SWOT Analysis of Big Lots
In order for you to effectively understand the SWOT analysis of Big Lots, it is important that you begin by knowing the company, what it deals in and also target market. Based in Columbus, Ohio, Big Lots is a U.S retail company with more than 1, 400 stores operating in 48 states. The retailing chain store deals in a wide range of products including furniture, toys, small electronics, packaged food and beverages, clothing among others. Apart from its stores, customers can also shop from Big Lots’ online store.
What is SWOT Analysis of Big Lots?
SWOT analysis of Big Lots refers to the scrutiny of four main factors affecting the sustainability and profitability of the business. The analysis looks into the strengths, weaknesses, opportunities and threats facing Big Lots in the market. It is always advisable that a company does a frequent SWOT analysis so it is able to create ways of fixing problems and preparing itself for success.
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Get Help Now!The following is a full SWOT analysis of Big Lots and recommendations on how the company can increase its revenue base.
Strengths
Big Lots is a renowned close-out retailer in the United States, considered among the largest and this has ensured effective brand recognition and loyalty in the market.
The ability of the company to offer a wide range of branded products under one roof is one of the outstanding features that keeps customers coming back to shop from Big Lots.
Big Lots also has a greater pricing advantage impacted by the lower prices that it offers to customers. This is a unique advantage that has enabled it to attract and retain many customers.
The retailer also has effective and strong distribution network, which ensures products are delivered to customers without inconvenience. In this way, it has been able to earn the trust of many shoppers.
Big Lots’ relatively good financial health is also another element of strength. Unlike other retailers, the business has a lower debt level.
Weaknesses
One of the weaknesses that has dragged and may possibly continue pulling Big Lots behind is its involvement in a lawsuit. The company was recently in labor court for alleged misclassification of workers and failure to pay overtime to its employees. Apart from the financial implications, lawsuits also diminish the credibility of a business.
Frequent product recalls by the retailer pisses off many customers who may never come back. In fact, it makes customers lose trust in the company, which can badly affect sales.
Bid Lots mainly sells overstocked products which implies there is always no guarantee that shoppers can find similar products again when in need. This can significantly hamper the image of the business………………
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