JJB can be a 勝利者 again

By DAILY MAIL REPORTER
Updated: 00:00 BST, 9 December 2002

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HIGH Street group JJB Sports is not a telecoms or マスコミ 在庫／株 - it is a plain old retailer 生成するing lots of cash and growing its sales every year. Why its 株 have been 大打撃を与えるd 65% over the last 12 months is beyond me.

Are City 投資家s losing their 神経? JJB has had a string of problems this year. World Cup sales were poor and the 取得／買収 of discounter TJ Hughes, because 'it was cheap', was puzzling.

Along with other sports 小売 rs, it （機の）カム under 調査 by the Office of Fair 貿易（する）ing over 申し立てられた／疑わしい price-直す／買収する，八百長をするing of replica football 道具s. Its 決定／判定勝ち（する） to open health clubs と一緒に some of its larger 蓄える／店s is 貧しく timed - just look at the problems Holmes Place clubs are 直面するing. Latterly, the 自殺 of JJB 長，指導者 (n)役員／(a)執行力のある Duncan Sharpe, son-in-法律 of chairman Dave Whelan, 追加するd to 関心s about where the 商売／仕事 is going.

But JJB is not a new kid on the 封鎖する. 利益（をあげる）s have grown 終始一貫して for years and (if you regard this year as a blip) are likely to continue to do so. Perhaps the 管理／経営 should get the 利益 of the 疑問 when trying new ideas.

July's 利益（をあげる）s 警告, albeit disappointing, （機の）カム after a magnificent year when 利益（をあげる）s grew 30%. Though the new 長，指導者 (n)役員／(a)執行力のある, Tom Knight from 黒人／ボイコットs Leisure, has yet to 証明する himself, (n)役員／(a)執行力のある chairman Whelan is tried and 実験（する）d. JJB was 設立するd by Whelan, a former Blackburn Rovers footballer. His family owns 37%, 価値（がある） £140m. Ian McDonald at 仲買人 Numis said: 'Whelan is not the type to let the 商売／仕事 slip away.'

The 株 貿易（する） on just six times 収入s - a very low level for a company of its size and standing. They 産する／生じる 4%. Whelan 明確に believes the 率ing is too low and is considering a 管理／経営 buyout. 計画（する）s have been on 持つ／拘留する since Sharpe's death, but may be resurrected next year.

JJB has been 攻撃する，衝突する by 恐れるs of 競争 from supermarkets and a 生き返らせるd 示すs & Spencer. Ten years ago most people would never have considered buying 着せる／賦与するs with their food. Today some believe that supermarkets can compete, and （警官の）巡回区域，受持ち区域, the High Street in almost every area.

For example, 団体／死体 Shop floundered when its 直面する lotions were copied by Boots. Now Boots is struggling as its own 製品s are copied by supermarkets.

But it is far too soon to sound the death knell of the specialist retailer. Any 蓄える／店 can 後継する so long as it understands its 顧客s and moves with the times.

Take butchers shops - over 20 years thousand s have gone out of 商売／仕事. The simple explanation is that people find it easier to buy their meat at the supermarket. But another explanation is that shoppers (who are おもに women) dislike uninviting shops strewn with sawdust, where burly men hurl animal carcases over their shoulder before serving you in a bloodstained apron.

My 地元の butcher in South London learnt this lesson and is doing a roaring 貿易（する）. It scrapped the red-and-white 伝統的な look for spotless stainless steel 閣僚s and sheepskin rugs. It sells olives and other delicatessen foods that people are 用意が出来ている to 支払う／賃金 a 賞与金 for.

JJB's 顧客s are おもに 老年の 18-30. They care about 着せる／賦与するs and where they buy them. Of course, any 経済的な 下降 will dent spending, but many of these shoppers would go without rather than buy sportswear in Tesco or M&S. They want the 最新の fashions and, most importantly, a 賞与金 brand.

I would not 交換（する） Clinique moisturiser for Sainsbury's even if they used the same 成分s. JJB 顧客s would not 交換（する） Nike or adidas for a cheap copy, however 類似の it looked.

Specialist 蓄える／店s still have 広大な／多数の／重要な 控訴，上告 and the very 'specialist nature' lends to a perception of 優越.

Supermarkets have already realised that 消費者s are rebelling against the 'one shop fits all' 概念. They hope to get around this by 開始 '小型の-shops' within their 蓄える／店s.

Why would Tesco have done a 着せる／賦与するing を取り引きする US brand Cherokee if it believed its own-brand 製品s would be enough to 満足させる the 顧客?