service athletic shoe destination with a focus on value,
and personal service. Our vision is to offer full support for the active lifestyles of the
communities we serve. This vision will be realized by offering a full selection of athletic shoes
for all sporting events in that community. As an example, La' Cross shoes and expert assistance
will not be available in Georgia stores, but will be required in Maryland stores. The goal will be
to provide focused customer assistance in athletic shoe selection based on need, and expert
fitment. Retailers in this segment like Foot Locker do not offer a personal consultation for needs,
and fit; Locker Room Shoes will.
Locker Room Shoes will benefit from Genesco Inc. supplier and manufacturing network.
Initially, Locker Room Shoes will focus on major brands with an emphasis on emerging
technologies, and wide size selection. The future goal is to leverage the retail identity, and
Genesco's manufacturing resources to develop a brand of high-quality athletic shoes that will
rival Johnston and Murphy's success in the dress shoe segment. These goals are possible based
on our existing retail locations providing low facility costs, and our volume purchasing power
from or 2,800 plus retail outlets. These savings will mitigate the increased staffing costs related
to hiring quality, experienced professionals capable of understanding customer needs, and selling
appropriate products at value prices without reducing margins.
Genseco Inc. mission is to "improve the overall quality of life in the communities where
our employees work and live" (Genesco, Inc., 2015). Providing quality athletic footwear with the
service to help consumers make the best choice will dramatically decrease injuries from NEW DIVISION OF GENESCO, INC. 4 inappropriate and ill-fitting footwear while increasing enjoyment. Currently, only small local
shoe stores offer this service; Locker Room Shoes will follow that customer service model,
thereby aligning this division with the mission and values of Genesco Inc. The Locker Room
Shoes division will strive to find new and innovative ways to offer value-driven, innovative, hiperformance footwear for the casual to the professional athlete in everyone.
The value of this new division is twofold; first we will expand the market base of
Genseco Inc., and offer intrinsic value to the communities we serve. Small brick and mortar
stores are becoming scarce due to e-commerce. Genesco's experience in both traditional retail
and e-commerce combined with our buying power offers an increase in employment and greater
opportunity for appropriate well-fit, athletic shoes for the communities we serve. Genesco Inc.
has been good at responding to consumer change. However, we stayed with core competencies
for too long, resulting in athletic footwear being under-represented in our portfolio. Currently
athletic footwear is handled as casual wear in our Journeys stores the addition of Locker Room
Shoes will increase revenue, market share and provide the opportunity to private label a range of
All aspects of the business plan for the Locker Room Shoes division are in line with the
vision, mission, and values of Genesco Inc. The market share figures combined with the success
of Foot Locker point to a need to add this division to our company profile. Once a Locker Room
shoe establishes a presence in the marketplace, the division leadership will seek opportunities.
Opportunities will be prioritized by our ability to innovate the sales, distribution, and product
offerings while staying true to the Genesco mission of giving back to the local communities we
serve. NEW DIVISION OF GENESCO, INC. 5 Strategic Direction
Initial stores will be co-located with Lids, in instances where a small local competitor is
established, and the potential market exists, every effort will be made to acquire that retailer. The
strategic vision of the Locker Room Division is to serve every community that lacks value
driven; customer focused athletic shoe retailers with the ultimate goal of also offering our brand
of athletic footwear. By aligning our division with Lids, we reduce cost and locate with an
athletically oriented customer base thereby increasing initial acceptance and increasing revenue
generated per customer. Additionally, the wider range of product offerings will increase customer
volume, increasing Lids gross revenue. Locker Room Shoes will not identify as Lids, but rather
will use Lids to build its brand acceptance.
Cultural change is a big part of starting this division; it will define how we shape the
division, and perform in the future. Society as a whole has become far more active in the last few
years, and footwear has become increasingly specialized. Much like wine the selection can
become daunting, and forces consumers to e-commerce were ill fitting, and potentially
inappropriate footwear is purchased. Keeping pace with the local athletic scene will keep Locker
Room Shoes culturally current, and provide relevance for our selection and sales staff. The
division culture will be equally engaged in the athletic footwear scene, and prioritize innovative
technology to improve performance. NEW DIVISION OF GENESCO, INC. 6 Social Responsibility
The Locker Room Shoes division will strive to maintain a social conscience and ensure
that our employees are paid a living wage, and our merchandise is sourced from sustainable
practices. This social responsibility will extend beyond the sales floor and become a part of our
future strategic plan. As the division moves forward to new locations, and private label athletic
wear a commitment to local, regional, and global sustainability will be maintained. Without a
commitment to society as a whole, this division would not be in keeping with Genesco Inc.
As a division, our ethical conduct will be reflected in all we do, especially in our fair
trade, and responsible manufacturing practices. Locker Room Shoes will only allow
manufacturing from certified facilities that maintain ethical work standards as defined by U.S.
labor codes. This commitment removes ambiguity and ensures that our customers understand
what manufacturing standards we require. Fair trade designation will also be required for all
private label products; though we can not control where other brands manufacture their products;
ours will only be made in fair trade countries.
The Way Ahead
Locker Room Shoes is a division whose time has come. For Genesco to fully realize
market potential and continue to service the footwear industry it is important we redefine the
athletic shoe retail experience. Locker Room shoes have reduced risk based on Genesco's
experience, network, and existing retail locations. The risk is further mitigated by co-locating
with Lids by reducing space lease costs, and tying to an accepted brand. Moving forward, we
will review a SWOT analysis of this division, and analyze supply and value chains. NEW DIVISION OF GENESCO, INC. 7
References Genesco, Inc.. (2015, October). Genesco Anual Report 2015. Retrieved from
IBISWorld. (2015). Industry MArket Research - Shoe Stores. Retrieved from
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