one giant step towards success. International Expansion - Another critical element for long-term success in this industry is global expansion. Companies have to be deliberate in international expansion and expand into countries where the greatest potential exists. In doing this, not only do they make a profit, but they make a name for themselves. Now the international part of the business is becoming more important to business as a whole. International expansion is certainly going to be the focus of growth for companies in the apparel retail industry. Increased Automation and Efficiency - In response to increased competition from new market participants, retailers are exercising a variety of strategies, including downsizing and restructuring, changing their merchandise mix, adding services, and adapting the "quick response system" for controlling inventory management costs. Leveraging Apparel Brands - Many manufacturers and retail stores are beginning to leverage their products by licensing their brands for accessories such as sunglasses, watches, fragrances, wallets, and footwear. This strategy increases exposure for a well- known brand and can build consumer confidence in a specific brand. Internet - The Internet is another tremendous advantage in this Industry. With the Internet, you can get updated and almost instantaneous information on things. Because many retailers have some of the best e-commerce Web sites in the business, that alone can help ensure global business. Internet sales can guide retailers into just the right international and domestic cities to build stores. It even allows a company to make its brand known internationally even before it has any physical presence in international markets. The Internet also provides for a great channel of feedback from consumers. That way, a company can better understand what will work and make changes immediately when a problem arises. Awareness of demographic shift - As the nation...
