Retailers’ foreign market exits over time: A strategic management perspective |
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| Institution: | 1. Faculty of Economics, Oita University, 700 Dannoharu, Oita city, Oita 870-1192, Japan;2. Graduate School of Business and Finance, Waseda University, 1-6-1 Nishi-Waseda, Shinjuku-ku, Tokyo 169-8050, Japan;1. Department of Strategy and Policy, NUS Business School, National University of Singapore, Singapore;2. Professor of Strategic Management, Trinity Business School, Trinity College Dublin, Ireland;3. The University of Sydney Business School, University of Sydney, Australia;4. School of Business, The George Washington University, United States;5. Henley Business School, University of Reading, England |
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| Abstract: | Foreign divestment research has focused on identifying divestment drivers but has only rarely investigated the long-term divestment behavior of companies. This study uses longitudinal case studies to explore the foreign market exit behavior of all seven of the ten largest store-based retailers in the world that had exited any foreign market between 2005 and 2020. It considers the three main theoretical perspectives in the field of strategic management, i.e., the industry-based, the resource-based, and the institution-based view. We find that retail market exits are often connected actions within certain epochs. The resource-based view seems the most appropriate strategic view to explain retailers’ long-term market exit behavior because their exits are often triggered by their idiosyncratic resources. However, we find some common patterns across the retailers’ market exit behavior that show the relevance of the industry-based and the institution-based view. Furthermore, the study detects the recently increasing phenomenon of partial exits which can be explained by the real options theory. |
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| Keywords: | Market exit Divestment behavior Retail divestment Firm-specific behavior Industry-specific patterns Industrial organization Institution-based view |
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