This post is part of a series on how the 9 Laws of Data Mining from Tom Khabaza can be applied to analytics. You can find previous posts here. Law…
Mega-retailer Target recently announced that it would be closing the doors of eleven locations by February 1, 2015. The company’s press release stated, “The decision to close a Target store is only made after careful consideration of the long-term financial performance of a particular location.”[i] Target’s team of site selection experts have certainly been doing a great job considering their $72.6 BILLION in revenue for 2014. [ii] That being said, what were the root causes behind the closing of these particular stores?
Feature artwork provided by Tim Higgins.
Many may be familiar with the television show “Bar Rescue” currently in its 3rd season on Spike. If you are anything like my fiancé, you find yourself sucked into the difficulties these business owners find themselves in before host Jon Taffer kicks in the doors and begins making changes. In any given episode, Jon does some research by sending “secret shoppers” to get information on the bar. Based upon these initial observations, Taffer then meets with the owner(s) and staff to discuss his findings, and to describe the specific changes that he insists must be made (e.g., management, customer service, work ethic, cleanliness) for it to become a surviving and thriving business. He also examines the bar’s financial records to find possible cost savings. *Some Information taken from Wikipedia