Retail Business Quotes

I very frequently get the question: 'What's going to change in the next 10 years?' And that is a very interesting question; it's a very common one. I almost never get the question: 'What's not going to change in the next 10 years?' And I submit to you that that second question is actually the more important of the two -- because you can build a business strategy around the things that are stable in time. ... [I]n our retail business, we know that customers want low prices, and I know that's going to be true 10 years from now. They want fast delivery; they want vast selection. It's impossible to imagine a future 10 years from now where a customer comes up and says, 'Jeff I love Amazon; I just wish the prices were a little higher,' [or] 'I love Amazon; I just wish you'd deliver a little more slowly.' Impossible. And so the effort we put into those things, spinning those things up, we know the energy we put into it today will still be paying off dividends for our customers 10 years from now. When you have something that you know is true, even over the long term, you can afford to put a lot of energy into it.

No product irrespective of how great it is can sell itself without being discovered with the power of marketing.

Marketing is an investment. Don’t treat it like sales.

The change from shopping in-stores to shopping online didn’t happen overnight. It was a big cultural change which took many years.

Word-of-mouth marketing is great. It can help you enter the market, but it cannot help you stay in the market or achieve rapid long-term growth.

If our personal lives need marketing, how can we even think that our business can go on without it?

Footwear, apparel, accessories, cosmetics - they all belong to the ecommerce category or retail category, but they all are very different industries and require their own research.

A bad product may or may not succeed with marketing, but a good product will definitely never succeed without proper marketing.

Marketing needs to be ethical. Anything which is not is generally a wrong marketing technique.

Advertising is very powerful as it brings a business out of the darkness to the light and brings your products closer to your buyers.

The most important task of marketing is to communicate the value of your product to your audience.

If you want your customers to start eating spinach flavored ice cream, your idea won’t need as much cultural change as it will if you want your customers to start taking a coffee pill in the morning instead of fresh brewed coffee. Obviously, the latter will require more efforts and more marketing.

According to Babette, 98.3 percent of lawyers end up in Hell. That's in contrast to the 23 percent of farmers who are eternally damned. Some 45 percent of retail business owners are Hellbound, and 85 percent of computer software writers. Perhaps a trace number of politicians ascend to Heaven, but statistically speaking, 100 percent of them are cast into the fiery pit. As are essentially 100 percent of journalists and redheads.

If you are going to open a retail store you would want to consider Christmas. Most retailers make the majority of their entire year’s income between

The smell of new office supplies is so satisfying while being kicked out of Staples for inappropriate behavior with a file folder is so embarrassing.

90% of new business fail in the first three months of launching, due to lack of proper planning, wrong selection of niche/products and marketing platform.

Marketing is not a department Do you have a marketing department? If not, good. If you do, don’t think these are the only people responsible for marketing. Accounting is a department. Marketing isn’t. Marketing is something everyone in your company is doing 24/7/365. Just as you cannot not communicate, you cannot not market: Every time you answer the phone, it’s marketing. Every time you send an e-mail, it’s marketing. Every time someone uses your product, it’s marketing. Every word you write on your Web site is marketing. If you build software, every error message is marketing. If you’re in the restaurant business, the after-dinner mint is marketing. If you’re in the retail business, the checkout counter is marketing. If you’re in a service business, your invoice is marketing. Recognize that all of these little things are more important than choosing which piece of swag to throw into a conference goodie bag. Marketing isn’t just a few individual events. It’s the sum total of everything you do.

Being in business is the most fascinating kind of art. Making money is art and working is art, and good business is the best art

Knowing he had done wrong, prepared to make amends, settle his business. Determined to return to Brokeland, open the doors wide to the angel of retail death, and run the place into the ground all by himself, if that was what it took-but to fail calmly, to fail with style, to fail above all with that true dignity, unknown to his wife or his partner, which lay in never tripping out, never showing offense or hurt to those who had offended or hurt you.

The story ran that Sunday. Because I had not been able to interview him, he didn’t get a mention. It would have amounted to a nice bit of publicity for him, but the other interviews made it unnecessary in the end. I sent him a clip of the piece along with the business card that he had asked for. To this day, I won’t step inside that retailer. I will not mention the name, not because of censorship or a desire to protect any company’s reputation, but because of our cultural tendency to believe that if we just identify the presumed-to-be-rare offending outlier, we will have rooted out the problem. The problem could have happened anyplace, because the problem is, in fact, at the root.

Over a decade of citywide rezonings, land speculations, and corporate bidding wars for available commercial space has produced a Darwinian habitat where corporate retail proliferates, and where mom-and-pops have become an endangered species.

When you are calculating an hourly labor rate, add in an additional thirty percent to that rate cover employment taxes.

All retailers need to adjust their product delivery systems to the new omni-channel shopping trends.

The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us. Business doesn't pay taxes, and who better than business to make this message known? Only people pay taxes, and people pay as consumers every tax that is assessed against a business. Begin with the food and fiber raised in the farm, to the ore drilled in a mine, to the oil and gas from out of the ground, whatever it may be -- through the processing, through the manufacturing, on out to the retailer's license. If the tax cannot be included in the price of the product, no one along that line can stay in business.

SOME PEOPLE ARE JUST born unlucky—so unlucky in fact that they do just the opposite of what they should at exactly the wrong time. Suckers? Maybe. But in the business of investing, those people have a name: retail investors.

Businesses and other organizations spend more than six billion hours each year complying with the federal tax code. Estimated compliance costs conservatively top $225 billion annually—costs that are ultimately embedded in retail prices paid by consumers.

Look at the evolution of the price of a kilogram of the drug, as it makes its way from the Andes to Los Angeles. To make that much cocaine, one needs somewhere in the neighborhood of 350 kilograms of dried coca leaves. Based on price data from Colombia obtained by Gallego and Rico, that would cost about $385. Once this is converted into a kilo of cocaine, it can sell in Colombia for $800. According to figures pulled together by Beau Kilmer and Peter Reuter at the RAND Corporation, an American think tank, that same kilo is worth $2,200 by the time it is exported from Colombia, and it has climbed to $14,500 by the time it is imported to the United States. After being transferred to a midlevel dealer, its price climbs to $19,500. Finally, it is sold by street-level dealers for $78,000.10 Even these soaring figures do not quite get across the scale of the markups involved in the cocaine business. At each of these stages, the drug is diluted, as traffickers and dealers “cut” the drug with other substances, to make it go further. Take this into account, and the price of a pure kilogram of cocaine at the retail end is in fact about $122,000.

