Retail Sayings Quotes

A robber who justified his theft by saying that he really helped his victims, by his spending giving a boost to retail trade, would find few converts; but when this theory is clothed in Keynesian equations and impressive references to the “multiplier effect,” it unfortunately carries more conviction.

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.

You swallow hard when you discover that the old coffee shop is now a chain pharmacy, that the place where you first kissed so-and-so is now a discount electronics retailer, that where you bought this very jacket is now rubble behind a blue plywood fence and a future office building. Damage has been done to your city. You say, ''It happened overnight.'' But of course it didn't. Your pizza parlor, his shoeshine stand, her hat store: when they were here, we neglected them. For all you know, the place closed down moments after the last time you walked out the door. (Ten months ago? Six years? Fifteen? You can't remember, can you?) And there have been five stores in that spot before the travel agency. Five different neighborhoods coming and going between then and now, other people's other cities. Or 15, 25, 100 neighborhoods. Thousands of people pass that storefront every day, each one haunting the streets of his or her own New York, not one of them seeing the same thing.

In office buildings and retail premises in which entry is through double doors and one of those doors is locked for no reason, the door must bear a large sign saying: “This Door Is Locked for No Reason.

So you're the winner of this game show," Seth says, "and you get a choice between a five-piece living room set from Broyhill, suggested retail price three thousand dollars— or—a ten-day trip to the old world charm of Europe." Most people, Seth says, would take the living room set. "It's just that people want something to show for their effort," Seth says. "Like the pharaohs and their pyramids.

For my whole career in retail, I have stuck by one guiding principle. It’s a simple one, and I have repeated it over and over and over in this book until I’m sure you’re sick to death of it. But I’m going to say it again anyway: the secret of successful retailing is to give your customers what they want.

Mama," Bubba said as he came out of the back. "I can't beat up everyone in the world for being stupid. Have you seen how many of them are out there? I work retail. Trust me. The world's eat up with it. And aren't you the one that's always saying, 'you can't fix stupid, son so don't try?' Besides, I got better things to do with my time than fight every idiot I come into contat with.

CUSTOMER: Is your poetry section split up into rhyming and non-rhyming sections? BOOKSELLER: No, it’s just in alphabetical order. What kind of poetry are you looking for? CUSTOMER: Rhyming. Preferably iambic pentameter, in poems of no more than ten lines, by a female poet. But, other than that, I don’t mind.

I don’t think any other retail company in the world could do what I’m going to propose to you. It’s simple. It won’t cost us anything. And I believe it would just work magic, absolute magic on our customers, and our sales would escalate, and I think we’d just shoot past our Kmart friends in a year or two and probably Sears as well. I want you to take a pledge with me. I want you to promise that whenever you come within ten feet of a customer, you will look him in the eye, greet him, and ask him if you can help him. Now I know some of you are just naturally shy, and maybe don’t want to bother folks. But if you’ll go along with me on this, it would, I’m sure, help you become a leader. It would help your personality develop, you would become more outgoing, and in time you might become manager of that store, you might become a department manager, you might become a district manager, or whatever you choose to be in the company. It will do wonders for you. I guarantee it. Now, I want you to raise your right hand—and remember what we say at Wal-Mart, that a promise we make is a promise we keep—and I want you to repeat after me: From this day forward, I solemnly promise and declare that every time a customer comes within ten feet of me, I will smile, look him in the eye, and greet him. So help me Sam.

Customer: Forgotten my glasses, could you read the beginning of this book to me to see if I like it?

Being jealous does nothing. It turns you into a person who’s unable to feel genuine happiness, and tarnishes every accomplishment when it’s used to measure your sense of worth on a made-up scale. You hear about a friend’s promotion (in an industry that probably isn’t yours) and feel like you will never venture past your existing achievements. You hear someone from high school is getting married and assume that you never will. You discover the guy you worked retail with in 2006 has a new apartment, and you sit wherever you happen to live and actively resent the space you loved five minutes ago. And feelings like will always come up; it’s just up to you to say “fuck off.” So, while I’d like to say you should just decide not to be jealous, and that we’re all in this together so let’s remember that and be best friends, I know that isn’t realistic because jealousy is immune to reason and logic…If I feel myself slipping into a jealousy wormhole when I see someone else shining, I remember that to gauge my self-worth based on someone else’s accomplishments is a one-way ticket to bitterness.

