Management

Working Capital Management Strategies and Techniques

Known as a tourist’s must-visit enterprise, whether the tourist is a celebrity or a common person visiting Hong Kong, Sam’s tailors have earned a great reputation since its establishment in 1957 for providing high quality tailored suits for men and women. The company operates on the core traditions of quality and value for money. Their concept of the 24-hour suit has traditionally drawn many famous names like Bill Clinton, and Michael Palin, who in fact had a suit made within 24 hours whilst he was shooting his BBC travel documentary, ‘Around the World in 80 Days’ (www.samstailor.biz. http://www.time.com/time/asia/2004/boa/boa_body_tailor.html).Known as a tourist’s must-visit enterprise, whether the tourist is a celebrity or a common person visiting Hong Kong, Sam’s tailors have earned a great reputation since its establishment in 1957 for providing high quality tailored suits for men and women. The company operates on the core traditions of quality and value for money. Their concept of the 24-hour suit has traditionally drawn many famous names like Bill Clinton, and Michael Palin, who in fact had a suit made within 24 hours whilst he was shooting his BBC travel documentary, ‘Around the World in 80 Days’ (www.samstailor.biz. http://www.time.com/time/asia/2004/boa/boa_body_tailor.html). The current owner, Manu Melwani, son of the founder Sam Melwani, is very particular about maintaining strong relationships with past and present customers, as he thoroughly believes that a good tailor needs to know a lot about his customers. He travels extensively to Europe and America, where the majority of his clientele are, in order to understand more of their daily habits, personalities and public opinions about them to create suits tailor-made for their image. The core competencies are the amount of research that goes into studying the behaviors of a considerably small but elite customer base, and a small corporate structure mainly made of family members, enabling effective communication and coordination of activities. The island economy has seen a rise in employment figures alongside a stable and healthy growth in a gross domestic product (GDP), which was made possible through overall growth in the retail value provided, especially in the non-grocery sector. Some reasons attributed to this growth are fewer goods sold at discounted prices during the crisis years and a steady increase in incoming tourists, especially from mainland China. All of this has resulted in an increasingly optimistic approach in terms of consumer spending, and the 2010 growth figures have considerably outperformed the figures from previous years. Also, during the crisis years, property rentals had soared and pushed retailers to employ innovative methods to gain business, one of which was set up ‘pop-up’ shops at places especially popular with tourists.

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