As it becomes easier to monitor informal consumer networks, the winners will be companies that figure out what’s working fastest – and do it more (and figure out what’s not working – and kill it). Zara, a fast-growing retailer in Europe, changes its clothing line every three or four weeks. By carefully watching what’s working and what’s not, they can evolve their lineup far faster than the competition can ever hope to.

Uber, the world’s largest taxi company, owns no vehicles. Facebook, the world’s most popular media owner, creates no content. Alibaba, the most valuable retailer, has no inventory. And Airbnb, the world’s largest accommodation provider, owns no real estate. Something interesting is happening.

As economist Thomas Sowell has noted, middleman minorities typically arrive in their host countries with education, skills, or a set of propitious attitudes about work, such as business frugality and the willingness to take risks. Some slave away in lowly menial jobs to raise capital, then swiftly become merchants, retailers, labor contractors, and money-lenders. Their descendants usually thrive in the professions, such as medicine, law, engineering, or finance.

As an old-time small-town merchant, I can tell you that nobody has more love for the heyday of the smalltown retailing era than I do. That’s one of the reasons we chose to put our little Wal-Mart museum on the square in Bentonville. It’s in the old Walton’s Five and Dime building, and it tries to capture a little bit of the old dime store feel. But I can also tell you this: if we had gotten smug about our early success, and said, “Well, we’re the best merchant in town,” and just kept doing everything exactly the way we were doing it, somebody else would have come along and given our customers what they wanted, and we would be out of business today.

Retail versus Proprietary Trading

When adding descriptions to your online listings or printed materials, lead with benefits and follow with features.

With the evolution of online retail, however, has come the revelation that being able to recategorize and rearrange products on the fly unlocks their real value.

Poetic Justice in Retail and Real Life [10w] My opening my business made your business go out of business.

Karma is real.

The man who will use his skill and constructive imagination to see how much he can give for a dollar, instead of how little he can give for a dollar, is bound to succeed.

The unique layout of LitenVärld encourages wormholes to form between universes. These wormholes connect our stores to LitenVärlds in parallel worlds.

Somewhere along the line, Made in China began to sound like a bargain. (...) When an importer told a retail buyer that an item was quoted at 65¢ and made in the USA, the buyer figured it could be purchased somewhere cheaper. When the same product was quoted at 65¢ and was said to have been made in China the buyer figured it could not be found for any less.

Smartphone makers sought deeper ties with retail buyers by adding ring tones, games, Web browsers, and other applications to their phones. Carriers, however, wanted this business to themselves. If they couldn’t sell applications within their “walled gardens,” carriers worried they would be reduced to mere utilities or “dumb pipes” carrying data and voice traffic. Nokia learned the hard way just how ferociously carriers could defend their turf. In the late 1990s the Finnish phone maker launched Club Nokia, a Web-based portal that allowed customers to buy and download

Seven pillars make or kill a brand,’ says Goenka. ‘Packaging, pricing, product, promotion, distribution, advertising, and margins to retailers. We ensure there is equal focus on all these aspects.

Mixing a profitable small-store format business with a loss-making big box format retailer was a dumb idea. Each format needed different store management, different merchandising skills, different customers.

RULE #1 Market your business to the customer YOU WANT. Most beauty businesses try to be everything to everyone. It's exhausting and expensive promoting yourself to everyone. Most people simply give up. Focus on the customers you really want. What is your passion, what do you excel in? Who is your ideal customer? What would you ideally like to do every day in your business? Focus on what you want to do and the clients you want, and market directly to them and only them.

Naming your packaged products helps call attention to how the deal is special. Call the product bundle a collector’s set, a gift basket, or holiday set, and give each one a name; something like The Artisan’s Selection or Your Name’s Gift Set.

I know this is your religion, but for me it’s just a job.” “That’s your problem,” Basil said. “For you it’s ‘just’ a job.” “What’s it supposed to be?” “Work.” “Same thing,” Amy said. “No,” Basil said. “A job is what a guy in a gas station has. People at Orsk have work. It’s a calling. A responsibility to something bigger than yourself. Work gives you a goal. It lets you build something that lives on after you’re gone. Work has a purpose beyond making money.” “I am begging you to stop,” Amy said. “There’s nothing wrong with being serious,” Ruth Anne said. “She can’t take anything seriously,” Basil said. “That’s her problem.” “I do my job,” Amy said. “I punch the clock, I work my shop, I sell people their desks, I cash my check. That’s what Orsk pays me to do: my job. I’m not planning on being in retail for the rest of my life.” “Really? What are you going to do?” “I’m …” Amy suddenly realized that in fact she didn’t have any plans. “I’ve got plans. They’re none of your business.

businesses lost after the recession, after Sandy, their retail corpses replaced by hotels and big box stores. The creep of wealth and whiteness that had slowly, steadily been frog boiling her hometown, pushing out and scattering families like her own.

A civilization without retail bookstores is unimaginable. Like shrines and other sacred meeting places, bookstores are essential artifacts of human nature. The feel of a book taken from the shelf and held in the hand is a magical experience, linking writer to reader.

In his business, some customers come in and buy a suit, but what they're really buying is confidence for that job interview that's coming up. The older businessman browsing new cuff links and ties is actually looking for a way to show he's made it. The woman shopping for socks and underwear for her husband isn't there to buy socks and underwear-she's there to show her man how special he is, how much she recognizes and appreciates his uniqueness. If she wanted socks and underwear for him, she could go to any department store at the mall. The manager at this men's store realized the psychology of his particular clientele.

