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Competitive Factors of Fashion Retail Sector with Special Focus on SMEs

Author

Listed:
  • Gyorgy Gonda

    (Doctoral School of Management and Business Administration, Szent Istvan University, 2100 Gödöllő, Hungary)

  • Eva Gorgenyi-Hegyes

    (Doctoral School of Management and Business Administration, Szent Istvan University, 2100 Gödöllő, Hungary)

  • Robert Jeyakumar Nathan

    (Faculty of Business, Multimedia University, Melaka 75450, Malaysia)

  • Maria Fekete-Farkas

    (Faculty of Economics and Social Sciences, Szent Istvan University, 2100 Gödöllő, Hungary)

Abstract

Nowadays small and medium sized enterprises have become increasingly important in contribution to job creation and economic growth both in national and European level. Considering the rapidly and continuously changing business environment, due to the impacts of globalization and concentration, staying competitive is a great challenge for companies in the 21st century, especially in fashion retail sector. The current paper is intended to map the current situation of the sector—focusing primarily on SMEs—through the extensive literature review; and provide a better understanding of sector-specific competitive factors in fashion industry. The research methods are the analysis of different related articles, reports and other scientific literature sources, in-depth interviews and questionnaire survey. The survey was validated by confirmatory factor analysis, data were analyzed and evaluated through PLS-SEM model. The main findings of the study show that the most important competitive factor is the compliance with consumer needs. Furthermore, the research also points out that SME sector lag behind chains, thus, they need to focus more on better understanding and meeting consumer expectations. In this activity, it would be useful if they received EU and domestic support for educational assistance.

Suggested Citation

  • Gyorgy Gonda & Eva Gorgenyi-Hegyes & Robert Jeyakumar Nathan & Maria Fekete-Farkas, 2020. "Competitive Factors of Fashion Retail Sector with Special Focus on SMEs," Economies, MDPI, vol. 8(4), pages 1-18, November.
    • Handle: RePEc:gam:jecomi:v:8:y:2020:i:4:p:95-:d:438817
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    References listed on IDEAS

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    Cited by:

    1. Lee, Jaeha & Park, Kwangsoo, 2024. "The effects of hedonic shopping values on loyalty towards small retailers: The moderating role of trust," Journal of Retailing and Consumer Services, Elsevier, vol. 76(C).
    2. Chi H. P. Ho & Kiet T. Nguyen & Duc C. Trinh, 2024. "Business practices of trade and service firms: Evidence from Vietnam," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 2037-2061, March.
    3. Eva Gorgenyi-Hegyes & Robert Jeyakumar Nathan & Maria Fekete-Farkas, 2021. "Workplace Health Promotion, Employee Wellbeing and Loyalty during Covid-19 Pandemic—Large Scale Empirical Evidence from Hungary," Economies, MDPI, vol. 9(2), pages 1-22, April.
    4. Judit Oláh & Yusmar Ardhi Hidayat & Zdzisława Dacko-Pikiewicz & Morshadul Hasan & József Popp, 2021. "Inter-Organizational Trust on Financial Performance: Proposing Innovation as a Mediating Variable to Sustain in a Disruptive Era," Sustainability, MDPI, vol. 13(17), pages 1-18, September.
    5. Yunia Dwie Nurcahyanie & Moses Laksono Singgih & Dyah Santhi Dewi, 2022. "Implementing Online Product Reviews and Muslim Fashion Innovation for Resilience during the New Normal in Indonesia," Sustainability, MDPI, vol. 14(4), pages 1-20, February.

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