wp.cune.org · Web viewBuckle Case Analysis Alexa van Bergen and Jericca Pearson Concordia University May 1, 2015

Buckle Case Analysis

Alexa van Bergen and Jericca Pearson

Concordia University

May 1, 2015

Buckle Case Analysis 2

Company Background

The Buckle is a retailer that operates and sells casual appeal, denim, footwear, and

accessories for young men and women all over the United States both in store and through its

website, which started in 1999. It markets numerous name brands, and works under The Buckle

name in region shopping malls. There are 450 stores in 44 states. The company had a pervious

name known as Mills Clothing, Inc. which was founded in 1948 in Kearney, Nebraska by David

Hirschfield and was originally a men’s retail store. Then in 1967 the owner bought another store

which was named the Brass Buckle which soon developed into a denim based store with wide

selections of denim and shirts. In 1970, Buckle’s current CEO Dennis Nelson joined the

company. During the late 70’s the Brass Buckle introduced women’s apparel and opened in its

first mall location. In 1988 Buckle moved their distribution team downtown in west Kearney,

Nebraska. They then changed their name to The Buckle, Inc. back in April 1991 and started to

design and develop its own private label known as BKE. In 1992 Buckle went public on the

NASDAQ as BKLE and were operating 100 stores and 18 states, with sales that reached

$112,898,000. Once 1994 hit Buckle introduced their Buckle primo rewards cards which

encouraged loyalty and rewards for frequently returning customers, a year later in 1995 Buckle

launched their first private label credit card, which was processed by the National City Card

Services. In 1996 launches their new store design with an updated logo and in 1997 Buckle

moves to New York Stock Exchange with their current symbol BKE. Buckle then started

operating in 200 stores in 29 states in 1998 with an annual sale of $337,916,000. Buckle then

surprised their customers by unveiling a new store design and logo, which it the one that we have

come to know today. Their private label accounted for 45% of the company’s denim sales back

in 2006. In 2009 reached an operation of 400 stores in 41 states with an annual sale of


$898,287,000. Back in 2010 Buckle completed construction of their new, 240,000 square foot,

state of the art Distribution Center. In 2011 launched newly redesigned buckle.com ecommerce

site and reached 5 million pairs of denim sold and net sales increased 11.9% to $1.063 billion

over the 52-week fiscal year which ended in January 2012. As of today Buckle has grown to be

one of America’s favorite denim retailer while staying true and honest to their mission statement:

“To create the most enjoyable shopping experience possible for our guests.”

Dominant Industry Characteristics

Market Size and Growth Rate

In fiscal 2013 year Buckle Market Growth continued to expand and grow their

geographic mark, allowing them to gain security in locations with high traffic volume, excellent

visibility but also allowing easy access to customers. As of February 1, 2014, 341 of the 450

store locations are updated with the signature Buckle store layout and design. They have opened

13 new stores and have successfully completed eight full remodels. They have reached into 43

states and plan to open their first store location in Alaska with an additional 17 remodels.

Number of Rivals

Buckle tends to tie in their unique styles to create a one of a kind “treasure hunt” find,

which came exclusively at Buckle. The Number of Rivals that Buckle has to compete with are

across the board, differing in both men and women. In the men’s merchandise are, they primarily

compete with specialty retailers like Abercrombie & Fitch, American Eagle Outfitters, Gap,

Hollister, Pacific Sunwear, Tilly’s, and Zumiez. They also compete with the big department

stores like Dillard’s, Macy’s, and Nordstrom along with other local, regional, and small specialty

stores. In the women’s industry are same as the men’s as far as Abercrombie & Fitch, American


Eagle Outfitters, Gap, Hollister, Pacific Sunwear, and Tilly’s. Then they also add Charlotte

Russe, Express, Forever 21, H&M, Maurices, Vanity, and Wet Seal to the competitor list along

with the big name department stores as well.

Scope of Competitive Rivalry

Do to the high amount of competitive rivalry, it extremely hard to stand out in the

clothing industry. 16.5% of the Buckle stores are not located in malls. 70 stores out of 450 are

located in outdoor shopping facilities or centers. Companies, like the Buckle, have seem to

realize that there might be a trend in outdoor malls. These trends would include enjoying the

fresh air and the convenience of only having to enter the store you want to go into without

passing stores or entering stores you may not want to. With outdoor malls you’re able to park by

the store of your choice, making it less of a hassle to walk through the whole mall to get to your

particular store. This still creates rivalry in the location of the store in an outdoor mall.

There are always firm competitors surrounding the Buckle in malls. A huge competitor of

the Buckle is GAP. There are very few malls that don’t carry both of these companies. Each of

these places have close to the same prices of their items in the store. This is not the only

competition of the Buckle. You have places like; Dillards, Express, American Eagle Outfitters,

GAP, Pacsun, and Maurices. These are just a few stores that Buckle has to compete with. There

are very little differences with these companies. The difference usually are price, quality, and

brands. These three difference have a huge influence on customers/consumers choice of where

they want to spend their money.


Target Market

Number of Buyers Buckle’s target market revolves around the fashion conscious

consumers that are interested in the fit of specific demographic, ranging from ages 15 to 30 years

old. Of those 15 to 30 year olds 60% of the demographics consist of women and 40% of men.

(Annual report 2012) Most of those who buy from Buckle continue and become loyal to Buckle

because they specialize in custom fit clothing with free alterations available. Buckle caters to all

the different shapes and sizes of the human body with the denim, “we have jeans for all types”

was even stated in their 2013 annual report.

Degree of Product Differentiation

As far as Degree of Product Differentiation denim still remains to be the core of the

business selling nearly 5.4 million pairs of jeans sold which brought in approximately 45.3% of

the stores 2013 net sales. It is very apparent that the experience and expertise of the company

excels as they continue to expand this part of the business with the different assortment of

brands, fits, details, and styles that their customers now expect from them, and make that a

priority. (Annual Report 2013) Buckle has established strong relationships with multiple partner

brands which include Rock Revival, Miss Me, Hurley, Big Star, Affliction, Roar, Billabong,

Silver Jeans, and Fossil just to name a few. Buckle is able to develop a unique dynamic of

branded merchandise by collaborating with these partners that go along with the styles, fits, and

finishes that their customers seek, many that exclusively to Buckle. Their private label brands

like BKE Boutique, Buckle Black, Daytrip, Gimmicks, and ReClaim contribute greatly to the

overall selection that help set them apart from competitors. The unique details of their collections

provide an innovated styles that can only be found by shopping at the Buckle, which creates a

loyal following fir the company.