From the very beginning of its history, the manifold social evils of capitalism have given rise to oppositional movements. The one I am concerned with in this book is cooperativism, specifically worker cooperativism. There are many other kinds of cooperatives, including those in the credit, agriculture, housing, insurance, health, and retail sectors of the economy. But worker cooperativism is potentially the most “oppositional” form, the most anti-capitalist, since it organizes production in anti-capitalist ways. Indeed, the relations of production that constitute worker cooperativism also define socialism in its most general sense: workers’ democratic control over production and, in some varieties, ownership of the means of production (whether such ownership is organized individually, by owning shares of equity, or collectively). As one common formulation states, in the worker co-op, labor has power over capital, or “labor hires capital.” In the conventional business, by contrast, capital has power over labor, i.e., “capital hires labor.” None of the other kinds of cooperativism directly rejects these capitalist power-relations, although some may signify an implicit undermining of capitalism insofar as the co-op exists not primarily for the sake of maximizing profit but for satisfying some social need.

Louis was altogether convinced that if the ignorant politicians would keep their dirty hands off banking and the stock exchange and hours of labor for salesmen in department stores, then everyone in the country would profit, as beneficiaries of increased business, and all of them (including the retail clerks) be rich as Aga Khan.

The potential size of a network of physical stores is exciting. However, we don’t know how to do it with low capital and high returns; physical-world retailing is a cagey and ancient business that’s already well served; and we don’t have any ideas for how to build a physical world store experience that’s meaningfully differentiated for customers.

The original Starbucks began in Pike Place Market (see p. 897) as a plain-Jane hole-in-the-wall coffee shop but, having awakened a coffee revolution, has been opening everywhere else since—there are now more than 10,000 Starbucks retail operations on the planet—and counting. Still in business, that first location attracts Starbucks pilgrims from all over the world.

Why does Joe Normie think it’s a litmus test for morality if one returns one’s shopping cart? Big-box stores put out of business local retailers, they automated their systems to reduce employees, and they got customers to be their own cashiers without getting paid for their labor, and yet to prove I’m a good person, I’m supposed to do more unpaid work for them to streamline their operation?

What entrepreneurs quickly learn is that they need to price their product at least 2.3 times its cost to allow for at least one 50 percent margin for them and another 50 percent margin for their retailers (1.5 × 1.5 = 2.25). That first 50 percent margin for the entrepreneur is really mostly covering the hidden costs of doing business at a scale that they hadn’t thought of when they first started,

Historically, noted James Manyika, one of the authors of the McKinsey report, companies kept their eyes on competitors “who looked like them, were in their sector and in their geography.” Not anymore. Google started as a search engine and is now also becoming a car company and a home energy management system. Apple is a computer manufacturer that is now the biggest music seller and is also going into the car business, but in the meantime, with Apple Pay, it’s also becoming a bank. Amazon, a retailer, came out of nowhere to steal a march on both IBM and HP in cloud computing. Ten years ago neither company would have listed Amazon as a competitor. But Amazon needed more cloud computing power to run its own business and then decided that cloud computing was a business! And now Amazon is also a Hollywood studio.

There may be little room for the display of this supreme qualification in the retail book business, but there is room for some. Be enterprising. Get good people about you. Make your shop windows and your shops attractive. The fact that so many young men and women enter the teaching profession shows that there are still some people willing to scrape along on comparatively little money for the pleasure of following an occupation in which they delight. It is as true to-day as it was in Chaucer's time that there is a class of men who "gladly learn and gladly teach," and our college trustees and overseers and rich alumni take advantage of this and expect them to live on wages which an expert chauffeur would regard as insufficient. Any bookshop worthy of survival can offer inducements at least as great as the average school or college. Under pleasant conditions you will meet pleasant people, for the most part, whom you can teach and form whom you may learn something.

So identified has the State become in the public mind with the provision of these services that an attack on State financing appears to many people as an attack on the service itself. Thus if one maintains that the State should not supply court services, and that private enterprise on the market could supply such service more efficiently as well as more morally, people tend to think of this as denying the importance of courts themselves. The libertarian who wants to replace government by private enterprises in the above areas is thus treated in the same way as he would be if the government had, for various reasons, been supplying shoes as a tax-financed monopoly from time immemorial. If the government and only the government had had a monopoly of the shoe manufacturing and retailing business, how would most of the public treat the libertarian who now came along to advocate that the government get out of the shoe business and throw it open to private enterprise? He would undoubtedly be treated as follows: people would cry, “How could you? You are opposed to the public, and to poor people, wearing shoes! And who would supply shoes to the public if the government got out of the business? Tell us that! Be constructive! It’s easy to be negative and smart-alecky about government; but tell us who would supply shoes? Which people? How many shoe stores would be available in each city and town? How would the shoe firms be capitalized? How many brands would there be? What material would they use? What lasts? What would be the pricing arrangements for shoes? Wouldn’t regulation of the shoe industry be needed to see to it that the product is sound? And who would supply the poor with shoes? Suppose a poor person didn’t have the money to buy a pair?” These questions, ridiculous as they seem to be and are with regard to the shoe business, are just as absurd when applied to the libertarian who advocates a free market in fire, police, postal service, or any other government operation. The point is that the advocate of a free market in anything cannot provide a “constructive” blueprint of such a market in advance. The essence and the glory of the free market is that individual firms and businesses, competing on the market, provide an ever-changing orchestration of efficient and progressive goods and services: continually improving products and markets, advancing technology, cutting costs, and meeting changing consumer demands as swiftly and as efficiently as possible.

mark-down, which discounts the selling price to customers and, so long as demand is ‘elastic’, results in increased sales of the product line. However, this is an expensive method of selling products, as it reduces the profit achieved on the products. In fact mark-down is the single largest cost to a fashion retail business after the cost of the products themselves. It is worth remembering at this point that the main – and frequently only – source of income for a fashion retailer is the profit from the sales of its products. Less profit per garment means less income to pay its bills. Furthermore, this tactic is less effective when general trading conditions are poor, as the competition is usually doing the same thing. It is vital then that the fashion retailer knows what its customers want and are expecting. Problems in defining and then keeping up with changing customer needs and expectations are arguably the most important factor in successful selling. Large retail businesses like Marks & Spencer

Maybe it’s time Steve Jobs stopped thinking quite so differently,” Business Week wrote in a story headlined “Sorry Steve, Here’s Why Apple Stores Won’t Work.” Apple’s former chief financial officer, Joseph Graziano, was quoted as saying, “Apple’s problem is it still believes the way to grow is serving caviar in a world that seems pretty content with cheese and crackers.” And the retail consultant David Goldstein declared, “I give them two years before they’re turning out the lights on a very painful and expensive mistake.