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.

Most people don't know what they're blowing anyway -- they know what they've been buying. You offer them pure and they won't meet your price -- they say it's shit because it doesn't look like what they're used to. So you hit it with some borax and they pay your price. But that takes time. After you unload most of it at an honest price, then you can fuck around with what's left for the sucker trade.

A Maven is a person who has information on a lot of different products or prices or places. This person likes to initiate discussions with consumers and respond to requests," Price says. "They like to be helpers in the marketplace. They distribute coupons. They take you shopping. They go shopping for you....They distribute about four times as many coupons as other people. This is the person who connects people to the marketplace and has the inside scoop on the marketplace. They know where the bathroom is in retail stores. That's the kind of knowledge they have." They are more than experts. An expert, says Price, will "talk about, say, cars because they love cars. But they don't talk about cars because they love you, and want to help you with your decision. The Market Maven will. They are more socially motivated.

Mandy made pot roast for dinner," Vera says. "It was truly terrible. Do you want some?" Gabe rolls his eyes. "I'm so glad you're in retail, with pitches like that. You must be the best. 'Here try this product - it's awful.

Sunday night is my personal weekly Halloween. I walk along slowly and drag my fingertips along the bars of chocolate. Goddamn, you sexy little squares. Dark, milk, white, I do not discriminate. I eat it all. Those fluorescent sour candies that only obnoxious little boys like. I suck candy apples clean. If an envelope seal is sweet, I’ll lick it twice. Growing up, I was that kid who would easily get lured into a van with the promise of a lollipop. Sometimes, I let the retail seduction last for twenty minutes, ignoring Marco and feeling up the merchandise, but I’m so tired of male voices. “Five bags of marshmallows,” Marco says in a resigned tone. “Wine. And a can of cat food.” “Cat food is low carb.” He makes no move to scan anything, so I scan each item myself and unroll a few notes from my tips. “Your job involves selling things. Sell them. Change, please.” “I just don’t know why you do this to yourself.” Marco looks at the register with a moral dilemma in his eyes. “Every week you come and do this.” He hesitates and looks over his shoulder where his sugar book sits under a layer of dust. He knows not to try to slip it into my bag with my purchases. “I don’t know why you care, dude. Just serve me. I don’t need your help.” He’s not entirely wrong about my being an addict. I would lick a line of icing sugar off this counter right now if no one were around. I would walk into a cane plantation and bite right in... “Give me my change or I swear to God …” I squeeze my eyes shut and try to tamp down my temper. “Just treat me like any other customer.” He gives me a few coins’ change and bags my sweet, spongy drugs.

Customer: This book has a couple of tears to some of the pages. Me: Yes, unfortunately some of the older books haven’t had as much love as they should have done from previous owners. Customer: So, will you lower the price? It says here it’s £20. Me: I’m sorry but we take into account the condition of the books when we price them; if that book was in a better condition, it would be worth a lot more than £20. Customer: Well, you can’t have taken this tear here into account *points to page* or this one here *points to another page* because my son did those two minutes ago. Me: So, the book is now more damaged than it was before, because of your son? Customer: Yes. Exactly. So will you lower the price?

But I’m going to say it again anyway: the secret of successful retailing is to give your customers what they want. And really, if you think about it from your point of view as a customer, you want everything: a wide assortment of good quality merchandise; the lowest possible prices; guaranteed satisfaction with what you buy; friendly, knowledgeable service; convenient hours; free parking; a pleasant shopping experience.

One more thing. I...I kind of hate people. Seriously, I've thought about how to phrase this and the best thing I can say isn't, "I'm not a people person," or something like that. It's that I hate people. some persons, individual persons, I like and love, but when you get eight or more together in a group, I hate that. I mean HATE that. I hate cliques, I hate crowds, and the only reason i got anywhere in retails is that I was always moving around. I had a purpose. My idea of hell is being one of those people in the middle of those crowd shots you see in concerts, you know, where fifteen thousand people are watching some band or something. But it's not just the number of bodies; it's that a person gets stupid when they become people. They are easily convinced of things. So I guess if my story had a heading, like, in your book, it might be "How Clara stopped hating people because they started doing what she said," Or something less wordy that doesn't make me sound like a controlling bitch.

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.

