Implementing Strategies Assignment No.1.pptx
- 1. Westfield Corporation: Strategic Position & Expansion Plan Asim Razzaq S22015167@mail.glyndwr.ac.uk
- 2. Background • Westfield Corporation, which was established in 1960 and is known for providing upscale customer experiences, has become a global leader in retail real estate. The Westfield Corporation has adored enormous success, especially with the Stratford and Shepherd’s Bush Shopping Centre in London. Westfield Corporation is known for its premium portfolio of food, entertainment, leisure, and retail destinations around the world. • The organization's current focus is on delivering high-quality customer experiences, using technology, and upholding solid partnerships with retailers. However, the retail industry is going through a considerable transformation, with an increased focus on online experiences and shopping. Westfield must be willing to investigate new markets and prospects if it wants to keep its strategic position and guarantee long-term growth.
- 3. Current Strategy • Westfield’s strategy has been built on quality consumer experiences, technological leverage, and maintaining strong relationships with retailers.
- 4. Need for Expansio n/Outcom es The fluid nature of retail necessitates a forward-thinking strategy. In order to ensure long-term growth, Westfield tries to investigate new markets. Westfield is a leader in retail shopping malls in London. Due to changing customer tastes, digital transformation, global development potential, diversity, and sustainability, expansion is required to maintain its growth trajectory. In order to reduce possible risks, expansion should be addressed carefully, making sure extensive market research and feasibility studies are carried out.
- 5. Analysis Method In order to assess its position in the market and possible growth areas,Westfield uses a range of methodologies. Moreover, some discus in next slides in details. Pestel Analysis SWOT Analysis Porter’s Five Forces Analysis BCG Matrix Financial Analysis CustomerAnalysis Data Analytics
- 6. PESTEL Analysis To identify prospective growth areas, research governmental rules, economic statistics, social trends, technical developments, environmental needs, and legal laws. Consider the rules governing politics, business, society, technology, the environment, and the law. Pay close attention to consumer behavior, societal trends, technology, the environment, and governing laws.
- 7. Porter’s Five Forces Framework (PFFF) • To ascertain whether Westfield has a competitive advantage, consider the market, power dynamics, consumer preferences and purchasing patterns, and potential threats from new entrants.
- 8. Proposed Strategy Strategy 1 - Digital transformation: Using technology in an omnichannel retail setting. Strategy 2 - Green Retail: Adopting more environmentally friendly procedures inside facilities. Strategy 3 – Economical & Cultural: Identifying expanding cities with significant economic potential for new initiatives while taking into account regional social-cultural trends and economic stability.
- 9. Implementation Strategy • Putting digital transformation into practice: Collaborate with IT firms to improve physical-digital convergence. Create an environmental management strategy before implementing green retail. • When entering new markets, do thorough feasibility studies while taking numerous PESTEL consequences into account.
- 10. Conclusions The overall research is based on the analysis framework, strategies and reflections of theWestfield Shopping Center’s current processes. In order to sustain its reputation for high-quality experiences while adjusting to shifting retail trends,Westfield must innovate and diversify. To ensure that Westfield keeps its reputation for providing top-notch experiences, these efforts should put a strong emphasis on technology and sustainability.
- 11. References • Johnson, G., Whittington, R., Scholes, K., Angwin, D., & Regnér, P. (2017). Exploring Strategy: Text and Cases (11th ed.). Pearson. • Porter, M. E. (1979). How Competitive Forces Shape Strategy. Harvard Business Review, 57(2), 137-145. • Westfield Corporation. (2023). Annual Report 2023. Westfield Corporation.