Mixing it up: How Hotel Chocolat and Joules are diversifying to drive growth
Diversification is a growing trend for retailers, from new product categories to new store formats and other customer propositions. But can adding more strings to your bow offer a route to long-term growth?
History is littered with examples of businesses that have expanded beyond their core proposition to huge success.
In Amazon, which started life as an online marketplace for books before becoming the sprawling commercial giant we know today, retail might just boast the greatest diversification success story of them all.
These lessons have not been lost on other retailers looking to grow their own sales and profits at a time when every penny of consumer spend is fiercely contested. In recent years, retail diversification has been picking up steam.
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