Five Force Analysis

Rivalry among Existing Firms

The Rivalry among existing firms is high, due to the fact that there are companies that

share the same drive to be number one and who want to meet a majority of the consumers needs.

Buckle competes across a highly competitive industry where the customers are drawn to the

shopping experience by fashion, selection, quality, price, and location. Buckle competes with

handfuls of specialty retail and department stores, both locally and regionally. Boutiques, mail

order, and internet retailers are also included in the different industry market competitors. The

big competitors for Buckle are Abercrombie & Fitch Co. and Hollister, American Eagle

Outfitters, Nordstrom, and The Gap.

Threat of New Entrance

The barriers to entry reduce the threat into the market which apply to big or small

entrances. The Buckle and their competitors are in a high attractive market. If a company decides

to seek the opportunity to enter, the demand and supply balance could end in results that could

negatively affect company as a whole. Most companies who enter this industries see evidence in

existing business that are making good profits which they don’t want to miss out on, this then

creates a low barrier to entry. The reason why it is harder to enter this popular fashion industry is

because of the high recognition quality of that level of fashion. Experience curve, cost

advantages, and high customer loyalty are just a few of the many barriers to entry that can

challenge any new comers that want to try and compete with this highly known companies, like

Buckle.


The New Entrant Threat is high due to the fact the retail and fashion industry are always

emerging, especially with the fashion scene being as trendy as it is and being that trendy is where

BKE operates. This type of entry means new competitors are likely to be more attracted to the

industry’s profits and enter with ease. The new entrants that are discussed are those larger

companies that are wanting to enter malls, for example H&M is coming to the Gateway Mall in

Lincoln and bought out some of the smaller stores in their location. Those smaller stores weren’t

able to keep up with the new trends and keep up financially so they were bought out and are no

longer in the mall. These smaller stores are minor entrances and cannot usually maintain the

economies of scale that Buckle and its competitors are in. The reasoning is because they are not

in the same competitive playing field with price, quality, and brands.


Threat of Substitutes

The Threat of Substitutes is lower because clothing offers few alternatives, Buckle offers

a wide range of products that line up with their target market leaving them with very little threat

of substitutions. Buckles competitors are a much larger threat then the fear of a potential

substitutes. Do to the fact that you can’t legitimately substitute clothing with other materials in

the United States, substitutes are considered other brands that are not under the Buckle’s private

Rivalry among existing Firms: High

- highly competeitive industry- specialty retailer- quality product

Threat of New Entrants: High

- indusry is always emerging

- trendy fashion scene

Threat of substitutes: Low- few alternatives

- wide range of products

Buyer Power: High/Medium- customers have low

switching costs- limited power of raising

prices- able to adapt to changing

demands

Supplier Power: Low/Medium

- not materially dependent to any one supplier- carries wide and

diversified products

Five Forces


label or items/brands sold by the Buckle. With other substitutes like Wal-Mart brands, such as

OP, don’t offer that same quality and designer look.

Buyer Power

The Buyer Power is somewhere in the middle. Customers can’t just go in and negotiate

price but the customers have the right to give employees the chance to earn commission.

Commission at the Buckle is added pay on their starting rate based on the amount of items they

sell. This way consumers have power over money received but have no power on price.

Customers also have powers on which brands they buy. Some brands are more expensive than

others. Individual consumers have lower costs of switching on where they choose to buy their

jeans, which leaves Buckle with limited power of raising the prices if say, the raw material costs

for things like cotton and wool increase. Customer trends as a whole are a big concern to

retailers, like style trends that can make a specialty retailer “obsolete” by the end of the fashion

season. The merchandise team at Buckle work to make sure that they are able to anticipate,

identify, and change with the ebb and flow of the ever changing consumer demands, the ability

to continue through into the future is never a guarantee.

Supplier Power

The Supplier Power is in the medium/low range. Buckle is not dependent on the material

of any one vendor. The buckle does not own any other supply chain besides its own private label.

In 2013 Miss Me and Rock Revival accounted for 25.3% and Axis Denim (which produces

private label denim for the Company) accounted for 12.5% of net sales. No other vendor

accounted for more than 10% of the Company’s net sales. Some other big brands that are


important in the store include Billabong, Affliction, Obey, RVCA, Fox, and Fossil. These six

brands are just a select few out of 29 suppliers, these suppliers stock the Buckle with their brands

of clothing such as watches, shoes, jeans, shirts, and etc. Individually the vendors will not affect

Buckle’s operations, their ability to carry such a wide and diverse range of products that appeal

to the consumer trends are necessary to their operation.

External Factor Evaluation Matrix

The fashion industry is constantly changing. The industry is changing because of fashions

trends and how to appeal to all shapes and sizes of men and women. The causes of these

changes are styles, customer demands and preferred choices, the quality and price of the items,

development of online technology systems and the constant changing tax rates for all businesses.

These are items each organization has to deal with on an annual basis. If they do not adapt to the

change in demand it could lead to failure. In order to avoid the threats of competitors, each

company has to look for opportunities in the fashion industry that could match what the rivalry

companies do.

The Buckle EFE Matrix


Opportunities Weight Rating Weighted ScorePredict and respond to changing customer demands and preferred choices more efficiently

0.10 4 0.40

Source merchandise more efficiently 0.08 3 0.24Continue to develop consumer perception of quality for the future

0.09 3 0.27

Increase in Market Share 0.06 3 0.18Increase in household income (increase in minimum wage) 0.05 2 0.10Keep up with consumer/social deployments, need to develop more technology systems

0.07 4 0.28

ThreatsThe industry is highly competitive, specifically for: fashion, selection, quality, price, location, service and atmosphere (mostly in malls)

0.14 4 0.56

Time-sensitivity of inventory/merchandise, especially out of season articles of clothing

0.09 3 0.27

Rising of labor and product cost 0.06 2 0.12Reliability on customers spending trends/customer confidence 0.16 3 0.48Changing tax rates for business 0.06 2 0.12Growing costs of healthcare 0.04 2 0.08Totals 1.00 3.10

The External Factors Evaluation (EFE) Matrix presented above shows how the Buckle

compares to the industry. It’ll show how the company can grow and be more prosperous over

competitors but the threats could hinder their ability to grow successfully. The best opportunity

that the Buckle could invest in is being able to predict and respond to the changing customer

demands and preferred choices more efficiently. This will allow them to be ahead of the game in

trend options. Threats are never good in the industry but because it is such a highly competitive

field the Buckle needs to be aware of trend, fashion selection, location, and price.

