David Jones Mission Statement

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David Jones is Australia’s oldest department store. Named after its successor, it opened its first doors in Sydney, 1838 (David Jones, 2014). The mission statement, as stated on the company website, David Jones, 2014, “Is to sell the best and most exclusive goods.” Today, over 35 stores are spread out throughout Australia, two warehouse outlets and an online store. The online store as with any store has available the latest and greatest fashions of now, as well as beauty and home products (David Jones, 2014). David Jones has not always had a smooth run in the retail industry. David Jones retired, leaving management of the stores in the trusting hands of his business partners and this is when complications first arose. Company assets were assigned…show more content…
If sales are to increase customers need to know they can shop online whenever and wherever they are, this is achieved through the use of computers, tablets and phones. As with any company, there are a number of risks faced every year. Some risks cannot be controlled, others can be minimised with the appropriate actions in place. The following risks are the most prominent ones faced by David Jones. These risks include; Market Risk, Reputation Risk, Technology Risk, Financial and Information Risk and Regulatory/Compliance Risk (Financial Report, 2013). Market Risk is affected by consumer spending. Spending has decreased due to consumers opting rather to save and the new threat of shopping online affects sales. In response to the lower prices offered online, David Jones have reduced the prices of their international brands they have in store to keep up with the competition (Financial Report, 2013). A company relies heavily on its reputation to target new customers and retain existing. Unethical behaviour, unfavourable media attention and projected ideas that fall short of its target can harm the reputation and performance that the company has worked hard to…show more content…
To control such risks David Jones makes sure that appropriate, effective and timely information is provided (Financial Report, 2013). Regulatory/Compliance Risk is faced due to the environment in which the company operates. There are protection, privacy and competition regulations in place. Any breach can negatively impact both reputation and performance. To control this risk training is performed on a regular basis to keep all staff up to date with regulation affecting their jobs and the company (Financial Report, 2013). Over the past year, David Jones has seen the transformation into an Omni Channel Retailer. With a new direction in place, a new look at the Company’s projects is undertaken (Financial Report, 2013). The David Jones, Financial Report, 2013 states, “the company will remain focused on its Future Strategic Direction Plan. This ensures the Company is well-placed to capitalise on strengthening in consumer sentiment. The company expects over the year to follow that the industry will be challenging, consumer sentiment will continue to weaken and competition will remain

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