... itself, is at constant threat from new retailers or existing retailers coming into the market by launching store cards similar to that offered by Marks and Spencer. We will discuss later in this report the threat of substitution with other store cards already on the market. In this section we will look at potential entrants and the barriers they may face. The obvious and potentially most worrying new entrant into the market would be Next who are now seen as one of if not the market leader on the High Street. They capitalised on the slump that Marks went through in the mid to late 90s to grow and develop into the force they are today. Other potential entrants into the market are stores which offer a single store card. An example of this would be The House of Fraser. At present they offer a store card and a loyalty card individually. ...

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