In fact, as these companies offered more and more (simply because they could), they found that demand actually followed supply. The act of vastly increasing choice seemed to unlock demand for that choice. Whether it was latent demand for niche goods that was already there or a creation of new demand, we don't yet know. But what we do know is that the companies for which we have the most complete data - netflix, Amazon, Rhapsody - sales of products not offered by their bricks-and-mortar competitors amounted to between a quarter and nearly half of total revenues - and that percentage is rising each year. in other words, the fastest-growing part of their businesses is sales of products that aren't available in traditional, physical retail stores at all. These infinite-shelf-space businesses have effectively learned a lesson in new math: A very, very big number (the products in the Tail) multiplied by a relatives small number (the sales of each) is still equal to a very, very big number. And, again, that very, very big number is only getting bigger. What's more, these millions of fringe sales are an efficient, cost-effective business. With no shelf space to pay for - and in the case of purely digital services like iTunes, no manufacturing costs and hardly any distribution fees - a niche product sold is just another sale, with the same (or better) margins as a hit. For the first time in history, hits and niches are on equal economic footing, both just entries in a database called up on demand, both equally worthy of being carried. Suddenly, popularity no longer has a monopoly on profitability.

Andreasen wanted to know why these people had deviated from their usual patterns. What he discovered has become a pillar of modern marketing theory: People’s buying habits are more likely to change when they go through a major life event. When someone gets married, for example, they’re more likely to start buying a new type of coffee. When they move into a new house, they’re more apt to purchase a different kind of cereal. When they get divorced, there’s a higher chance they’ll start buying different brands of beer.7.7 Consumers going through major life events often don’t notice, or care, that their shopping patterns have shifted. However, retailers notice, and they care quite a bit.

One example of a high-tech company that submits to a Graham type of analysis is Amazon.com. Though it does business exclusively on the Web, Amazon is essentially a retailer, and it may be evaluated in the same way as Wal-Mart, Sears, and so forth. The question, as always, is, does the business provide an adequate margin of safety at a given market price. For much of Amazon’s short life, the stock was wildly overpriced. But when the dot-com bubble burst, its securities collapsed. Buffett himself bought Amazon’s deeply discounted bonds after the crash, when there was much fearful talk that Amazon was headed for bankruptcy. The bonds subsequently rose to par, and Buffett made a killing.

The Endowed Progress Effect Punch cards are often used by retailers to encourage repeat business. With each purchase, customers get closer to receiving a free product or service. These cards are typically awarded empty and in effect, customers start at zero percent complete. What would happen if retailers handed customers punch cards with punches already given? Would people be more likely to take action if they had already made some progress? An experiment sought to answer this very question.[lxvi] Two groups of customers were given punch cards awarding a free car wash once the cards were fully punched. One group was given a blank punch card with 8 squares and the other given a punch card with 10 squares but with two free punches. Both groups still had to purchase 8 car washes to receive a free wash; however, the second group of customers — those that were given two free punches — had a staggering 82 percent higher completion rate. The study demonstrates the endowed progress effect, a phenomenon that increases motivation as people believe they are nearing a goal. Sites such as LinkedIn and Facebook utilize this heuristic to encourage people to divulge more information about themselves when completing their online profiles. On LinkedIn, every user starts with some semblance of progress (figure 19). The next step is to “Improve Your Profile Strength” by supplying additional information.

If...capital is divided between two different grocers, their competition will tend to make both of them sell cheaper, than if it were in the hands of one only; and if it were divided among twenty, their competition would be just so much the greater, and the chance of their combining together, in order to raise the price, just so much the less. Their competition might perhaps ruin some of themselves; but to take care of this is the business of the parties concerned, and it may safely be trusted to their discretion. It can never hurt either the consumer, or the producer; on the contrary, it must tend to make the retailers both sell cheaper and buy dearer, than if the whole trade was monopolized by one or two persons.

What we're now starting to see, as online retailers begin to capitalize on their extraordinary economic efficiences, is the shape of a massive mountain of choice emerging where before there was just a peak.... By necessity, the conomics of traditional, hit-driven retail limit choice. When you dramatically lower the costs of connecting supply and demand, it changes not just the numbers, but the entire nature of the market. This is not just a quantiative change, but a qualitative one, too. Bringing niches within reach reveals latent demand for noncommercial content. Then, as demand shifts toward the niches, the economics of provided them improve further, and so on, creating a positive feedback loop that will transform entire industries - and the culture - for decades to come.

The same thing, notes Brynjolfsson, happened 120 years ago, in the Second Industrial Revolution, when electrification—the supernova of its day—was introduced. Old factories did not just have to be electrified to achieve the productivity boosts; they had to be redesigned, along with all business processes. It took thirty years for one generation of managers and workers to retire and for a new generation to emerge to get the full productivity benefits of that new power source. A December 2015 study by the McKinsey Global Institute on American industry found a “considerable gap between the most digitized sectors and the rest of the economy over time and [found] that despite a massive rush of adoption, most sectors have barely closed that gap over the past decade … Because the less digitized sectors are some of the largest in terms of GDP contribution and employment, we [found] that the US economy as a whole is only reaching 18 percent of its digital potential … The United States will need to adapt its institutions and training pathways to help workers acquire relevant skills and navigate this period of transition and churn.” The supernova is a new power source, and it will take some time for society to reconfigure itself to absorb its full potential. As that happens, I believe that Brynjolfsson will be proved right and we will start to see the benefits—a broad range of new discoveries around health, learning, urban planning, transportation, innovation, and commerce—that will drive growth. That debate is for economists, though, and beyond the scope of this book, but I will be eager to see how it plays out. What is absolutely clear right now is that while the supernova may not have made our economies measurably more productive yet, it is clearly making all forms of technology, and therefore individuals, companies, ideas, machines, and groups, more powerful—more able to shape the world around them in unprecedented ways with less effort than ever before. If you want to be a maker, a starter-upper, an inventor, or an innovator, this is your time. By leveraging the supernova you can do so much more now with so little. As Tom Goodwin, senior vice president of strategy and innovation at Havas Media, observed in a March 3, 2015, essay on TechCrunch.com: “Uber, the world’s largest taxi company, owns no vehicles. Facebook, the world’s most popular media owner, creates no content. Alibaba, the most valuable retailer, has no inventory. And Airbnb, the world’s largest accommodation provider, owns no real estate. Something interesting is happening.

