Newest Review: ... loads of sweets and not get charged the earth (like at the cinema or blockbuster). Woolworths prices were always very low and competitive,... more
Member Name: cov_01
Advantages: Some good products
Disadvantages: No target market
Woolworths has been a very well known and popular retailer on the high street for nearly 100 years. You may heard on the news that it has gone into administration. This basically means that it does not know what to do and the owners and managers have just basically given up.
Earlier in the week the retailer was up for sale for just £1! But buying the company for £1 would have meant buying the company's debts aswell. Debts accumulating to £385 million.
So where we ask did it all go wrong? The problem in my opinion is that they didn't really think about who their target market was. They sold a bit of everything without thinking about what was actually demanded.
Woolworths main seller until a few years back was the music and CD's but ever since newer technology and being able to download music, not as many people are going there. Also, not many people buy clothes from there and other products as supermarkets can often offer it cheaper and a wider range to choose from.
Sadly, i don't think Woolworths is going to be back to what it has been in the past any time soon.
Summary: Where did it all go wrong?