HomeGoods SWOT Analysis, Competitors & USP

Published by MBA Skool Team, Last Updated: April 26, 2020

SWOT analysis of HomeGoods analyses the brand by its strengths, weaknesses, opportunities & threats. In HomeGoods SWOT Analysis, 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 HomeGoods to benchmark its business & performance as compared to the competitors. HomeGoods is one of the leading brands in the lifestyle and retail sector.

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

SWOT Analysis of HomeGoods

For HomeGoods, 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.

HomeGoods Strengths

The strengths of HomeGoods 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 HomeGoods :

1.Weekly shipments, new stuff every week

2.Large network, product from across the globe as its also known as HomeSense

3.Designer goods at low prices

4. Strong Brand Equity as it has over 400 stores

5. Great growth history also enhances its strong legacy

HomeGoods 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 HomeGoods SWOT Analysis:

1. Customers may have to do their own combinations and may feel lost

2.Limited global presence compared to big retail players


HomeGoods 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 HomeGoods SWOT Analysis:

1.Expand options for online orders, home delivery

2. Expansion abroad

3. Provide suggestions from interior designers

4.High End customers, exclusive designer made interiors

HomeGoods 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 HomeGoods are as mentioned:

1.Economic slowdown will prevent people from spending on decoration

2.Other stores offering imported items

3.Online retailers for home improvement


HomeGoods Competitors

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

1. HomeClick

2. Bed Bath & Beyond
3. Plush Home

Hence this concludes the HomeGoods SWOT analysis.

Continue reading more about the brand/company.

About HomeGoods

HomeGoods Overview
Parent Company

TJX Companies

Category

Home furnishing, home improvement

Sector

Lifestyle and Retail

Tagline/ Slogan

Be HomeGoods Happy; Irresistible finds exceptional prices

USP

Distinctive home fashions at irresistible prices

HomeGoods STP
Segmentation

Families looking for setting up new homes or refurbishing existing ones at an affordable price

Target Market

Working middle class and upper middle class families, looking to add style to their homes

Positioning

Place of unique and beautiful finds offered discounts in department and specialty store prices every day

 

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.

Browse marketing analysis of more brands and companies similar to HomeGoods. This section covers SWOT Analysis, Competitors, Segmentation, Target Market, Positioning & USP of more than 2500 brands from over 20 industry sectors.

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