Abstract:
This paper elaborates on the four dimensions of the Reeves and Deimler adaptability
theoretical framework (2011) to illustrate how environmental change upended the traditional
business model that the Spanish footwear companies were used to. It then explains how
Spanish small and medium-sized enterprises (SMEs) formulated strategies to renew the
industrial structure and strengthen their adaptive capabilities to gain new competitive
advantage. The paper analyzes the restructuring of the industry from a fragmented traditional
model to an adaptive model in order to better respond to rapid environmental change and gain
new competitive advantage.