RIM shipped PlayBooks to major retail clients, such as Best Buy, which had preserved premium display space for the new product. Unfortunately, RIM had neglected to create a demo program to showcase and explain its latest product. With no helpful presentation on the screen of the device, shoppers were left to rummage around PlayBook programs on their own. Countless PlayBooks were immobilized after customers armed the devices with passwords, which the sales staff couldn’t unlock. “This happened hundreds of times,” says McDowell.

[Emerson] saw, in the beginning, no difference between abolitionism and the institutionalized religion he had rejected in the Divinity School address. They were both ways of discouraging people from thinking for themselves. "Each 'Cause,' as it is called," he wrote in 1842, explaining why the Transcendentalists were not a "party," "—say Abolition, Temperance, say Calvinism or Unitarianism, --becomes speedily a little shop, where the article, let it have been at first never so subtle and ethereal, is now made up into portable and convenient cakes, and retailed in small quantities to suit purchasers.

Every year or so I like to take a step back and look at a few key advertising, marketing, and media facts just to gauge how far removed from reality we advertising experts have gotten. These data represent the latest numbers I could find. I have listed the sources below. So here we go -- 10 facts, direct from the real world: E-commerce in 2014 accounted for 6.5 percent of total retail sales. 96% of video viewing is currently done on a television. 4% is done on a web device. In Europe and the US, people would not care if 92% of brands disappeared. The rate of engagement among a brand's fans with a Facebook post is 7 in 10,000. For Twitter it is 3 in 10,000. Fewer than one standard banner ad in a thousand is clicked on. Over half the display ads paid for by marketers are unviewable. Less than 1% of retail buying is done on a mobile device. Only 44% of traffic on the web is human. One bot-net can generate 1 billion fraudulent digital ad impressions a day. Half of all U.S online advertising - $10 billion a year - may be lost to fraud. As regular readers know, one of our favorite sayings around The Ad Contrarian Social Club is a quote from Noble Prize winning physicist Richard Feynman, who wonderfully declared that “Science is the belief in the ignorance of experts.” I think these facts do a pretty good job of vindicating Feynman.

And frankly the people who seem to best understand that we are creatures of love and desire, not thoughts, are the current giant tech companies of the world. Think about how Apple exists with a temple-like space (tell me their retail stores don't feel so "set apart" from the ordinary retail design that it doesn't immediately conjure up sacred feelings) where you go to sacrifice (enormously large portions of your money) to obtain that which you are looking for - connection, meaning and depth. People stand in line all night, some even camping out on the sidewalk, for the latest device that offers those implicitly understood benefits. This phone can, and will, be more than a phone. I think it's even fair to say that Apple is a religion with Steve Jobs as a priest (who has become a venerated secular saint after his death), mediating between man and God to give us what we want. Connection. Power. God-like knowledge of good and evil. And we take the phone, and we crouch and bend over. Usually with heads bowed. Laser focused on something. Blocking out all around us. We are silent and solemn. Tending not to speak. And then we perform a certain behaviour over and over and over again. Sound familiar? Swipe.

Then I got to the point: “I don’t think any other retail company in the world could do what I’m going to propose to you. It’s simple. It won’t cost us anything. And I believe it would just work magic, absolute magic on our customers, and our sales would escalate, and I think we’d just shoot past our Kmart friends in a year or two and probably Sears as well. I want you to take a pledge with me. I want you to promise that whenever you come within ten feet of a customer, you will look him in the eye, greet him, and ask him if you can help him. Now I know some of you are just naturally shy, and maybe don’t want to bother folks. But if you’ll go along with me on this, it would, I’m sure, help you become a leader. It would help your personality develop, you would become more outgoing, and in time you might become manager of that store, you might become a department manager, you might become a district manager, or whatever you choose to be in the company. It will do wonders for you. I guarantee it. Now, I want you to raise your right hand—and remember what we say at Wal-Mart, that a promise we make is a promise we keep—and I want you to repeat after me: From this day forward, I solemnly promise and declare that every time a customer comes within ten feet of me, I will smile, look him in the eye, and greet him. So help me Sam.