The situation—having to choose between imposing higher retail prices and reducing investments and military spending—created a dilemma for the government: deciding between conflict with the public or with the Party economic elite. But not making a decision heightened the risk that, as the crisis developed, there would be conflict with both the public and the elite.18 The new generation of leaders clearly did not understand this. The traditional management of the economy was oriented on natural, rather than abstract, parameters. The development of cattle breeding was discussed at the highest level more frequently than the country’s budget. Industry and business leaders regarded finances as necessary but dreary bookkeeping.19 In addition, information on the real state of the budget, hard currency reserves, foreign debt, and balance of payments was available only to an extremely narrow circle of people, many of whom understood nothing about it anyway.

Qualities such as honesty, determination, and a cheerful acceptance of stress, which can all be identified through probing questionnaires and interviews, may be more important to the company in the long run than one's college grade-point average or years of "related experience." Every business is only as good as the people it brings into the organization. The corporate trainer should feel his job is the most important in the company, because it is. Exalt seniority-publicly, shamelessly, and with enough fanfare to raise goosebumps on the flesh of the most cynical spectator. And, after the ceremony, there should be some sort of permanent display so that employees passing by are continuously reminded of their own achievements and the achievements of others. The manager must freely share his expertise-not only about company procedures and products and services but also with regard to the supervisory skills he has worked so hard to acquire. If his attitude is, "Let them go out and get their own MBAs," the personnel under his authority will never have the full benefit of his experience. Without it, they will perform at a lower standard than is possible, jeopardizing the manager's own success. Should a CEO proclaim that there is no higher calling than being an employee of his organization? Perhaps not-for fear of being misunderstood-but it's certainly all right to think it. In fact, a CEO who does not feel this way should look for another company to manage-one that actually does contribute toward a better life for all. Every corporate leader should communicate to his workforce that its efforts are important and that employees should be very proud of what they do-for the company, for themselves, and, literally, for the world. If any employee is embarrassed to tell his friends what he does for a living, there has been a failure of leadership at his workplace. Loyalty is not demanded; it is created. Why can't a CEO put out his own suggested reading list to reinforce the corporate vision and core values? An attractive display at every employee lounge of books to be freely borrowed, or purchased, will generate interest and participation. Of course, the program has to be purely voluntary, but many employees will wish to be conversant with the material others are talking about. The books will be another point of contact between individuals, who might find themselves conversing on topics other than the weekend football games. By simply distributing the list and displaying the books prominently, the CEO will set into motion a chain of events that can greatly benefit the workplace. For a very cost-effective investment, management will have yet another way to strengthen the corporate message. The very existence of many companies hangs not on the decisions of their visionary CEOs and energetic managers but on the behavior of its receptionists, retail clerks, delivery drivers, and service personnel. The manager must put himself and his people through progressively challenging courage-building experiences. He must make these a mandatory group experience, and he must lead the way. People who have confronted the fear of public speaking, and have learned to master it, find that their new confidence manifests itself in every other facet of the professional and personal lives. Managers who hold weekly meetings in which everyone takes on progressively more difficult speaking or presentation assignments will see personalities revolutionized before their eyes. Command from a forward position, which means from the thick of it. No soldier will ever be inspired to advance into a hail of bullets by orders phoned in on the radio from the safety of a remote command post; he is inspired to follow the officer in front of him. It is much more effective to get your personnel to follow you than to push them forward from behind a desk. The more important the mission, the more important it is to be at the front.

What’s really worried me over the years is not our stock price, but that we might someday fail to take care of our customers, or that our managers might fail to motivate and take care of our associates. I also was worried that we might lose the team concept, or fail to keep the family concept viable and realistic and meaningful to our folks as we grow. Those challenges are more real than somebody’s theory that we’re headed down the wrong path. As business leaders, we absolutely cannot afford to get all caught up in trying to meet the goals that some retail analyst or financial institution in New York sets for us on a ten-year plan spit out of a computer that somebody set to compound at such-and-such a rate. If we do that, we take our eye off the ball. But if we demonstrate in our sales and our earnings every day, every week, every quarter, that we’re doing our job in a sound way, we will get the growth we are entitled to, and the market will respect us in a way that we deserve.

THE GLOBE | Unlocking the Wealth in Rural Markets Mamta Kapur, Sanjay Dawar, and Vineet R. Ahuja | 151 words In India and other large emerging economies, rural markets hold great promise for boosting corporate earnings. Companies that sell in the countryside, however, face poor infrastructure, widely dispersed customers, and other challenges. To better understand the obstacles and how to overcome them, the authors—researchers with Accenture—conducted extensive surveys and interviews with Indian business leaders in multiple industries. Their three-year study revealed several successful strategies for increasing revenues and profits in rural markets: Start with a good distribution plan. The most effective approaches are multipronged—for example, adding extra layers to existing networks and engaging local partners to create new ones. Mine data to identify prospective customers. Combining site visits, market surveys, and GIS mapping can help companies discover new buyers. Forge tight bonds with channel partners. It pays to spend time and money helping distributors and retailers improve their operations. Create durable ties with customers. Companies can build loyalty by addressing customers’ welfare and winning the trust of community leaders.

