Disruptive change – bringing new life to a high street staple
Blockbuster simply couldn’t compete
Blockbuster is one of several High Street names to have come under pressure in recent times – particularly from online competitors. Among them are camera chain Jessops, which has gone into administration; music and DVD group HMV, which has closed 66 stores; and electrical chain Comet, which closed its doors for the last time before Christmas.
Gordon Brothers Europe has now bought 264 Blockbuster shops out of administration. The deal will save 2,000 Blockbuster employees and 264 stores- the company had 528 stores and 4,190 staff when it called in administrators.
Frank Morton, chief executive at Gordon Brothers Europe, said:
We know we have a challenge ahead but there is still a market to be served. Blockbuster has a strong brand affinity, and we believe that with the right mix of new products, new technologies, strategic management and marketing, we can bring new life to this high-street staple.
That recovery is only described in vague terms at this stage, however — Gordon Brothers plans to bring “new products” and “new technologies” to the bruised retail chain.
Increasing competition, globalization, technological changes, financial upheaval, political uncertainty, changing workforce demographics, and other factors are forcing organizations to change faster. Unfortunately to many companies are stuck in the jar – Not being able to let go of the past, of the past success, of clinging on to it, almost always creates Win-Lose situations. It is blocking the opportunity to develop and grow.
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