- Assorting Posts by Topic in Retail Management 12e
- Part 1: Overview/Planning
- Part 2: Ownership, Strategy Mix, Online, Nontraditional
- Part 3: Targeting Customers and Gathering Information
- Part 4: Store Location Planning
- Part 5: Managing a Retail Business
- Part 6: Merchandise Management and Pricing
- Part 7: Communicating with the Customer
- Part 8: Putting It All Together
- Careers in Retailing
- Global Retailing
- Online Retailing
- Privacy and Identity Theft Issues
- Social Media and Retailing
- Technology in Retailing
- Video Clips (non-career)
- Assorting Posts by Topic in Retail Management 12e
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- Young Guns Now Leading Burger King wp.me/p1RDck-2dk via @BEretail 11 hours ago
- Are You Personally Secure Online? Take This Quiz to See! wp.me/p1RDck-27J via @BEretail 11 hours ago
- Improving Company Relationships with Employees wp.me/p1RDck-1e0 via @wordpressdotcom 11 hours ago
For most of its history, Burger King has lagged well behind McDonald’s in the fast-food burger wars. This is a major reason why the company has had 21 chief executive in the 60 years since Burger King’s founding.
Now, the firm has decided to turn its management over to a younger generation of senior executives to try to turn things around — again.
As recently reported by Devin Leonard for Bloomberg Businessweek:
“Last summer, a trim guy with wavy brown hair, high cheekbones, and a broad smile could be found making Whoppers, working the drive-through window, and scrubbing bathrooms at a Burger King in Miami. His name was Daniel Schwartz. He learned to make a Whopper in less than 35 seconds and blended in well with his fellow employees, except for the fact that Schwartz had a guy with a video camera trailing him. ‘I cleaned about 15 toilets in the past two days,’ he boasted at one point, as if he’d just completed a marathon. Schwartz was justifiably pumped. That June he’d been named Burger King’s chief executive officer, with a $700,000 annual salary and a potential bonus of twice that. There was another reason for him to be exuberant: He was only 32 and on his way to becoming a star in the fast-food industry.”
“Making sure the fixtures in Burger King’s restrooms gleam is only one of Schwartz’s challenges. The chain has had six owners and suffered from years of neglect and strategic incoherence. Unlike his predecessors, Schwartz isn’t just competing with McDonald’s and Wendy’s. He has to keep customers from straying to trendy newcomers such as Chipotle Mexican Grill and Panera Bread. Their sales in the U.S. last year grew 17 percent and 12 percent, respectively, according to Technomic, a food industry consultant. Sales were essentially flat for Burger King and its two primary rivals.”
Click the image to read Schwartz’s plans.
Illustration by Kyle Platts
TJX Companies Inc. considers itself “a global, off-price, value retailer.” Its divisions include T.J. Maxx, Marshalls, HomeGoods, and Sierra Trading Post in the United States; Winners, HomeSense, and Marshalls in Canada; and T.K. Maxx in the United Kingdom, Ireland, Germany, and Poland, as well as HomeSense in the UK.
As Beth Kowitt reports for Fortune:
“Is T.J. Maxx the best retail store in the land? The off-price chain has built a fantastically loyal following. How have they done it? We got inside the playbook of parent company TJX. Its annual sales — now $27.4 billion, or more than those of Estée Lauder, Hilton Worldwide, and Hershey combined — have risen 50% over the past six years. Its profits have almost tripled, to $2.1 billion. Its shareholders have been the beneficiaries of 18 consecutive years of earnings-per-share growth. In its nearly-four-decade history, it has had only one year of negative same-store sales. And it does all this by selling blouses…pots and pans…and bedding, sunglasses, sriracha seasoning, yoga mats, and the occasional $1,250 Stella McCartney dress.”
Click the image to read about how TJX does it.
Photo for Fortune by Sam Kaplan; photo illustration by Fortune
As online and multichannel retailers intensify their already-underway preparations for the 2014 holiday shopping season, they should take a look at a new report from IBM.
According to the IBM report:
“A prosperous 2014 holiday season appears to be in store for U.S. online retailers. Shopping on retail Web sites continues to grow at a double-digit pace. Average order value (AOV) and items per order both rose to record highs over the past year. Soaring usage of smartphones and tablets has made online shopping accessible to consumers anytime, anywhere.”
“Yet, the holiday season presents just as many risks as opportunities. Paths to purchase are more convoluted and unpredictable than ever as consumers interact through mobile devices, E-mail, advertising, and social media. Consumer attention as reflected in such metrics as average time on site and page views per session sank to new lows over the past 12 months. So did the overall conversion rate.”
Click the image to access the full IBM report about 2014 online holiday shopping.
Recently, I did a full-length radio interview with Dr. Suzanne Phillips for her CoSozo Psych Up Show on the topic of self-branding for personal and career success. In this interview, the discussion goes far beyond the concept of self-branding for career success, the subject of earlier posts at this blog.
Self-branding is relevant for every role in which we engage — family member, friend, boss, employee, etc. And (1) our persona varies for each role and (2) we need to understand how others perceive us in these various roles. If we are not perceived as we would like, maybe we need to sharpen our messages and/or change our behavior.
If you have a few minutes (48 overall :-) ), then click on the play button.