“Predict and respond to changing customer demands and preferred choices more

efficiently” was weighted one of the highest on the EFE matrix above, because the buckle is one

of the companies that utilizes customer’s opinions. Because they respond well to the constant


change in demand, they were given a 4 rating for opportunities. “Source merchandise more

efficiently,” is rated as a 3 and was weighted a .08 because of the long inventory turnover and the

changing of inventory constantly. These each obtain a weighted scores of .40 and .24 as seen in

the chart above.

Also seen in the EFE chart is the threats to organization. Due to the “industry being

highly competitive, just difficulty for semi colon fashion, selection, quality, price, location,

service, and atmosphere” it was given a high weight of .14 and a rating up 4. Written in the

Scope of Competitive Rivalry section it stated that it is extremely hard to stand out, that is why

the weights and scores were so high for the Buckle. When companies are in high competitive

industry they have to rely on a lot of customers and their spending. By giving the threat

“Liability on customer spending trends/customer confidence” a .16 weight it shows that it’s

extremely important as companies respond to these demands. Buckle received a rating of a 3

because they're one of the top that targets this area in the business. Collectively they received a

weighted score of a .48 in that category.

The outcome of the EFE matrix put Buckle at a 3.10 total. These totals explains the

external evaluation of the company’s strategy. The total score of a 2.5 is considered an average

score. The external evaluation for Buckle indicates a high total score that says that Buckle’s

strategy meets the opportunities and defends against threats. The score indicates that the

company is strong against its competitors.

Strategic Group Map

The rivalry is fierce in the fashion industry. Each company appeared in the group map are

extremely close in almost every category. Choosing earnings per share compared to number of

stores showed how profitable the companies are with the amount of stores that they own. There


are a few companies that stick out over others. The GAP would be one of them. GAP has the

most amount of stores and locations, there earnings per share is about even with the rest of their

competitors. There are some failing companies. WetSeal has a negative earnings per share,

which means they have more retained loss over time than accumulated income. On the opposite

side of WetSeal is Dillards, their earnings per share is a lot higher because they sell more

merchandise other than clothing. A lot of their income comes from home decor, kitchen

appliances, luggage, and other non-clothing apparel.

The Buckle is located right in the center. It has an earnings per share of 3.38 which is

average for the fashion industry. It also has a smaller amount of stores but it has grown

significantly in the past few years. The model below shows the Buckle compare to its

competitors based on number of stores and earnings per share. The earnings per share shows the

profitability of each company. The Buckle has a higher earnings per share and is higher than

most of the stores like Express, A&F, and Pacsun. The only outlier that stands apart is the Gap,

because it currently has hundreds of stores compared to the others listed below.

Companies: Dillards, Nordstrom, Buckle, American Eagle, Gap, Express, Pacsun, Wet

Seal, and Abercrombie and Fitch (A&F)


0 500 1000 1500 2000 2500 3000 3500

-2

0

2

4

6

8

10

Gap (2.87)

American Eagle 0.41A&F [Y VALUE]

Pacsun [Y VALUE]

Express [Y VALUE]

Wet Seal[Y VALUE]

Buckle 3.38

Dillards 7.79

Nordstroms [Y VALUE]

Strategic Group Map

Number of Store Locations

Earn

ings

Per

Sha

re

Internal Factor Evaluation Matrix

The key factors that influence the fashion industry are the amount of stores and location,

the diversity of the product line, the targeted age group of each store, change in the fashion

industry, and the social media presence. These items are what separate the good companies from

great companies. A lot of the Buckle’s competitors have the same amount stores and are usually

located in the same locations, like outlet malls or big city malls. There is only one store that

stounds out over all the stores which is the GAP. It is the oldest company of the competitors and

has the most stores.

But having the most stores doesn’t always make you stand a part, usually it’s the product

and what the store provides for the consumer. The product selection store carry usually targets

only certain customers. Places like Pacsun, American Eagle Outfitters, and the Buckles mostly


focus on the age group of 15-30, whereas places like the GAP and Dillards have a wide variety,

ranging from infants to the elderly. The vast product selection allows some companies exceed in

more areas than others.

Another key factor in the fashion and clothing industry is being able to change your

product line when new styles and fashion choices come to the market. Each year there is always

something new and better. Every company has to figure out how to adapt with the change in

trends but still keep their own identity. If companies don’t adapt they could lose customers and

revenue.

A way to produce more revenue and show consumers what the companies have to offer

would be to have a social media presence. Showing ads on places like Facebook, Twitter, and

Google would allow more customers and future consumers to be aware of each business. This

could also lead to online purchasing and window shopping.

Below readers will notice the Internal Factor Evaluation (IFE) Matrix of the Buckle

compared to its competitors. It shows the Buckle’s strengths and how it dominates in the fashion

industry but it also shows the weaknesses and how it could possibly improve. Seen below the

Buckle’s tops strengths: Private-label and exclusive merchandise, expansion of stores, and the

amount of little debt they have. The biggest weaknesses is its single distribution center which is

located in Kearney, Nebraska but the other weaknesses are what other competitors have to deal

with as well.

The outcome of the IFE matrix put Buckle at a 2.95 total. These totals explains the

internal evaluation of the company’s strategy. The total score of a 2.5 is considered an average

score. The internal evaluation for Buckle indicates an above average total score that says that


Buckle’s strategy identifies its strength and defends against weaknesses. The score indicates that

the company is strong against its competitors.

