Survival Strategies To Increase Financial Performance In The Retail Sector In Zimbabwe: A Case Of Edgars Stores.

Abstract

The purpose of the study was to evaluate survival strategies that increase the financial performance in the clothing retail outlets in Zimbabwe using Edgarsas the case study. The literature revealed that the clothing retail sector experiences high competition due to globalization. The survival of the retail sector stores depends on the adopted strategies to gain a competitive advantage over competitors. In addition, the literature showed that Porter’s competitive advantage strategies fail to work in the Zimbabwean environment. Hence, the researcher considered a study in this area. The study adopted a pragmatism paradigm that advocates a Mixed Methods Approach. In addition, the study adopted a Descriptive Research Design that answered the research questions. The study targeted the board of directors and managers of Edgars Stores. The population constituted 520 participants and the researcher sampled 260 participants. Questionnaires and interview schedules were used as research instruments for data collection. The quantitative data collected was analyzed using descriptive data analysis. On the other, qualitative data analysis was analyzed using thematic analysis. The results of the study showed that there were many barriers to the implementation of survival strategies and impeded organizational financial performance. Therefore, the study concluded that although the retail clothing sector understands survival strategies, they failed the implementation part. The study recommends that the retail sector should scan the environment and implement survival strategies that help them to fight competition locally and internationally.