To retrench or invest? Turnaround strategies during a recessionary time |
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| Institution: | 1. Department of Marketing, Feliciano School of Business, Montclair State University, Montclair, NJ 07043, United States;2. Department of Retailing, College of Hospitality, Retail, and Sport Management, University of South Carolina, Columbia, SC 29280, United States;1. University of Portsmouth, Department of Marketing and Sales, Portland Street, PO13DE, United Kingdom;2. University of Piemonte Orientale “A. Avogadro”, Department of Economics and Business, Via Perrone 18, 28100 Novara, Italy;1. Marketing Department, University of Ljubljana, Kardeljeva plo??ad 17, 1000 Ljubljana, Slovenia;2. Department of International Marketing, University of Vienna, Oskar-Morgenstern-Platz 1, 1090 Vienna, Austria;3. Department of Applied Psychology: Work, Education, Economy, University of Vienna, Universitätsstraße 7 (NIG), 1010 Vienna, Austria;1. University of Hamburg, Institute of Marketing, Moorweidenstr. 18, 20148 Hamburg, Germany;2. Namseoul University, Department of International Distribution & Marketing, 91 Daehakro Seonghwan-eup, Seobukgu, Cheonan 31020, South Korea;3. Hanyang University, Graduate School of Business, 222 Wangsimni-ro, Seongdong-gu, Seoul 04763, South Korea;1. University of Vienna, Faculty of Business, Economics and Statistics, Department of International Marketing, Oskar-Morgenstern-Platz 1, 1090 Vienna, Austria;2. School of Economics and Business, University of Sarajevo, Trg oslobo?enja 1, 71000 Sarajevo, Bosnia and Herzegovina;3. Warwick Business School, University of Warwick, Coventry, West Midlands CV4 7AL, United Kingdom;4. Loughborough University, School of Business and Economics, Loughborough LE11 3TU, UK;1. National Chengchi University, 64, Sec. 2 Zhi-Nan Road, Taipei 11605, Taiwan;2. Florida State University, Department of Marketing, College of Business, Tallahassee, FL 32306-1110, United States;3. Georgia State University, Institute of International Business, J. Mack Robinson College of Business, 35 Broad Street, Atlanta 30303, Georgia |
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| Abstract: | By analyzing retail news published between 2008 and 2011, we examined retrenchment and investment strategies employed by retailers in the U.S. in response to the Great Recession. We found four categories of retrenchment (store closings, buyouts, bankruptcies, and pull backs) and five categories of investment (market expansion, product development, service development, strategic partnerships, and corporate social responsibility). Retrenchment decisions were constrained by retailers' financial strength, whereas investment decisions varied with firms' strategic orientations and resource capabilities. Findings of this study enhance theoretical understanding of underlying factors of specific retrenchment and investment decisions that retailers pursued during a challenging economic time. |
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