The Buckle IFE MatrixStrengths Weighted Rating Weighted ScoreExpansion of stores 0.09 3 0.27Well known in the 43 states it's located 0.05 4 0.20Distribution ships in 2-3 days 0.05 4 0.20Diverse Product Lines, Specialized inventory to reflect local tastes

0.06 3 0.18

Staff Loyalty (all members) 0.04 4 0.16Private-label and exclusive merchandise 0.10 4 0.40Little debt (no long-term) 0.08 4 0.32Targets ages 15-30 0.04 3 0.12Denim accounts for 45% of sales 0.05 3 0.15WeaknessesFluctuations in comparable stores net sales results 0.07 2 0.14Very localized markets with stores that compete against each other

0.06 2 0.12

No company-shared customer management system (store specific)

0.06 1 0.06

Reliant on key personnel (leadership team), small number of full-time employees

0.05 2 0.10

Reliant on foreign producers 0.04 2 0.08Dependence on Single Distribution Center 0.08 4 0.32The change in fashion fluctuates each year 0.03 1 0.03Lack of social media presence (recycled instead of targeting promotions

0.05 2 0.10

Totals 1.00 2.95

Seen above, Buckle’s best strength on the IFE Matrix is their “Private-label and exclusive

merchandise.” They received a .10 weight and a 4 rating because this separates them from the

competition. Most of the Buckle’s rivals, like buckle, have other suppliers and brands they carry.

Buckle becomes an “elite” by having its own BKE products. Another strength the Buckle has is

its company's desire to continue to expand. The “Expansion of stores” received a .09 weight

because they look to continue their expansion of 10+ stores a year and entering more states.


Rating is chosen as a 3, due to the amount of sorts compared with other rivals, the Buckle is a

little lower than average.

Some of the weaknesses that counter the buckle strengths would be there dependency on

one distribution center. This is an extremely high weakness which is why the “Dependency on

single distribution center” receive a weight of .08 in the rating of 4. A smaller weakness that

seems minor to one mentioned before is the “Change in fashion fluctuates for each year.” Each

company in the industry has this problem because it is all part of the business industry. The

Buckle does so well with the adapting to the change in trends it received a .03 weight and 1

rating.

Vision, Mission, and Strategies

It is the company’s mission to “To create the most enjoyable shopping experience

possible for our guests.” Buckle’s team, ranging from the corporate office to its frontline

employees work together to make this mission statement come to life with excellent,

personalized service that makes every guest that walks through the doors feel special. Buckle has

stayed true to the statement and has developed a brand informative and client based program that

is called Guest Connect. Which markets directly to the consumer by personal emails that are

tailored to certain brands that individuals are more loyal to and that fit them the best based on

what the previously purchased. This Guest Connect program allows Buckle associates to

maintain a more intimate connection with the customers by constantly being in contact and

updating them on what new items from their favorite brands have arrive at the nearest Buckle

location.

Buckle also offers their customers appointments to “Get Fitted.” With this get fitted

program customers have the opportunity to call the store ahead of time and let them know their


sizes for denim, tops, shoes, and what their brand preferences. The Buckle staff are trained and

have experience with the items in the store, so they will proceed after the phone call by going

around the store looking and building outfits that will be special and unique for the individuals

that have called. Once the customer has arrived they will meet the employee by the checkout

counter and then the employee will bring the client over to the dressing room. From there the

employee will give the customer their full attention for a full hour of a personalized shopping

and unique experience.

Another way Buckle stays true to its mission and vision statement, that helps them out in

the future are their Promotional Give-A-Ways and Benefits. Customers have a chance to get free

merchandise frequently, with specific brand logos through their purchase of certain items, which

are usually at a predetermined price point. The value of these retailer gifts can range anywhere

from $5 to $50 retail value. For those customers who are loyal to Buckle have the option to

receive a punch card, which if you spend a certain amount of money would then get 10 dollars

off the next purchase. Buckle also gives military discount for active and retired members, which

is 10% off their entire purchase and free shipping on their online store. Buckle really gives their

customers a unique and enjoyable shopping experience with some nice incentives that benefit the

customer not just the company.

Buckle would not receive a high rating based on their vision and mission statement. The

Buckle receives a low rating because it doesn’t demonstrate their ethical standards, initiatives,

team work or employees. Their mission statement doesn’t mention anything about their quality

of product, which they pride themselves. Based on their poorly stated mission, there is no

appropriate way for the company to look like they are moving forward. In order to correct their


mission, they need to address the values listed to explain who are they, what services do they

provide, and how they attend to customer’s` needs, so they can better create their own identity.

Business Model

The Buckle’s business model is unique and robust. It is built on a dual merchandising

strategy, combing lower price point in-house items with high price point brand name items. This

allows shoppers to pay cheaper private-label merchandise with their favorite brand name clothes.

This is a key factor in the company’s superior margins.

Despite the recession, Buckle’s margin expanded while others fail or decreased. The

Buckle took advantage of this by utilizing its distribution system so that it can deliver their

inventory daily. This allows their merchandise layout to be fresh, new, and on the spot. By

mixing up the merchandise specifically to the store’s needs, it creates new customers and a huge

return on returning customers. Due to the constant change of their layout, the stores give

shoppers a reason to pay full price for their product.

Most of the success for the business model is its own brand and the partnerships with

well-known companies like Fossil, Hurley, Nike, Oakley and Puma. The company provides a

variety of products including “denims, casual bottoms, tops, sportswear, outerwear, accessories,

and footwear.” These quality products, supplemented by the Buckle’s unique services, has been

the driving factor of its high performance. Buckle carries more than 1,000 denim styles from

over 20 different brands. To make the Buckle more attractive they carry a broad range of

merchandise. Collaborating with the brands stated up above, allows Buckle to create and offer

unique and exclusive products for consumers.

Because the Buckle offers unique products, it offers a unique array of service to

customers as well: free hemming, layaways, Buckle credit card, and frequent shopper rewards.


To appease customer’s wants and needs, the company uses the service “Get Fitted” program.

This allows shoppers to try on any specific style and size. The sales people will then build an

entire wardrobe and allow the customer to make additional suggestions on similar styles. This

personalized service is the center of why the Buckle has been so successful.

The Buckle does strive to carry the top brands at the best prices. The Buckle’s average

price point is around 48 dollars per item and 104 dollars per transaction. With the company’s

medium-to-better priced merchandise, the Buckle is employing multiple pricing strategies. Their

prestige pricing of the company’s exclusive brands allows shoppers to experience the thrill of

finding great deals with name brand items.

