Diversification
Diversification Strategies in the Global Retailing Industry: Essays on the Dimensions and Performance Implications
DISSERTATION of the University of St. Gallen, School of Management, Economics, Law, Social Sciences and International Affairs to obtain the title of Doctor of Philosophy in Management
submitted by
Timo Sohl from Germany
Approved on the application of
Prof. Dr. Thomas Rudolph and Prof. Dr. Günter Müller-Stewens
Dissertation no. 3987
Difo-Druck GmbH, Bamberg 2012
The University of St. Gallen, School of Management, Economics, Law, Social Sciences and International Affairs hereby consents to the printing of the present dissertation, without hereby expressing any opinion on the views herein expressed.
St. Gallen, October 26, 2011
The President:
Prof. Dr. Thomas Bieger
----------------------------------For my parents Elisabeth and Peter Sohl -----------------------------------
Acknowledgements
First of all, I would like to thank my advisor Prof. Dr. Thomas Rudolph. I enjoyed my time as his research assistant and I am very thankful that he enabled me to get such a deep and fascinating insight into the retailing industry. In the development of my dissertation, he gave me important advice and ensured that my ideas were convincing and relevant. I particularly enjoyed assisting him during various executive education seminars, where he showed me how relevant research results can be translated into impactful recommendations for practitioners. Also, during our numerous team events, his generosity was just remarkable. Furthermore, I would like to thank my co-advisor Prof. Dr. Günter Müller-Stewens for his help and suggestions in shaping my dissertation. I enjoyed our interesting discussions and he gave me valuable advice on how to build on the corporate diversification literature. In the starting phase of this dissertation, he also gave me important words of encouragement to investigate the topic of within-industry
DISSERTATION of the University of St. Gallen, School of Management, Economics, Law, Social Sciences and International Affairs to obtain the title of Doctor of Philosophy in Management
submitted by
Timo Sohl from Germany
Approved on the application of
Prof. Dr. Thomas Rudolph and Prof. Dr. Günter Müller-Stewens
Dissertation no. 3987
Difo-Druck GmbH, Bamberg 2012
The University of St. Gallen, School of Management, Economics, Law, Social Sciences and International Affairs hereby consents to the printing of the present dissertation, without hereby expressing any opinion on the views herein expressed.
St. Gallen, October 26, 2011
The President:
Prof. Dr. Thomas Bieger
----------------------------------For my parents Elisabeth and Peter Sohl -----------------------------------
Acknowledgements
First of all, I would like to thank my advisor Prof. Dr. Thomas Rudolph. I enjoyed my time as his research assistant and I am very thankful that he enabled me to get such a deep and fascinating insight into the retailing industry. In the development of my dissertation, he gave me important advice and ensured that my ideas were convincing and relevant. I particularly enjoyed assisting him during various executive education seminars, where he showed me how relevant research results can be translated into impactful recommendations for practitioners. Also, during our numerous team events, his generosity was just remarkable. Furthermore, I would like to thank my co-advisor Prof. Dr. Günter Müller-Stewens for his help and suggestions in shaping my dissertation. I enjoyed our interesting discussions and he gave me valuable advice on how to build on the corporate diversification literature. In the starting phase of this dissertation, he also gave me important words of encouragement to investigate the topic of within-industry
References: Figure F.1: Average Sales in 1000 EURO (1997-2009) 35000 30000 25000 20000 15000 10000 5000 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 average sales (1000 EURO) Figure F.2: Average Profits in 1000 EURO (1997-2009) 1600 1400 1200 1000 800 600 400 200 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 average EBIT (1000 EURO) 115 Figure F.3: Average Assortment Diversification into Food and Non-Food Retailing (1997-2009) Figure F.4: Average Retail Format Diversification (1997-2009) 0,94 0,92 0,9 0,88 0,86 0,84 0,82 0,8 0,78 0,76 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Figure F.5: Average International Diversification (1997-2009) 0,9 0,8 0,7 0,6 0,5 0,4 0,3 0,2 0,1 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Since Nov. 2011 IESE Business School Postdoctoral research fellow in the Strategic Management Department Barcelona, Spain Education