HomeSense SWOT Analysis, Competitors & USP

HomeSense SWOT analysis evaluates the brand by its strengths, weaknesses, opportunities & threats. In SWOT Analysis of HomeSense, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors.

SWOT Analysis is a proven management framework which enables a brand like HomeSense to benchmark its business & performance as compared to the competitors, and make strategic improvements. HomeSense is one of the leading brands in the lifestyle and retail sector.

The article below lists the HomeSense SWOT, competitors and includes its target market, segmentation, positioning & USP. Let us start the HomeSense SWOT Analysis:

SWOT Analysis of HomeSense

For HomeSense, SWOT analysis can help the brand focus on building upon its strengths and opportunities while addressing its weaknesses as well as threats to improve its market position.

HomeSense Strengths

The strengths of HomeSense looks at the key aspects of its business which gives it competitive advantage in the market. Some important factors in a brand's strengths include its financial position, experienced workforce, product uniqueness & intangible assets like brand value. Below are the Strengths in the SWOT Analysis of HomeSense :

1. Strong presence in UK and Canada make it a significant player in the industry
2. Competitive pricing helps lure a strong customer base
3. Nearly 30 stores across UK and over 80 stores in Canada
4. Tie-up with Winners Merchants International L.P. in Canada

5. Product portfolio includes Bedding, furniture, and housewares

HomeSense Weaknesses

The weaknesses of a brand are certain aspects of its business which are it can improve to increase its position further. Certain weaknesses can be defined as attributes which the company is lacking or in which the competitors are better. Here are the weaknesses in the HomeSense SWOT Analysis:

1. Occasional defects were present in products hurt its image
2. Limited online portal to view products and their description is a disadvantage and means limited market capability

HomeSense Opportunities

The opportunities for any brand can include areas of improvement to increase its business. A brand's opportunities can lie in geographic expansion, product improvements, better communication etc. Following are the opportunities in HomeSense SWOT Analysis:

1. Expansion into Europe mainland
2. Cater to office furniture and other services
3. Have an online portal for sales showcasing the entire portfolio

HomeSense Threats

The threats for any business can be factors which can negatively impact its business. Some factors like increased competitor activity, changing government policies, alternate products or services etc. can be threats. The threats in the SWOT Analysis of HomeSense are as mentioned:

1. Competition have a wider choice of products

2. E-commerce with home delivery has grown in the last few years

3. Unfavorable economic conditions can affect operational efficiency

HomeSense Competitors

There are several brands in the market which are competing for the same set of customers. Below are the top 3 competitors of HomeSense:

1. Ikea
2. Zara Home
3. DFS Furniture Co Plc

Hence this concludes the HomeSense SWOT analysis.

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About HomeSense

HomeSense Overview
Parent Company	TJX Companies
Category	Domestic merchandise, Specialty stores
Sector	Lifestyle and Retail
Tagline/ Slogan	Irresistible finds. Exceptional prices ; It makes perfect HomeSense.
USP	Unique items both trendy and archaic at low prices
HomeSense STP
Segmentation	People looking for home décor at a discount
Target Market	Middle class and upper middle class
Positioning	Low prices for unique pieces

 

This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.

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