Corporate Level Strategy:
Firstly we start the planning of strategy from the less specific to the most specific. That is starting from vision, then mission statements and lastly the strategic objectives. For the Ann Taylor, the vision is “WE GET WOMEN”. Ann Taylor aims to evolve with the needs of women. Ann Taylor get that a woman expresses herself through what she wears – at work, at home and at play. For the mission statement, Ann Taylor associates are committed to and driven by a simple but profound mission – ‘to inspire and connect with our clients to put their best selves forward every day’. This commitment means that they will do the best to maintain high standards and make their clients can look great and feel great about the clothes they wear. It means forging strong partnerships with suppliers so that products are made ethically. It means investing in new programs and innovation to minimize the impact on the environment. And it means making meaningful contributions to the communities. Ann Taylor weighted ethical issues and social responsibilities very much and they a lot on them. For the objectives, it divided into long-term and short-term. Long-term objectives include evolution of company brands and channels, reduction of overall cost structure and continued pursuit of growth. By focusing these three areas, Ann Taylor will be more capable to pass through the difficult economic environment for the retail industry. For the short-term objectives, one is that Ann Taylor planned to close 163 underperforming stores within two years. Besides that, they will invest in factory channel more because these stores offered merchandise for 25 to 30 percent less than the cost at the AT or LOFT regular stores. The factory outlet business delivered strong gross margin and considered an important growth driver although the economic environment is hard. The second objective is to ensure the balance sheet and cash position remains strong. Because good...
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