By that time, Bezos and his executives had devoured and raptly discussed another book that would significantly affect the company’s strategy: The Innovator’s Dilemma, by Harvard professor Clayton Christensen. Christensen wrote that great companies fail not because they want to avoid disruptive change but because they are reluctant to embrace promising new markets that might undermine their traditional businesses and that do not appear to satisfy their short-term growth requirements. Sears, for example, failed to move from department stores to discount retailing; IBM couldn’t shift from mainframe to minicomputers. The companies that solved the innovator’s dilemma, Christensen wrote, succeeded when they “set up autonomous organizations charged with building new and independent businesses around the disruptive technology.”9 Drawing lessons directly from the book, Bezos unshackled Kessel from Amazon’s traditional media organization. “Your job is to kill your own business,” he told him. “I want you to proceed as if your goal is to put everyone selling physical books out of a job.” Bezos underscored the urgency of the effort. He believed that if Amazon didn’t lead the world into the age of digital reading, then Apple or Google would. When Kessel asked Bezos what his deadline was on developing the company’s first piece of hardware, an electronic reading

Social networks including Facebook, Twitter and Pinterest took a step closer to offering ecommerce on their own platforms this week, as the battle to win over retailers hots up. Facebook announced on Thursday it is trialling a “buy” button to allow people to purchase a product without ever leaving the social network’s app. The initial test, with a handful of small and medium-sized businesses in the US, could lead to more ecommerce companies buying adverts on the network. It could also allow Facebook to compile payment information and encourage people to make more transactions via the platform as it would save them typing in card numbers on smartphones. But the social network said no credit or debit card details will be shared with other advertisers. Twitter acquired CardSpring, a payments infrastructure company, this week for an undisclosed price as part of plans to feature more ecommerce around live events or, as it puts it, “in-the-moment commerce experiences”. CardSpring connects payment details with loyalty cards and coupons for transactions online and in stores. The home of the 140-character message hired Nathan Hubbard, former chief executive of Ticketmaster, last year to work on creating an ecommerce product. It has since worked with Amazon, to allow people to add things to their online basket by tweeting, and with Starbucks to encourage people to tweet to buy a coffee for a friend.

Along the way to Seattle, he wrote his business plan. He identified several reasons why the book category was underserved and well suited to online commerce. He outlined how he could create a new and compelling experience for book-buying customers. To begin with, books were relatively lightweight and came in fairly uniform sizes, meaning they would be easy and inexpensive to warehouse, pack, and ship. Second, while more than 100 million books had been written and more than a million titles were in print in 1994, even a Barnes & Noble mega-bookstore could stock only tens of thousands of titles. An online bookstore, on the other hand, could offer not just the books that could fit in a brick-and-mortar store but any book in print. Third, there were two large book-distribution companies, Ingram and Baker & Taylor, that acted as intermediaries between publishers and retailers and maintained huge inventories in vast warehouses. They kept detailed electronic catalogs of books in print to make it easy for bookstores and libraries to order from them. Jeff realized that he could combine the infrastructure that Ingram and Baker & Taylor had created—warehouses full of books ready to be shipped, plus an electronic catalog of those books—with the growing infrastructure of the Web, making it possible for consumers to find and buy any book in print and get it shipped directly to their homes. Finally, the site could use technology to analyze the behavior of customers and create a unique, personalized experience for each one of them.

When you buy from an independent, locally owned business, as opposed to nationally owned businesses, you strengthen the economic base of our city. And of course there’s no doubt that you’ll receive a better quality product or service. I share John Roeser’s amazement that people today tend to prefer saving a dollar or too two on a birthday cake, for example, by purchasing a sub-par cake made with artificial, cheap ingredients from a mass retailer, when Roeser’s Bakery offers some of the most delectable, housemade cakes in the world. How could anyone step into a fast food joint when we live in a city that has Lem’s barbecque rib tips, Kurowski’s kielbasa, Manny’s matzo ball soup, and Lindy’s chili within reach? You can’t even compare the products and services of the businesses featured in this book with those of mass retailers, either: Jjust try putting an Optimo hat on your head—you’ll ooze with elegance. Burn a beeswax lambathe from Athenian Candle and watch it glow longer than any candle you’ve ever lit. Bite into an Andersonville coffeecake from the Swedish Bakery—and you’ll have a hard time returning to the artificial ingredient– laden cakes found at most grocers. Equally important, local, family- owned businesses keep our city unique. In our increasingly homogenized and globalized world, cities that hold on tightly to their family-owned, distinctive businesses are more likely to attract visitors, entrepreneurs, and new investment. Chicago just wouldn’t be Chicago without these historic, one-of-a-kind places, and the people that run them from behind the scenes with nothing but love, hard work, and pride.

History favors the bold. Compensation favors the meek. As a Fortune 500 company CEO, you’re better off taking the path often traveled and staying the course. Big companies may have more assets to innovate with, but they rarely take big risks or innovate at the cost of cannibalizing a current business. Neither would they chance alienating suppliers or investors. They play not to lose, and shareholders reward them for it—until those shareholders walk and buy Amazon stock. Most boards ask management: “How can we build the greatest advantage for the least amount of capital/investment?” Amazon reverses the question: “What can we do that gives us an advantage that’s hugely expensive, and that no one else can afford?” Why? Because Amazon has access to capital with lower return expectations than peers. Reducing shipping times from two days to one day? That will require billions. Amazon will have to build smart warehouses near cities, where real estate and labor are expensive. By any conventional measure, it would be a huge investment for a marginal return. But for Amazon, it’s all kinds of perfect. Why? Because Macy’s, Sears, and Walmart can’t afford to spend billions getting the delivery times of their relatively small online businesses down from two days to one. Consumers love it, and competitors stand flaccid on the sidelines. In 2015, Amazon spent $7 billion on shipping fees, a net shipping loss of $5 billion, and overall profits of $2.4 billion. Crazy, no? No. Amazon is going underwater with the world’s largest oxygen tank, forcing other retailers to follow it, match its prices, and deal with changed customer delivery expectations. The difference is other retailers have just the air in their lungs and are drowning. Amazon will surface and have the ocean of retail largely to itself.

