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  "docSlug": "jarvis-legion-genesco-presentation-june-2021",
  "documentTitle": "Legion Genesco Presentation June 2021",
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  "presentationDate": "2021-06-01 00:00:00",
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  "pageNumber": 58,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
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  "notes": "Uses a map to visualize expansion and quotes to expose the contradiction between management's past strategy and current financial reality.",
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  "slideHref": "/slides/019f6b8f-2c24-765a-97b8-82631955283d/58",
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  "components": [
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      "kind": "paragraph",
      "text": "Schuh announced the closure of three stores in Germany in 2019, 4 years after entering the market",
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      "kind": "paragraph",
      "text": "The result was elevated rent expenses hurting Schuh’s margins",
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      "kind": "paragraph",
      "text": "Despite being aware of the challenging UK retail environment especially on High Street as early as 2014, management continued to open stores in the most expensive area in London",
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      "kind": "quote",
      "text": "…this is a business that began in Scotland and worked its way down and now we are growing out southern England, including London. Here is an example of one of our newer stores. This is much larger than normal because it sits on Oxford Street, which is the closest thing to Fifth Avenue in London. This is our second store on Oxford Street and we have a third one planned.",
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      "kind": "quote",
      "text": "Over the past few years, these markets have changed considerably in a constantly evolving retail landscape, not least with the impact of Brexit.",
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      "kind": "quote",
      "text": "We're attacking Schuh's fixed cost structure with a strong focus on rent reduction. We must renegotiate rents for Schuh's store fleet in order to improve profitability following the ongoing declines in High Street and mall foot traffic, making these rents uneconomical.",
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      "kind": "title",
      "text": "Schuh’s Expansion Failure",
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      "name": "Cost Of Inaction",
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