Are brands losing share in the multicultural market place?
Walk into any of he 95,000 supermarkets, convenience stores and cash and carry’s, which are controlled largely by the multicultural communities, and one thing you are sure to find out.
These stores, which can shifts up to 33% share for a number of major retailing brands. But this honeymoon is not going to continue as you can see an increasing number of foreign brands, which are imported to the UK to cater for the needs and demands of a growing diverse multicultural consumers.
So what can major brands do in the face of this onslaught:
1) ignore this phenomenon and assume they are large enough to withstand brands chipping into their sales and gaining more shelf space from them and consequently resulting in their brands continuing to slide further
2) develop a strategy based on understanding their audiences, motivations and purchasing patterns in order to address their needs, fend the competition and increase their market dominance and share.
Established brands can’t ignore the challenges to their dominance and must continue to learn and innovate to stay on top of their game otherwise they will continue to see their sales and market share dwindling.