Due to the amount of vendors, the cost of products vary. A lot of the Buckle’s cost of

products run anywhere from 5 dollars to 300 dollars. There is always a potential for price

markup, but that depends on the product, style, and vendor as well. Most of the profit margin

relies on the private label brands, these are less expensive to manufacture and do not incur costs

of other brand equity.

Each store has its own cost objectives. Different stores have their own set goals of 8

percent of net profits to allocate to payroll. Depending on the trends of the stores, they set their

goals of growth month to month. Most stores set their sales growth from 10-15% varying for

each month. Sales are also determined by the season.

Competitive Strategies

The strategy that Buckle uses a broad differentiation strategy. Buckle has a wide range of

products that they offer, which include: jewelry, perfumes, colognes, watches, wallets, purses,

shoes, shirts, hats, and most of all jeans. These different products are ones that most stores don’t

sell, unless they are department stores. Those department stores have an overload of multiple


different brands and suppliers. Buckle only offers the higher end products that are unique and

that you can’t find everywhere. They differentiate themselves from their strong competitors by

offering numerous brand names along with having their own product line in their stores. From

that Buckle is able to make more of a profit from those other brands like Miss Me, Hurley, and

Rock Revival to help appeal and bring in younger customers while also earning a profit from

their private label brands like, BKE, BKE Boutique, Gimmicks, ReClAIM, and Daytrip. In the

jean market alone, Buckle carries more than 1,000 different styles from 20 or more brands,

which accounted for over $1 billion in sales. To add to the store so they aren’t a strictly denim

store they also carry a broad and diverse range of other retail products like, casual tops,

outerwear, perfume, shoes, and accessories. The company partners with nearly 30 additional

brands and collaborate with them, giving Buckle the ability to create and offer unique and one of

a kind products that keep customers coming back.

Buckle also offers an assortment of other services to their customers, like, free hemming,

gift-wrapping, layaways, the Buckle credit card, and frequent shopper rewards cards. One of the

company’s most famous services is the “Get Fitted” appointment program, which we mentioned

earlier. That program and many others give Buckle a true personalized service that reflects just

how well their strategy has made the company successful and unique.


SWOT Analysis

BuckleSWOT Analysis

Strengths◦ 430 stores and expanding◦ Well known, present in 43 states◦ Diverse Products lines, unique

inventory◦ Merchandise ships in 2-3 days◦ Little to no debt

Weaknesses◦ Lack of social media presence, no

targeting promotions ◦ Small number of full-time employees,

more dependent on leadership teams◦ Depend on foreign producers◦ Very common market, constantly

having to compete against rivalsOpportunities

◦ Anticipate and react to the changing customer demands more efficiently

◦ More top selling and competitive brands

◦ Develop the customers awareness of the quality products

◦ Design a system to keep up with consumer and social advances

Threats ◦ Retail industry is highly competitive◦ Time sensitivity of inventory ◦ Rising labor and product costs◦ Relying on consumer spending trends

In light of Buckle’s strengths, the company provides a customer service that not a lot of

competing retailers due. These services include free hemming, easy layaways, Buckle credit

card, and a frequent shopper program. More of their strength include expansion of stores,

distribution of inventory in 2-3 days, diverse product line that reflects local’s tastes. A strength

that sets them apart from other stores is 45 percent of sales come from their denim. Little debt

also helps them be more accomplished then others in their industry.

When there are strengths, there are weaknesses. The main weakness for the Buckle is

their single distribution center and geographic concentration. Since it is only in Nebraska it limits

them. On the plus side most of their concentration is the Midwest. Other weaknesses would be

much localized markets with stores that compete against each other and fluctuations in

comparable stores net sales. Stores will be always competing with each other. Buckle needs to be

aware of their weaknesses compared to the industry.


To improve the Buckle as a whole, they need to continue to expand store network in the

United States. Because their main focus is in the Midwest, they could continue to expand on the

east and west coast. Other opportunities would be to predict and respond to changing customer

demands, source merchandise more efficiently, and continue to develop consumer perception of

quality for the future.

Like most companies, the Buckle faces threats. The industry is super competitive,

especially in fashion. The company will always have worry about selection, quality, price,

location, and service because they are mostly located in malls. They need to be more aware of

trends and consumer wants and needs. The more something that is trending the more customers

come in. This means that there is going to be rising labor and product costs, which is also a

threat.

Due the revenue they bring in and the profit margin comparison in other industries they

will be extremely successful. Their strengths and opportunities outweigh the negativity of

weaknesses and threats.

SO Strategies

Strengths-Opportunities ◦ (S1, O4) Expand into the international markets to appeal to consumers and make social

advancements in foreign markets◦ (S3, O2) Create a marketing strategy for the diverse and unique product lines to sell

more competitive brands than rivals◦ (S4,O) Build more distribution centers to accommodate for the consumers demands of

products that need shipped in 2-3 days

Buckle has many strengths and opportunities. Some key things that would benefit and

strengthen the company over allow and utilize their opportunities, Buckle could start to expand

into the international markets to appeal to those who are overseas. They could start to make gains

in social advancements in those foreign markets by allowing their overseas customers to go into


a Buckle store instead of having to wait two weeks or more to receive their unique one of kind

product. Tying into building in foreign markets to help decrease wait time, Buckle could also

start to build more distribution centers to accommodate for the demand of products that need to

be shipped in two to three days. By cutting down the wait time of shipping they would increase

their internet sales. Buckle could also create a better marketing strategy for those unique product

lines to better help and sell more of those competitive brands. By creating a better marketing

strategy for their competitive brands Buckle can really pull ahead of their rivals start working

their way to the top because they would start gain better brand awareness.

ST Strategies

Strengths-Threats ◦ (S3, T2) Improve inventory turnover by increasing the demand for the unique and

diverse products ◦ (S2, T1) Gain higher awareness to stay competitive amongst rivals, in the current 43

states◦ (S1, T3) Build more stores to increase revenue to compensate for the increase in labor

and product cost

To eliminate and cut down on their side of strengths and threats Buckle could try and

improve their inventory turnover by increasing their demand for unique and diverse products.

