In a rapidly changing retail marketplace, Toys R Us, once a highly prosperous toy retail shop, has been fading its glory due to its failure to adapt to the changing culture of physical shopping experience and to respond quickly to explosive growth of e-commerce. The retail company is thereby currently in a dire need for promotion of a more interactive environment to better appeal and capture the fantasy-like imagination of many children.
Toys R Us has been unsuccessfully fighting against the drastically declining levels of demand against online rivals such as Walmart or even bigger offline shopping industrysuch as Walmart. It is now, unfortunately, a habitual part of everyday life that individuals is more prone to be attracted to a source of entertainment that is more convenient and affordable. The surging popularity of electronic devices thus paved an inexorable pivotal year for the toy industry, especially because traditional gaming devices are pushed away. Even nostalgia couldn’t save Toys R Us.
What’s worse, the company’s recent bankrupt debt payments due to its downfall proved to be overwhelming for the company even despite the holiday sales. Toys R Us eventually announced the closure of roughly 180 out of 800 stores in the U.S. and 100 stores in the U.K. Yet, the hapless reality is a consequence of such negligence in making even a subtle effort to bring the experiential opportunities into the stores.
Aspiring to initiate a business plan for this heartbreaking truth, the semi annual Korea Business Competition participants were summoned on the 7th of Aprilat Chadwick International School. As business consultants, teams were assigned to tackle all these issue and devise a feasible strategy in order to the revive Toys R Us. Many teams promoted offline advantages by enhancing the interior or supplementing in-store activities while others even proposed the creation of amusement parks. In the end, however, two SIS teams and one SFS team placed as the ultimate finalists.
All contestants strived to better appeal to their judges in order to make their way up the bracket. These participants included students from nine international schools:KIS, SIS, SFS, TCIS, YISS, APIS, CDS, CI, and GSIS. With only short minutes of break time, each group worked extremely hard to accomplish and successfully finish the business event. Great job everyone!
– Jennie Yeom (’20)
Images: Nathan Cho (’19)
Featured Image: Toys”R”Us