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Kirkland’s Inc. SWOT & PESTLE Analysis

ID : 521229253| Jun 2022| 21 pages

COMPANY PROFILE -Kirkland's Inc.

Business Sector :Retail

Operating Geography :United States, North America, Global

About Kirkland's Inc. :

Kirkland's Inc. is a home decor, furniture, textiles, accessories, and gift retailer based in the United States. It has 434 locations across 37 states, as well as an e-commerce website. Its headquarters are in Brentwood, Tennessee. Carl and Robert Kirkland started Kirkland's in Jackson, Tennessee, in 1966, selling low-cost home accessories. Living room furniture, wall art, mirrors, lamps, rugs, dinnerware, candles, artificial floral, and outdoor furniture and decor are among the items available in the Company's stores. Gifts and seasonal merchandise are also available at the Company's retail locations. Its e-commerce website has also gained a good amount of attention. They have over 8000 employees. Kirkland has won 9 awards at the 2021 Private Equity Internation. In 2022, Kirkland's announced that its board of directors had approved a new share repurchase plan that would allow the company to buy $30 million in outstanding common stock. In 2022, they plan to make progress on their strategic initiatives, which include rebranding to Kirkland's Home, strengthening their digital capabilities, introducing new furniture and outdoor products, and prioritizing in-store floor layouts to support their changing product mix.

The USP of Kirkland’s lies in it being the 5th largest company based on size in the United States. The mission statement of Kirkland reads, “At Kirkland’s, we believe in providing customers with everything they need to create inspirational living spaces, but we also believe in living inspirational lives. We honor this commitment by partnering with organizations that share our purpose: To inspire and experience the warm emotions and pride of home sweet home.”

Kirkland's Inc. Revenue :


US$ 558.2 million - FY ending 29th January 2022 (y-o-y growth 2.7%)
US$ 543.5 million - FY ending 30th January 2021 (y-o-y growth -10%)
US$ 603.9 million - FY ending 31st January 2019

Competitive Analysis of Kirkland's Inc.

SWOT
PESTLE
The SWOT analysis for Kirkland’s Inc. is presented below in a matrix followed by the detailed analysis report:
StrengthsWeaknesses
1. Good customer service through loyalty programs and fast delivery
2. Strong presence across 35 states in the US
3. Direct sourcing strategy ensures better product quality
1. High dependence on products sourced from foreign vendors
2. Lower merchandise margins due to high tariffs
3. Large number of unprofitable stores
OpportunitiesThreats
1. Expand product offerings across different segments
2. Capture growing e-commerce market
3. Improve omni-channel services to increase customer base
1. Highly competitive industry with many large competitors
2. Changes in shopping patterns due to pandemic
3. Store closures due to COVID-19 leading to lower sales
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Kirkland's Inc.

Strength

1. Good customer service through loyalty programs and fast delivery: Kirkland has a good customer service strategy to enhance customer experience and encourage brand loyalty. They have built their reputation as an affordable brand for home décor and furnishings. Most of the products are either traditional or casually styled and a wide assortment allows customers to pick items that are well suited to their homes. Kirkland follows an emotionally based tagline of “Bring Happiness Home”. Kirkland redesigned their customer loyalty program in 2020 to increase brand loyalty. Now Kirkland customers can join the private K-club and get access to private label credit financing for their purchases. The new and improved points systems rewards customers for making purchases from Kirkland or even for interacting with Kirkland across different communication channels. These points can be redeemed for rewards. Special birthday discounts, bonus days, holiday sales, monthly $500 lucky draw, etc. are other ways in which Kirkland enhances customer experience. They also focus on fast delivery through multiple channels. Customers can ask for direct home delivery, warehouse pickup, store pick-up, curbside pick-up, buy online and pick up from store, and other methods as per their convenience. In 2020, Kirkland introduced a next-day delivery system for some products to keep up with competitors.

The remaining section under "Strength" is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threat

1. Highly competitive industry with many large competitors: The home furnishing industry has historically been very competitive due to the high margins and high potential for profits. There are many big lifestyle brands and e-commerce platforms that have started their own home furnishing lines following the success of other products. Amazon, eBay, and Target are some of these companies who saw success in other sectors before venturing into home furnishing. The advantage with these companies is that they have higher partnerships with multiple sellers, and they have considerable bargaining power to set prices according to their own preferences. Products are heavily discounted, and this attracts consumers to purchase from these stores. Amazon and eBay have convenient return policies too. Kirkland also faces competition from low-priced entrants from abroad. Globalization and the recent COVID-19 pandemic have made everything shift online. It has become easier for customers to find cheaper furnishings online from foreign manufacturers directly. To sustain itself against such competition, Kirkland has to focus on improving its brand loyalty.

The remaining section under "Threat" is available only in the 'Complete Report' on purchase.

Major Competitors :

Major Brands :

  • Kirkland’s Stores, Inc.
  • Kirkland’s.com, LLC
  • Kirkland’s Texas, LLC
  • Kirkland’s of Bel Air Mall
  • Kirkland’s DC, Inc.
SWOT & PESTLE (combined)
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Check Out Analysis of Other Relevant Companies

References used in Kirkland's Inc. SWOT & PESTLE Analysis Report

1. Kirkland’s stock loses half its value, as trade war leads to cut in earnings outlook - https://www.marketwatch.com/story/kirklands-stock-loses-almost-half-its-value-as-trade-war-leads-to-cut-in-earnings-outlook-2019-06-06
2. The secret behind Amazon's low prices: Study reveals how e-commerce giant fools consumers by constantly changing costs - https://www.dailymail.co.uk/sciencetech/article-2908802/The-secret-Amazon-s-low-prices-Study-reveals-e-commerce-giant-fools-consumers-constantly-changing-costs.html
3. Changes In Consumer Behavior Brought On By The Pandemic - https://www.forbes.com/sites/jiawertz/2021/01/31/changes-in-consumer-behavior-brought-on-by-the-pandemic/
4. Coronavirus Aid, Relief, and Economic Security (CARES) Act - https://www.investopedia.com/coronavirus-aid-relief-and-economic-security-cares-act-4800707
5. How is technology transforming the future of the furniture industry? - https://techengage.com/how-is-technology-transforming-the-future-of-the-furniture-industry/
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SWOT & PESTLE.com (2022). Kirkland’s Inc. SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/kirklands/ [Accessed 25 Jun, 2022].

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Kirkland's, Inc. SWOT and PESTLE analysis has been conducted by Anangsha Saha and reviewed by senior analysts from Barakaat Consulting.

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