Buckle tends to have left over products from previous seasons, they have started to order only

certain amount in each size of their products but they have such a large inventory due to the

amount of partners that they collaborate with. By increase their turnover rate Buckle could keep

up and stay a head of the ever changing fashion world. Increasing their turnover buckle also

could gain a higher awareness, allowing them by staying competitive amongst their rivals, in the

current 43 states they are located in. Building more store would help increase Buckle’s revenue

allowing for them to compensate for the increase in minimum wage and the increase in product

costs.


WO Strategies

Weaknesses-Opportunities◦ (W1, O4) Lower prices and utilize technology by gaining a stronger social media

presence◦ (W2, O1) Create more full-time jobs in their stores, help keep up with the changing

consumer demands◦ (W4, O3) Develop an advertising plan to raise company awareness to stay competitive

amongst rivals.

Buckle has its weaknesses but has several opportunities through them. They could start to

utilize technology by gaining social media presence. They have started to offer social media

promotions by tell customers to “like us on Facebook” so that they can look for deals and stay

updated on what new items that are coming to the store. By gaining a stronger social media

presence they could gain better online internet sales and increase profits. Buckle could create

more full-time jobs in stores, to help keep up with changing consumer trends and demands. This

would help when they start, or decided to start, building more store locations. By potentially

creating more full-time jobs Buckle could also develop an advertising plan to raise company

awareness and to continue to stay competitive. Creating an advertising plan would put them

ahead of rivals by helping Buckle’s brand get more recognition.

WT Strategies

Weaknesses-Threats ◦ (W3, T2) Lower the dependency on foreign producers to decrease product costs◦ (W1, T4) Increase social media presence to market to the consumers and keep up to

date on the latest trends

Weaknesses and threats go together in a way that the threats could attack the weaknesses.

These attacks would be rivals trying to obtain the upper hand. To help Buckle protect themselves

against those attacks, they could lower their dependency on foreign producers. This would help

them decrease the amount spent on production and product costs, which would then increase


their overall income. Buckle could then market to the consumers and keep up to date on the latest

fashion trends by increasing their social media presence to capture a larger audience of

customers. Increasing their customer audience would increase their profits and help the company

overall.

Competitive Profile Matrix

Below you will see the Competitive Profile Matrix of Buckle compared to Abercrombie

and Fitch, and Express. The Buckle was second compared the three companies. The reasoning

behind this is because their Production Capacity is smaller due to the one distribution center.

Another reason why Buckle is in the middle is because of their international expansion is

extremely low. Each of the companies’ ship to overseas but only A&F have shopping centers

overseas. Express has distribution centers in other cities. That gives A&F and Express the

advantage over the Buckle.

For having a lack of international support, the Buckle does have the advantage over the

Market Share. They sit at Market Cap. at 2.34 billion, A&F 1.53 billion, and Express 1.44

billion. That also shows that their competitive in price as well. Comparing their jean profits the

Buckle has more variety of prices, brands, and selection. A&F had the cheapest jeans and

Express was in the middle. Each ranging from 40 dollars to up to 150 dollars. The Buckle was

the only one that had jeans over 150 dollars.

Management we gave the Buckle of 4 based on how much authority they have, their

ethics, and how long they have been in that position. Abercrombie was second in because of the

same qualities. They just had more ethical issues. Well searched Express showed that they had a

lot of ethical issues especially overseas in their distribution facilities. They showed that they


abused labor laws and treated international employees poorly. All the others were scored based

on what was seen in magazines, television, online, and personal experiences.

CPMBuckle Abercrombie and

FitchExpress

Critical Success Factors

Weights

Rating

Score

Rating Score Rating

Score

Advertising 0.13 3 0.39 4 0.52 2 0.26Company Image 0.14 4 0.56 4 0.56 3 0.42Global Expansion 0.10 1 0.10 4 0.40 2 0.20Consumer Loyalty 0.12 4 0.48 2 0.24 3 0.36Production Capacity

0.10 1 0.10 4 0.40 3 0.30

Market Share 0.11 4 0.44 2 0.22 1 0.11Price Competitiveness

0.13 4 0.52 2 0.26 3 0.39

Technology 0.09 3 0.27 4 0.36 2 0.18Management 0.08 4 0.32 3 0.24 2 0.16Totals 1.00 3.18 3.20 2.38

Ethics

Overall Buckle believes in its corporate social responsibility and well-being for their

communities, environment, education, and their supply chain. Based on this belief, Buckle was

built, they partner with their vendors, customers, and fellow employees who also feel that the

stronger the commitment toward a sound ethical business practices helps impact the world. There

are four main areas that Buckle sees fit to focus on and will have the best impact, they are:

Community, Education, Environment, and Transparency.

Buckle truly feels that a good business starts with good people doing good and giving

back to the community, and that it is essential for success. Buckle makes sure that they make this

known by being large participants in charity events, like, United Way, Make-A-Wish Foundation

and American Red Cross. They offer and encourage company health and fitness initiatives as


well. They set their goals high when it comes to supporting the communities around their

locations as well as supporting their employees’ passion to serve others. They have really have

tried to create a compassionate committees throughout the entire Buckle industry. These

committees are employee volunteers that advocate for non-profit connection and impact in the

community.

The future is built on education and Buckle encourages young people to try and achieve

excellence. That’s why they pride themselves on being an environment where current and future

employees can have the opportunity to improve and develop new skills, both personal and

professional. Buckle cares about the growth and development of their growing team. Not only

does Buckle provide the tools to continue employee development but they also have internships

that provides opportunities for students learn how to apply to various facets of the business,

allows them to gain first-hand experience in solving business challenges, and increases graduate

marketability with knowledge of applying skills learned in a professional setting. Offering career

paths that reward and help guide future professionals through today’s world is what helps push

Buckle.

From the materials used when building and constructing of new stores, to the supplies

and resources of the products held inside, the brands that Buckle decides to partner with all have

been looked into and explored to provide an environmentally-friendly process throughout the

business. Buckle has designed a committee, that they call the Green Team. Again this committee

is volunteer employees with a common mission just to raise awareness of environment issues and

encourage positive changes in the work place, at home, and their communities by educating their

employees. Buckle encourages their employees to recycle by putting recycling stations in the

corporate offices and have paperless payroll pay stubs that abide with their “green” initiatives.


