Reference no: EM132834583
Based on this information below is the retail industry attractive? Write from a business entering the retail market for the first time point of view.
i. Threat of new entrant (Strong)
Dollarama Inc. is a famous dollar store providing products at the lowest possible price to the customers. The stores like minsco and Dollar Tree Inc.are the new entrants in the retail market, highly competitive, and entered the market with innovative products for low prices like the Quick Hanging reusable Wall Hooks which became very popular from dollar tree..Hence, new entrants are strong.
ii. Competitive Rivalry (Strong)
Dollarama Inc dollar stores in Canada were recorded at 1291 in February 2020. The numbers are relatively closer to its immediate competitors Dollar Store, Dollar Tree, Miniso, and Great Canadian. The other most prominent rival merchants are Walmart and Canadian Tire because both discount, variety, and convenience stores offer similar products offered by Dollarama. Hence, the competitive rivalry is strong.
iii. Threats of substitutes (Weak)
Most of the products at Dollarama are provided by many mass merchants in the market. However, Dollarama's competitive advantage is providing substitutes at the lowest possible price than the competitors. Net earnings in the third quarter of the Fiscal year 2021 were accounted for $161.9 million. Despite the substitutes available in the market, Dollarama has earned and offered products at lower costs. Hence, the threat of substitutes is weak.
iv. Bargaining power of buyers (Weak)
The loyal customers of Dollarama are students, businesses, individuals, and lower-income families. The buyers' bargaining power is weak because the majority of the sales are recorded from the families who value acquiring the products at a low cost. Hence, the bargaining power of buyers is weak.
v. Bargaining power of suppliers (Week)
The company relies heavily on the bulk quantities from the manufacturer. The key is to keep the supply chain costs as low as possible to offer the products at lower prices. The strong and loyal supplier Ningbo Home-Dollar Import-Export Company is the backbone for Dollarama to offer diverse products to their customers. Offering low-cost foreign supplies is only possible to deliver by delivering strong value propositions at attractive margins. Hence, the bargaining power of suppliers is Week.
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