My room had a balcony where I could watch the setting sun flood the desert floor and burnish the golden slopes of the MacDonnell Ranges beyond – or at least I could if I looked past the more immediate sprawl of a K-Mart plaza across the road. In the two million or more square miles that is the Australian outback, I don’t suppose there is a more unfortunate juxtaposition. Allan was evidently held by a similar thought, for a half hour later when we met out front he was staring at the same scene. ‘I can’t believe we’ve just driven a thousand miles to find a K-Mart,’ he said. He looked at me. ‘You Yanks have a lot to answer for, you know.’ I started to protest, in a sputtering sort of way, but what could I say? He was right. We do. We have created a philosophy of retailing that is totally without aesthetics and totally irresistible. And now we box these places up and ship them to the far corners of the world. Visually, almost every arrestingly regrettable thing in Alice Springs was a product of American enterprise, from people who couldn’t know that they had helped to drain the distinctiveness from an outback town and doubtless wouldn’t see it that way anyway. Nor come to that, I dare say, would most of the shoppers of Alice Springs, who were no doubt delighted to get lots of free parking and a crack at Martha Stewart towels and shower curtains. What a sad and curious age we live in. We

There are several reasons for this. For one thing, it’s not just that lobsters get boiled alive, it’s that you do it yourself—or at least it’s done specifically for you, on-site. 14 As mentioned, the World’s Largest Lobster Cooker, which is highlighted as an attraction in the festival’s program, is right out there on the MLF’s north grounds for everyone to see. Try to imagine a Nebraska Beef Festival 15 at which part of the festivities is watching trucks pull up and the live cattle get driven down the ramp and slaughtered right there on the World’s Largest Killing Floor or something—there’s no way. The intimacy of the whole thing is maximized at home, which of course is where most lobster gets prepared and eaten (although note already the semiconscious euphemism “prepared,” which in the case of lobsters really means killing them right there in our kitchens). The basic scenario is that we come in from the store and make our little preparations like getting the kettle filled and boiling, and then we lift the lobsters out of the bag or whatever retail container they came home in … whereupon some uncomfortable things start to happen. However stuporous a lobster is from the trip home, for instance, it tends to come alarmingly to life when placed in boiling water. If you’re tilting it from a container into the steaming kettle, the lobster will sometimes try to cling to the container’s sides or even to hook its claws over the kettle’s rim like a person trying to keep from going over the edge of a roof. And worse is when the lobster’s fully immersed. Even if you cover the kettle and turn away, you can usually hear the cover rattling and clanking as the lobster tries to push it off. Or the creature’s claws scraping the sides of the kettle as it thrashes around. The lobster, in other words, behaves very much as you or I would behave if we were plunged into boiling water (with the obvious exception of screaming 16 ). A blunter way to say this is that the lobster acts as if it’s in terrible pain, causing some cooks to leave the kitchen altogether and to take one of those little lightweight plastic oven-timers with them into another room and wait until the whole process is over.

-Write out a conversation with your inner voice. Begin the entry with a question directed to yourself, then write your mental response. It may help to label the different voices A and B. Dialogue writing is a very effective way to get to the heart of the matter. The following passage is an example of typical dialogue writing: A: Tomorrow is a big day. You have an interview at a college. How do you feel? B: I am really nervous. This is the first interview and I don’t know what it is going to be like. A: What are you afraid of? B: I’m afraid I’ll stutter and say something stupid. I’m worried the person will ask a question and I won’t know what to say. A: What do you want to discuss? B: I think it is good that I was on the basketball team for four years. That shows commitment and dedication. I also got decent grades and earned a blue ribbon at the science fair. A: What about your hobbies outside of school? B: I really like to read. I could mention that. I could talk also about the vacations my family has taken. They are pretty interesting. I enjoy my part-time retail job. A: It sounds like you do a lot. B: I guess I am good at organizing my life and accomplishing what needs to be done. Hey, that would sound good in an interview! -Try focused “freewriting.” Pick one topic, such as school, friends, or family, and write everything that comes to mind about that topic. Write for at least ten minutes or until you’re certain that you have run out of things to write. -Write your belief system. Start by writing “I believe…” at the top of a clean page. Then write whatever comes to mind. It may help to ask yourself questions when you get stuck such as “What do I believe about friendship?” “What is my personal style?” or “What are my gifts and abilities?” -Write about an event from your perspective, then write about the same event from someone else’s point of view. For example, if you had a hard time answering a question during class, write about how you felt, what you thought, and how you behaved. Next, pretend you are the teacher writing about the same event. What do you think he or she was thinking? How did he or she act? This exercise is a great way to show that there are multiple ways of seeing the same situation.

