The graph illustrates the shifts in annual turnover experienced by three department stores in a city in the UK, reporting the period from 2001 to 2015. Overall, the economy in the local market showed a noticeable change when the newly established store, J&W, started its operation in 2006 – causing a prolonged decline in the revenues of the other two stores.
Grand Mall claimed its economic dominance in the market until 2006, recording annual revenues consistently above 40 million pounds, all of which exceeded about 10 million pounds higher than the other store. Peaking at 48 million in 2004, an all-time high in the given period, its sales kept declining gradually until 2006, but sharply by more than 16 million pounds in the following two years. This downward trend eventually allowed J&W to dominate the market throughout the years from 2010. Owens’ sales figures mirrored those of Grand Mall, but moderately, losing 14 million pounds in its dip from its highest of 34 million in 2004. The moderate rebound seen after 2005 distinguishes Owens from Grand Mall, indicating Owens’ success in recovering from its decline and, more importantly, developing its business to reach 32 million pounds – 2 million higher than Grand Mall in 2014 -, the second highest in the 15 years.
In contrast to the established two stores, the newly-opened J&W had grown its business steadily since its establishment. Entering the market with 26 million pounds, which already surpassed Owens by several million, the store continuously increased its turnover by approximately 10 million pounds each year in the following 4 years. After a sudden rise by 8 million pounds in 2011, the store’s income showed a minor decrease, yet insignificant given the recession faced by the other two, and ultimately reached 46 million pounds in 2015, representing significant growth compared with its first year.