RESEARCH PAPER

1) Obviously, it is hard to change a brand image. What actions could/should Men's Warehouse (or newly named Tailored Brands) should have done to be able to increase both their image and their prices?

Men’s warehouse was a good company growing up but unfortunately, they had a hard time adjusting to the times. As of right now they are heading towards the right direction with technology advances but way more steps need to be taken. Because they are so specific on what they are trying to do with their company, it kind of restricted the possibilities for their company. A huge problem I noticed right away is the name for starters. I am extremely happy they changed it. Being specifically for men puts yourself in a box and on top of that they are in the formal wear business (such as suits, tuxedos, etc..). This just digs a deeper hole for you after the popularity of your company diminishes.

If Tailored Brands wanted to increase both their brand image and prices, they should have offered a wider variety of luxury items and accessories for a broader audience (not just males). They would have had a similar business plan as Barney’s New York, who is still striving today. With the right promotion and a broader assortment of items you offer, the possibilities/opportunities for your company are limitless. I am not completely educated on Men’s warehouse, but they should also have offered a tailoring service directly with a wedding planning company instead of a bank. Though I understand the move, workplaces are getting laxer with their dress code. So instead, offering a tailoring service to a market that most likely will require formal wear (such as a wedding company) is a broader and better move for Tailored Brands.

Overall, there is still hope for Tailored Brands. Although I expect that the company may just be due for a hard reset. To re brand a company is no easy tasks, but they are taking the necessary steps in doing so. I am excited to see the future of this legendary company.

 

2) Do you think there is a future for brick and mortar fashion stores like Men's Warehouse? Justify your answer.

There is a future for brick and mortar fashion stores like Men’s Warehouse. Although, I do think more stores that offer a wider variety of luxury or high-end items are better off. The misconception of all brick and mortar stores closing is crazy. Of course, some of these companies are creative and smart enough to get a better sense of what their customers want. Its all about creating an extra incentive for the customer to physically go shop.

Stores such as Men’s Warehouse should continue to thrive mainly because the items the sell. Luxury items have more of a tailored fit. It would not be the smartest decision for customers to shop for this tailored look online. Those items might need adjustments and you will notice that each luxury brand has a different fit/feel despite having the same sizes. To create another incentive in addition to that main point, creates a huge upside to having a physical store.

Overall, there are just certain services that are better in brick and mortar stores. As technology advances, there will be more options for home services by said companies but that’s when an innovative business mind comes in play. To stay successful, you need to get creative and put yourself in the customer mindset. What would get you off the couch if majority of services offered by brick and mortar stores can be brought to you?

3) Do you think Men's Warehouse should have fired George Zimmer as CEO? Do you think he will be a competitive threat to the company in the future? 

I do not have enough information about Zimmer to say if he should have been fired or not. Just the simple fact that he was the founder, gives him enough credibility for him not to be fired but that is not always the case. Obviously, the company wants to head another direction and he might have been the issue with progressing the company.

I think this was the perfect bailout for Zimmer though. He seems to want to include technology advances with his new company. It is an extremely smart move on his part. Businesses are creating new business plans in order to keep up today. If he feels confident in the direction, he can lead his company, I think he could deem as worthy competition.

Although, I do think Zimmer and Men’s warehouse are in two different lanes now, they’re will still be some secret competition between the two. Zimmer is offering a service in which he does not need to waste all his money on physical stores while Men’s Warehouse are offering services to continue their brick and mortar stores. Since Zimmer is well connected and is offering more of a “now” service, I think this will be a good competition. We’ll see who can be more creative and successful with their business plans.