Times are hard for Debenhams, Topshop (Arcadia), House of Fraser and many other businesses. Their main problem is the failure to establish a sustainable competitive advantage. In other words, there is no reason why customers should stay loyal, because there is little that marks these businesses out from the competition. They were doing poorly anyway, and then online came along and pushed them out of the way.
Of all the great long-term business strategies, competitive advantage comes high on the list. So what is it and how can it be achieved?
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