Scrupling to do writings relative to keeping slaves has been a means of sundry small trials to me, in which I have so evidently felt my own will set aside that I think it good to mention a few of them. Tradesmen and retailers of goods, who depend on their business for a living, are naturally inclined to keep the good-will of their customers; nor is it a pleasant thing for young men to be under any necessity to question the judgment or honesty of elderly men, and more especially of such as have a fair reputation. Deep-rooted customs, though wrong, are not easily altered; but it is the duty of all to be firm in that which they certainly know is right for them. A charitable, benevolent man, well acquainted with a negro, may, I believe, under some circumstances, keep him in his family as a servant, on no other motives than the negro's good; but man, as man, knows not what shall be after him, nor hath he any assurance that his children will attain to that perfection in wisdom and goodness necessary rightly to exercise such power; hence it is clear to me, that I ought not to be the scribe where wills are drawn in which some children are made ales masters over others during life. About this time an ancient man of good esteem in the neighborhood came to my house to get his will written. He had young negroes, and I asked him privately how he purposed to dispose of them. He told me; I then said, "I cannot write thy will without breaking my own peace," and respectfully gave him my reasons for it. He signified that he had a choice that I should have written it, but as I could not, consistently with my conscience, he did not desire it, and so he got it written by some other person. A few years after, there being great alterations in his family, he came again to get me to write his will. His negroes were yet young, and his son, to whom he intended to give them, was, since he first spoke to me, from a libertine become a sober young man, and he supposed that I would have been free on that account to write it. We had much friendly talk on the subject, and then deferred it. A few days after he came again and directed their freedom, and I then wrote his will.

The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” George Bernard Shaw On a cool fall evening in 2008, four students set out to revolutionize an industry. Buried in loans, they had lost and broken eyeglasses and were outraged at how much it cost to replace them. One of them had been wearing the same damaged pair for five years: He was using a paper clip to bind the frames together. Even after his prescription changed twice, he refused to pay for pricey new lenses. Luxottica, the 800-pound gorilla of the industry, controlled more than 80 percent of the eyewear market. To make glasses more affordable, the students would need to topple a giant. Having recently watched Zappos transform footwear by selling shoes online, they wondered if they could do the same with eyewear. When they casually mentioned their idea to friends, time and again they were blasted with scorching criticism. No one would ever buy glasses over the internet, their friends insisted. People had to try them on first. Sure, Zappos had pulled the concept off with shoes, but there was a reason it hadn’t happened with eyewear. “If this were a good idea,” they heard repeatedly, “someone would have done it already.” None of the students had a background in e-commerce and technology, let alone in retail, fashion, or apparel. Despite being told their idea was crazy, they walked away from lucrative job offers to start a company. They would sell eyeglasses that normally cost $500 in a store for $95 online, donating a pair to someone in the developing world with every purchase. The business depended on a functioning website. Without one, it would be impossible for customers to view or buy their products. After scrambling to pull a website together, they finally managed to get it online at 4 A.M. on the day before the launch in February 2010. They called the company Warby Parker, combining the names of two characters created by the novelist Jack Kerouac, who inspired them to break free from the shackles of social pressure and embark on their adventure. They admired his rebellious spirit, infusing it into their culture. And it paid off. The students expected to sell a pair or two of glasses per day. But when GQ called them “the Netflix of eyewear,” they hit their target for the entire first year in less than a month, selling out so fast that they had to put twenty thousand customers on a waiting list. It took them nine months to stock enough inventory to meet the demand. Fast forward to 2015, when Fast Company released a list of the world’s most innovative companies. Warby Parker didn’t just make the list—they came in first. The three previous winners were creative giants Google, Nike, and Apple, all with over fifty thousand employees. Warby Parker’s scrappy startup, a new kid on the block, had a staff of just five hundred. In the span of five years, the four friends built one of the most fashionable brands on the planet and donated over a million pairs of glasses to people in need. The company cleared $100 million in annual revenues and was valued at over $1 billion. Back in 2009, one of the founders pitched the company to me, offering me the chance to invest in Warby Parker. I declined. It was the worst financial decision I’ve ever made, and I needed to understand where I went wrong.

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Every time a technology goes exponential, we find an internet-sized opportunity tucked inside. Think about the internet itself. While it seemingly decimated industries—music, media, retail, travel, and taxis—a study by McKinsey Global Research found the net created 2.6 new jobs for each one it extinguished.

in 2012, the three hundred largest cooperatives worldwide, covering agriculture, retail, insurance and healthcare, generated $2.2 trillion in revenue—equivalent to the world’s seventh largest economy.66 In the UK, the John Lewis Partnership, a leading retailer for almost a century, has over 90,000 permanent staff named as Partners in the business. In 2011, the company raised £50 million in capital by inviting employees and customers to purchase five-year bonds in return for an annual 4.5 percent dividend plus 2 percent in shop vouchers.

For a well-defined, standard, and stable process involving hand-offs between people and systems, it is preferable to use a smart workflow platform. Such platforms offer pre-developed modules. These are ready-to-use automation programs customized by industry and by business function (e.g., onboarding of clients in retail banking). In addition, they are modular. For example, a module might include a form for client data collection, and another module might support an approval workflow. In addition, these modules can be linked to external systems and databases using connectors, such as application programming interfaces (APIs), which enable resilient data connectivity. Hence, with smart workflows, there is no need to develop bespoke internal and external data bridges. This integration creates a system with high resiliency and integrity. In addition, the standardization by industry and function of these platforms, combined with the low-code functionality, helps to accelerate the implementation.

Unions, as we have seen, pushed for and won legislation that legitimized collective bargaining. Small farmers got federal price supports and a voice in setting agricultural policy. Farm cooperatives, like unions, won exemption from federal antitrust laws. Small retailers obtained protection against retail chains through state “fair trade” laws and the federal Robinson-Patman Act, requiring wholesalers to charge all retailers the same price regardless of size and preventing chains from cutting prices.

Talk about the bigger picture; store owners seek business continuity. With the adoption of eCommerce software, it is easy to maintain the less friction your customers' experience would be when they receive their orders. It implies that consumers like to keep doing business with you. As the traditional approach to brick-and-mortar retail continues to decline in efficiency, brick-and-mortar retail overall is now moving to the digital world. The competition is high but needs a strategic way to survive in it. Be Online!

