Business Model Innovation of Small Retail Champions: An Exploratory Investigation in the Fashion Retail Sector
This study identifies a range of business model innovations implemented by innovative small fashion retailers, defined as retail champions, from a value perspective. Qualitative findings illustrate how small fashion retail champions utilize business model dimensions from the marketing literature, in novel ways, including value creation (i.e., new capabilities, new technology, new procedures, new partnerships), value proposition (i.e., new offerings, new markets, new channels, new customer relationships), and value capture (i.e., new revenue models, new cost structures). The findings add to the limited academic literature on small retail firms’ business models and practices. This study provides practical competitive information and implications for small fashion-related retailers and business consultants who assist them.
Keywords: retail champion, post-COVID-19, business model innovation, fashion retail, value-perspective