Consider James D. Sinegal, co-founder and CEO of Costco, a warehouse retailer. His salary in 2003 was $350,000, which is just about ten times what is earned by his top hourly employees and roughly double that of a typical Costco store manager. Costco also pays 92.5% of employee health-care costs. Sinegal could take a lot more goodies for himself, but has refused a bonus in profitable years because “we didn’t meet the standards that we had set for ourselves,” and he has sold only a modest percentage of his stock over the years. Even Costco’s compensation committee acknowledges that he is underpaid. Sinegal believes that by taking care of his people and staying close to them, they will provide better customer service, Costco will be more profitable, and everyone (including shareholders like himself) will win. Sinegal takes other steps to reduce the “power distance” between himself and other employees. He visits hundreds of Costco stores a year, constantly mixing with the employees as they work and asking questions about how he can make things better for them and Costco customers. Despite continuing skepticism from analysts about wasting money on labor costs, Costco’s earnings, profits, and stock price continue to rise. Treating employees fairly also helps the bottom line in other ways, as Costco’s “shrinkage rate” (theft by employees and customers) is only two-tenths of 1%; other retail chains suffer ten to fifteen times the amount. Sinegal just sees all this as good business because, when you are a CEO, “everybody is watching you every minute anyway. If they think the message you’re sending is phony, they are going to say, ‘Who does he think he is?

Avoiding Chargebacks "Depending on the type of business, the frequency of charge backs will be higher for some businesses and more difficult to defend. Learning15 the proper way to handle a customer chargeback will help the owner and reduce the frequency. Having to pay charge backs can be very costly to the business owner resulting in losses. It could also be very discouraging to a new business owner knowing that he has to pay a penalty, as well as refund services rendered. It would be a good idea to be aware of the things about which your customers complain frequently and make it a goal to correct, improve, or remove it. It would be very unfortunate to learn of a damaging remark about your operation made on the Internet, rather than face- to- face. Make it a point to inquire of your customer whether he was dissatisfied. Make conversation with your customer and if the customer has a complaint, make every effort to resolve it as soon as possible. Charge backs could get very costly and sometimes settling the dispute with the customer could save you money. However, there will be times when the refund should not be given or attempts to settle this on the spot should not be made. The business owner will have to use his own judgment. Jesus counsels us to “Love your enemies, do good to them which hate you, Luke 6:27, (KJV).” No doubt some business owners will have difficulty doing this when the occasion arises, and some may have learned that this is the way to go. But, I encourage you to try this. As you do more and more business, you will find this to be a very necessary way for you to resolve conflicts in your business. It will be easier to do this than to resist, as Jesus said in Matthew 5:25 (KJV), “Agree with thine adversary quickly whilst thou art in the way with him.; lest at any time the adversary deliver thee to the judge, and the judge deliver thee to the officer, and thou be cast into prison.” Being cast into prison may be an extreme outcome, but we can avoid further conflicts if we would just humble ourselves and strive to resolve our conflicts. If it is any consolation, there are rewards for acting with love. Luke 6:35 says, “But love thee your enemies and do good and lend, hoping for nothing again; and your reward shall be great, and ye shall be the children of the Highest: for he is kind unto the unthankful and to the evil.” As one can see, business owners have a higher degree of responsibility because of the number of people with whom he/she interacts.

simply accept what you say because you are the boss. 

Retailers, especially low-margin retailers, each with a minor market share, cannot afford to entice the public to desire a product. All they can afford to say is: “If you want this product, buy it from me.

Standard General Says Its Bid Is RadioShack’s Sole Hope of Survival By Peg Brickley | 477 words European Pressphoto Agency Standard General LP’s buyout offer for RadioShack Corp. is the retailer’s only hope of surviving bankruptcy, albeit in a much smaller form, and of staving off complete liquidation, lawyers said Thursday.

Rent-to-Own is one of the worst examples of the little Red-Faced Kid in “I want it now!” mode. The Federal Trade Commission continues to investigate this industry because the effective interest rates in rent-to-own transactions are over 1,800 percent on average. People rent items they can’t possibly afford to buy because they look only at “how much a week” and think, I can afford this. Well, when you look at the numbers, no one can afford this. The average washer and dryer will cost you just $20 per week for ninety weeks. That is a total of $1,800 for a washer and dryer you could have bought new at full retail price for $500 and slightly used for $200. As my old professor used to say about the “own” part of Rent-to-Own, “You should live so long!” If you had saved $20 per week for just ten weeks, you could have bought the scratch-and-dent model off the floor at the same Rent-to-Own store for $200! Or you could have bought a used set out of the classifieds or online. It pays to look past the weekend and suffer through going to the Laundromat with your quarters. When you think short term, you always set yourself up for being ripped off by a predatory lender. If the Red-Faced Kid (“I want it, and I want it now!”) rules your life, you will stay broke!