Normal business thinking: If we can borrow money at historically low rates, buy back stock, and see the value of management’s options increase, why invest in growth and the jobs that come with it? That’s risky. Amazon business thinking: If we can borrow money at historically low rates, why don’t we invest that money in extraordinarily expensive control delivery systems? That way we secure an impregnable position in retail and asphyxiate our competitors. Then we can get really big, fast.

Tana Africa focuses its efforts on food, beverages and personal care, fast-moving consumer goods, retail and education, and will also consider select opportunities in healthcare, consumer financial services, media, logistics and agriculture. ‘We are Africans, and we would like to invest in Africa,’ says Nicky. ‘So we are busy looking for things to do.

In a country of thirty-two million households, A&P served five million customers a day. In 1929, it became, as John had predicted, the first retailer anywhere to sell $1 billion of merchandise in a single year.28

Established Sino-Burmese businessmen continue to remain at the helm of Myanmar's economy, where the Chinese minority have been transformed almost overnight into a garishly distinctive prosperous business community. Much of the foreign investment capital into the Burmese economy has been from Mainland Chinese investors and channeled through Burmese Chinese business networks for new startup businesses or foreign acquisitions. Many members of the Burmese Chinese business community act as agents for Mainland and overseas Chinese investors outside of Myanmar. In 1988, the State Law and Order Restoration Council (SLORC) came to power, and gradually loosened the government's role in the economy, encouraging private sector growth and foreign investment. This liberalization of state's role in the economy, if slight and uneven, nonetheless gave Burmese Chinese-led businesses extra space to expand and reassert their economic clout. Today, virtually all of Myanmar's retail, wholesale and shipping firms are in Chinese hands. For example, Sein Gayha, a major Burmese retailer that began in Yangon's Chinatown in 1985, is owned by a Burmese Hakka family. Moreover, ethnic Chinese control the nations four of the five largest commercial banks, Myanmar Universal Bank, Yoma Bank, Myanmar Mayflower Bank, and the Asia Wealth Bank. Today, Myanmar's ethnic Chinese community are now at the forefront of opening up the country's economy, especially towards Mainland China as an international overseas Chinese economic outpost. The Chinese government has been very proactive in engaging with the overseas Chinese diaspora and using China's soft power to help the Burmese Chinese community stay close to their roots in order to foster business ties.[9] Much of the foreign investment from Mainland China now entering Myanmar is being channeled through overseas Chinese bamboo networks. Many members of the Burmese Chinese business community often act as agents for expatriate and overseas Chinese investors outside of Myanmar.

Retailing is the art of making habits and the business of maintaining habits.

Retailing is the art of making habits and the business of maintaining habits.

When the retail, operations, and finance teams began to construct the initial Amazon WBR, they turned to a well-known Six Sigma process improvement method called DMAIC, an acronym for Define-Measure-Analyze-Improve-Control.1 Should you decide to implement a Weekly Business Review for your business, we recommend following the DMAIC steps as well. The order of the steps matters. Progressing through this metrics life cycle in this order can prevent a lot of frustration and rework, allowing you to achieve your goals faster.

If McDonald’s was a fine dining establishment, the chain would have failed years ago because customer surveys routinely return less than fifty percent satisfaction with both the food and service. Ubiquity and familiarity are the chain’s secret sauces. McDonalds survives by operating in thousands of convenient locations. This was once the strategy for the clothing retailer, The Gap and remains important to Starbucks. McDonalds is a real estate company first and a food business second.

Picture a countryside with one hundred million chickens roaming the land. It is challenging to imagine anything of that magnitude. It happens to be the number of cooked rotisserie chickens Costco sells annually. The Chief Financial Officer shared that the retailer loses upwards of US$40 million a year selling the chicken. This is not altruism. People are lured by the five-dollar item but leave with a cart overflowing with bulk underwear, photocopier paper, and lawn ornaments. This practice of selling rotisserie chicken has spread to most grocery chains in North America.

To be sure, the Socialist argued that he meant to put into office a new kind of politician; but the American system of graft was so firmly established, it was hard for the man in the street to believe that people elected to political office could ever run any business but retail liquor.

In the spring of 2002, popular clothing retailer Abercrombie & Fitch decided to, as they say, fuck around and find out. The company’s latest round of overpriced clothing included an assortment of Asian-themed novelty graphic T-shirts advertising fictional businesses. One of the designs, the one most people seem to remember, was for “Wong Brothers Laundry Service,” evoking stereotypically cheap Chinatown labor, bachelor societies, and Ancient Chinese Secrets.

In 2000 Amazon had a giant monolithic mess of engineers and code powering the fast-growing retail business. Engineers were stepping all over each other, and the coordination energy to get anything done was massive. Things were slowing down, so Bezos wrote the “two-pizza team” memo proposing that they divide the company into small teams in order to move faster. (The idea was that you could feed the whole team with two pizzas.)

Companies that adapt to the new digital landscape will serve customers better, and will survive. Those that don’t will die. It may not be overnight, but it’s inevitable. It’s as simple as that. It doesn’t matter what business you’re in. Banks. Airlines. Automakers. Insurance companies. Real estate. Retailers. Health care.

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Nordstrom, the high-end retailer, was one of the earliest to launch an innovation lab back in 2013. Two years later, the brand announced that it was shrinking its lab and reassigning its employees into other groups. When asked about it by online site Geekwire, a Nordstrom spokesperson said, “rather than just a team focused on innovation, it’s now everyone’s job.” The natural evolution of any external skillset that starts with being “insourced” is to eventually become integrated into the overall way business is done.

Corstorphine Security Systems can provide you with top quality security equipment to keep your home, business or other premises safe from unwanted visitors. We take great pride in offering you a comprehensive range of services which includes installations, servicing, maintenance and repairs. This outstanding after care service is what keeps our customers returning to us year after year. Whether you require a burglar alarm for your home, CCTV for your retail unit or an access control system for your nursery or day care centre, we can help.