Lastly Customers have a choice as to where they spend their money. Customers leave the

store with quality brand names, they bring clothes home with the assurance that Buckle were

found responsibly. Buckle maintains a high standard of business ethics and a respect for human

rights, which is expected the same from their suppliers. Guidelines are setup in better the efforts

to identify future suppliers who also share their commitment not only to quality of the products,

but quality business and quality relationships as well.

While searching the web, there weren’t very many ethical issues or legal cases brought

up, which is good. There were three big cases, the first one was a Class Action Lawsuit

Settlement back in December of 2013. This case took place California, and there were

allegations that Buckle violated the Song-Beverly Credit Card Act, which prohibits retailers from

requesting and recording personal identification information, such as, address, ZIP code, phone

number and e-mail address, at the point of sale in conjunction with certain credit card

transactions. Buckle rejects that they did anything wrong but has agreed to the class action

settlement to resolve the litigation. Those who submit a legal Claim Form received a Credit

Certificate with a value of $30.00.

The second legal case against Buckle was in 2007 in Kansas City, MO where Gloria

Hunter and Jessica Hunter, both of whom are African American, became involved in the incident

which culminated with them being placed in handcuffs and removed from a retail store, after

which they were released. They were shopping at The Buckle. Jessica Hunter testified in her

testimony that on the three or four occasions, when she had shopped at The Buckle, The Buckle's

employees treated her differently from white customers. She testified specifically that she was

not greeted immediately or offered assistance without requesting it, and that she was constantly


watched by the employees. Later on the mother and daughter duo, ended up winning the case and

gained compensation for the trouble they had been through.

The third case found was in back in 2010 in Charleston, West Virginia where a manager

at Buckle was accused of two sexual harassment lawsuits. The two women worked together and

claim that the manager subjected them and other female employees to requests for sexual favors

and unwelcome, sexual advances. The women are looking for compensation for being exposed to

the hostile work atmosphere.

Yes, Buckle seems to pass the Litmus Test, and they are for the most part, pretty ethical

and practice what they preach in their code of conduct. As researched there were few lawsuits

against the company and as of today there are none that they are facing. By no means is this

company is perfect they have handled the unethical situations in an appropriate manner. Buckle

has created an ethical standard that they have chosen to abide by since they started back in 1948.

Financials

BKEFinancials

2014 2013 2012 2011Operating Profit Margin 22.8% 23.0% 22.2% 22.2%Net Profile Margin 14.4% 14.6% 14.3% 14.2%Earnings Per Share 3.39 3.44 3.2 2.68Return on Assets 31.8% 32.6% 29.5% 27.4%Return on Equity 49.9% 50.3% 42.7% 38.5%Current Ratio 2.77 2.15 2.91 2.57Working Capital 219 148 210 161Total-Debt-to-Assets N/A N/A N/A N/ADebt-to-Equity N/A N/A N/A N/ALong-Term-Debt-to-Equity N/A N/A N/A N/ADays of Inventory 66.17 60.78 59.21 60.79Inventory Turnover 5.52 6 6.16 6Net Income (in millions) 163 164 151 135CAGR 4.82


%Operating Profit Margin

2014 2013 2012 2011Operating Profit Margin 22.8% 23.0% 22.2% 22.2%

The retail clothing industry has an average operating profit margin of .05. As seen above, buckle

has a consistent operating profit margin. This indicates that the buckle is a more profitable

company. Based on the gross profit margin of 22.8 compared to the industry the buckle is doing

significantly better.

Net Profit Margin

2014 2013 2012 2011Net Profile Margin 14.4% 14.6% 14.3% 14.2%

Over past 4 years buckle has sustained an average net profit margin of about 14. For. The

average net profit margin in the industry it's only 7. 98 percent. The companies in the retail

clothing industry is typical around 7 to 12 % net profit would be a good goal. By seeing buckles

net profit margin it tells us that they have at least one or more advantages over the competition.

This will then allow buckle to protect themselves during hard times like a recurring recession.

Because Buckle has a competitive advantage they will be able to improve market share during

the possible downturn.


Earnings Per Share

2014 2013 2012 2011Earnings Per Share 3.39 3.44 3.2 2.68

Earnings per share ratio measures the amount of the Buckles net income that is

periodically available for payment to the holder of its common stock. Because the buckle has a

high EPS, it is more than capable for generating a significant dividends for its investors. Buckles

shows that they are more susceptible to further growth. In 2014 Buckle decreased by .05 from

the previous year. Compared to the industry, Buckle is doing extremely well. This is able to be

viewed in an earlier illustration the strategic group map.

Return on Assets

2014 2013 2012 2011Return on Assets 31.8% 32.6% 29.5% 27.4%

The ROA above shows the management is making the right choices and allocating

resources. It has increased every year with a slight drop in 2014. The Buckles ROE displays of

the company is earning money on less investment.

Return on Equity

2014 2013 2012 2011Return on Equity 49.9% 50.3% 42.7% 38.5%


The ROE above shows that the Buckle is profitable compared to the industry. Investors

will look at these four years and see the profit the company generates is good. Buckle's ROE will

show that they are a prophet Creator company and they have a competitive advantage.

Current Ratio

2014 2013 2012 2011Current Ratio 2.77 2.15 2.91 2.57

The buckle has a high current ratio. Which means the buckle is able to pay back short

term liabilities. Because buckle is over the 1, suggests that is in good financial health. 2.6 is the

average current ratio for the buckle in the last 4 years. This shows the buckles sense of efficiency

about their operating cycle or its ability to turn their product into cash.

Working Capital

2014 2013 2012 2011Working Capital 219 148 210 161

The reasoning you see a huge increase in working capital is because from year 13 to year

14 the Buckle didn't do so well. With the huge increase it shows that the buckle was not

operating the most efficiently. This reflects back to the EPS because investors look to see the

company's underlying operational efficiency.

Total-Debt-to-Assets, Debt-to-Equity, Long-Term Debt-to-Equity

2014 2013 2012 2011Total-Debt-to-Assets N/A N/A N/A N/ADebt-to-Equity N/A N/A N/A N/ALong-Term-Debt-to-Equity N/A N/A N/A N/A


Looking at Buckle's balance sheets there was no evidence or data about the Buckle's debt.

