Stories
Stories
A Stitch in Time (Second Edition) by Frederick H. Abernathy, John T. Dunlop, Janice H. Hammond, and David Weil (Oxford University Press)
Spurred on by advances in information technology, a retailing revolution has been taking place during the past two decades, especially in the apparel and textile sectors. A new book by HBS professor Janice H. Hammond and coauthors Frederick H. Abernathy, John T. Dunlop (both of Harvard University), and David Weil (of Boston University) examines this transformation. A Stitch in Time: Lean Retailing and the Transformation of Manufacturing - Lessons from the Apparel and Textile Industries is based on eight years of study.
The keys to success in an age of product proliferation, the authors found, are no longer economies of scale and cheap labor but an up-to-the-minute knowledge of what is selling and what is not, flexible manufacturing capabilities that can respond appropriately to demand, lean inventories, and the rapid replenishment of stock. "The old way was to gear planning and production decisions to forecasts and guesses made months in advance of a selling season," write Hammond and her colleagues. "Now firms receive periodic ongoing orders based on actual consumer expenditures. Lean retailing allows department stores, mass merchandisers, and other retail outlets to capitalize on information, allowing them to minimize their exposure to demand uncertainty."
Given this new scenario and the changes in technology, management, and manufacturing practices documented in their book, the authors are optimistic about the future of U.S. apparel and textile firms. "This important sector of our economy is more advanced and productive than ever," concludes Hammond. "As Mark Twain might have put it, any reports of its impending death are greatly exaggerated."
by James E. Aisner
(Adapted from the Winter 1999 edition of Working Knowledge, a publication of the HBS Division of Research.)
The Real Estate Game by William J. Poorvu with Jeffrey L. Cruikshank (Free Press)
The multitrillion dollar real-estate industry is a potential gold mine for smart participants, but successful investing, whether direct or through syndicates and REITs, is a complicated undertaking. In The Real Estate Game: The Intelligent Guide to Decision-Making and Investment, HBS adjunct professor William J. Poorvu (with Jeffrey L. Cruikshank) draws on his experience in developing, owning, and managing properties to offer fascinating perspectives on real-estate ventures - both successful and ill-conceived.
Using a format he has shaped during thirty years of teaching at HBS, Poorvu focuses on four key variables in the real-estate game: properties, capital markets, players, and the external environment. He describes how the game works and why it works the way it does. Poorvu also explains the five phases of direct investment: concept to commitment, commitment to closing, development, operations, and harvesting. He concludes by providing detailed definitions of the characteristics of distinct types of property - apartment, office, hotel, industrial, and retail.
Noting that this book is designed to help people spot risks, develop strategies for coping with risks, and assess whether those strategies give them both enough protection and adequate return, Poorvu explains that his "back of the envelope" approach to analysis provides short cuts to quantifying those returns. A practical handbook, The Real Estate Game will help readers recognize good opportunities; make smart decisions about financing, development, and sales; and avoid undue risks at every stage.
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