There was ways to calculate the total debt-to-assets, debt-to-equity and long-term-debt-to-equity

but these personal calculations would have been untrue and could not be determined. Investor

say that you need that to have a healthy debt to equity ratio. Due to the buckles lack of debt, the

Buckle could be seen as a negative to investors. Recommended would be to make an acquisition

or build more facilities to create debt.

Days of Inventory

2014 2013 2012 2011Days of Inventory 66.17 60.78 59.21 60.79

Days of inventory for the buckle has increased in the past 3 years. This means that it it

takes the company longer to turn its inventory into sales. The 66.17 seems high, but due to their

prices and quality this is reasonable.

Inventory Turnover

2014 2013 2012 2011Inventory Turnover 5.52 6 6.16 6

Inventory turnover average for the industry is 4.94. The buckles has slowly decrease from

6 to 5.5 to in the last four years, but has stayed above industry average. The numbers be higher

means that the buckle has a greater sales efficiency and a lower risk of loss through un-saleable

products.

Compound Annual Growth

CAGR 4.82%


Buckle has faced their fair share of financial issues, the biggest one was the drop in 2014.

Their compound annual growth rate is the Buckles investment over the last four years. Besides

the drop in 2014, the company seems to be debt-free, showing that the Buckle is a pretty

financial stable business.

Performance

Buckle is a business that really aligns their activities to their mission, and monitor their

performance towards trying to reach their goals as the company continues to grow. They have

opened 13 new stores and have successfully completed eight full remodels. They have extended

into 43 states and plan to open their first store location in Alaska along with planning 17 store

remodels. Buckle does a good job of providing ways to see how their strategy is working. They

have good lines of communications amongst their team members, which is nice because using a

common language of communication can cut down on the amount of misinterpretations.

Their code of conduct is something that Buckle doesn’t take lightly. Buckle is a

company that pride themselves on ensuring ways to “do the right thing.” Which can be seen

when looking through their ethical background and seeing that they aren’t facing any lawsuits

against them, as of today, which is highly desired throughout the retail industry. Due to the

incredible competitive retail industry, Buckle believes that their competitive advantage are their

diverse product lines and their customer service. This gives Buckle a strong competitive position

because they can gain one on one interaction between customers and employees. Instead of just

trying to get rid of their of products Buckle help customers build a unique look and they can help

customers build up confidence and allow them to walk out of the store in style.


Buckle uses their performance indicators to help measure their progress. By identifying

some of these key performance factors, they can see how they measure their progress against

their rivals and measure their effectiveness. Buckle allows for growth of accomplishments, not

just making sure how well the employees are performing, which helps them focuses on what

matters most.

Implementation

Strategy execution is one of the only ways to sustain a good competitive advantage in the

retail industry because rivals are trying to copy and change to gain the upper hand. Buckle is

great at aligning their organizational structure to help facilitate and collaborate with their

external partners which helps the company change because those partners help choose which

products will lead to advantages and help speed up the decision making process. Buckle really

follows a matrix organizational structure they combine both multidivisional and functional

forms. They have multiple relationships which allows for cross-unit collaborations with the

merchandise teams, district managers, CEOs, and the many different partners that Buckle

associates with. Good strategy execution requires team effort, and the team should be active

throughout the whole process.

Buckle successfully executes their strategy because they have put together a strong

management team and have done a nice job of recruiting talented employees, who love their

jobs. Buckle makes sure that their employees are up to date and educated on their knowledge of

products and skills of the company. Educating their employees is important to the company

because they believe the best companies make an extra efforts into their employees to make the

entire workforce a competitive asset against their rivals. Establishing these capabilities is not

something the company can do overnight, and Buckle has showed that it has taken years to


figure out the right way to execute and implement this continued refreshment of educating

employees to align with the ever changing consumer expectations and transforming competitive

circumstances. Buckle has established lines of authority and reporting with in their

organizational structure, which helps the company decide how much authority to give when

make big decisions. These lines of authority are both formal and informal tasks and

responsibilities, which the company is directing. Buckle put a lot of effort in putting together a

talented management team, with a mixture of experience, skill, and ability to get things done and

help execute of their broad differentiation strategy. Buckle has also developed resources suited to

their strategy by having so many different partners that they work with. While developing theses

resources Buckle has also done well with keeping up with updating and changing with the

industry and new trends that emerge. Buckle really tries to include the higher up teams in this

process, and want their employees and teams to be involved, and to help strengthen that team

bond. The implantation of Buckle’s broad differentiation strategy shines through the company as

a whole, and helps with their overall business model, allowing to be as successful as they are and

allowing for growth and expansion.

Recommendations

There are four big recommendations that should be addressed after reading this analysis.

The recommendations would benefit, make them more successful, and create opportunities for

the future growth as a business. These four recommendations are to continue with its existing

target market, develop an additional brand or offer products that are targeted to older age groups,

continue to develop their competitive advantages, and narrow and deepen their product offerings.


First, Buckle should continue to grab the attention of their target market of fifteen to

thirty year olds. Buckle will always have waves of fifteen to thirty year olds coming in and out of

their store, with the desire to keep up with the latest fashion trends.

Second, Buckle ought to develop an additional brand or products that are targeted and

suited to the older age groups. Their income sales are high with the product lines that they are

already market in their stores. By offering products that appeal to the older ages, such as thirty to

fifty, this would increase profits, increase sales, build awareness, and gain more customers.

Third, Buckle should continue to develop their competitive advantages. They are well

known for their personal and knowledgeable customer service that their employees provide. If

they continue to grow and build their company and bring in more employees than this will help

increase their sales and brand image. With the service that the employees provide buckle should

continue with and grow the method that they train their teams with to increase, more in depth,

the knowledge that the employees have about each product. Buckle also should continue with

their unique “treasure hunt” products. Customers love that they can find items that few people

own.

Lastly, Buckle could narrow and deepen their product offerings. Buckle could decrease

the thirty brand partners that they collaborate with, to a number like fifteen. They could continue

to collaborate with the partners that fit and agree with their code of ethics. By narrowing down

the products they offer they could deepen and increase the amount of products from each brand

they partner with. Also by decreasing the number of partners, they could then increase the

market and product line of their private label products.


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Documents

wp.cune.org · Web viewBuckle Case Analysis Alexa van Bergen and Jericca Pearson Concordia University May 1, 2015