Economics, it says on page one of textbooks, is the study of human behavior under conditions of scarcity. The expansion of the economic realm is therefore the expansion of scarcity, its incursion into areas of life once characterized by abundance. Economic behavior, particularly the exchange of money for goods, extends today into realms that were never before the subject of money exchanges. Take, for example, one of the great retail growth categories in the last decade: bottled water. If one thing is abundant on earth to the point of near-ubiquity, it is water, yet today it has become scarce, something we pay for.

Senator Warren questions SEC chair on broker reforms 525 words By Sarah N. Lynch WASHINGTON (Reuters) - Senator Elizabeth Warren said Friday that the Labor Department should press ahead with brokerage industry reforms, and not be deterred by the Securities and Exchange Commission's plans to adopt its own separate rules.    President Barack Obama, with frequent Wall Street critic Warren at his side, last month called on the Labor Department to quickly move forward to tighten brokerage standards on retirement advice, lending new momentum to a long-running effort to implement reforms aimed at reducing conflicts of interest and "hidden fees." But that effort could be complicated by a parallel track of reforms by the SEC, whose Chair Mary Jo White on Tuesday said she supported moving ahead with a similar effort to hold retail brokers to a higher "fiduciary" standard. "I want to see the Department of Labor go forward now," Warren told Reuters in an interview Friday. "There is no reason to wait for the SEC. There is no question that the Department of Labor has the authority to act to ensure that retirement advisers are serving the best interest of their clients." Warren said that while she has no concerns with the SEC moving forward to write its own rules, she fears its involvement may give Wall Street a hook to try to delay or water down a separate ongoing Labor Department effort to craft tough new rules governing how brokers dole out retirement advice. She also raised questions about White's decision to unveil her position at a conference hosted by the Securities Industry and Financial Markets Association (SIFMA), a trade group representing the interests of securities brokerage firms. Not only is the SEC the lead regulator for brokers, but unlike the Labor Department, it is also bound by law to preserve brokers' commission-based compensation in any new fiduciary rule.     "I was surprised that (Chair) White announced the rule at a conference hosted by an industry trade group that spent several years and millions of dollars lobbying members of Congress to block real action to fix the problem," Warren said. Warren, a Massachusetts Democrat who frequently challenges market regulators as too cozy with industry, stopped short of directly criticizing White. The SEC and SIFMA both declined to comment on Warren's comments. SIFMA has strongly opposed the Labor Department's efforts, fearing its rule will contain draconian measures that would cut broker profits, and in turn, force brokers to pull back from offering accounts and advice to American retirees. It has long advocated for the SEC to take the lead on a rule that would create a new uniform standard of care for brokers and advisers. The SEC has said it has been coordinating with the Labor Department on the rule-writing effort, but on Tuesday White also acknowledged that the two can still act independently of one another because they operate under different laws. The industry and reform advocates have been waiting now for years to see whether the SEC would move to tighten standards.     Warren expressed some skepticism on Friday about whether the SEC will ever in fact actually adopt a rule, saying that for years the agency has talked about taking action, but has not delivered. (Reporting by Sarah N. Lynch; Editing by Christian Plumb)

What’s more, a real premium began to be placed on being part of this knowledge oeuvre—not just in what McKinsey knew but in who at McKinsey knew these subject areas. An unstated understanding emerged that if you were a logistics expert in, say, the retail sector and you were called by a partner you had never met who mainly did work with pharmaceutical companies, you would nevertheless return the call. That reputation for contributing was your asset in the firm.

The problem you face is “We need to sell more widgets.” Your team might come up with a list of the following ways to increase widget sales: • Changing the way we sell our widgets to retail outlets. • Improving the way we market our widgets to consumers. • Reducing the unit cost of our widgets. If this list looks rather generic, that’s fine; we will talk about moving down a level of detail in the next section. What matters is that the list is MECE. Suppose you add another item, say, “Reengineering our widget production process.” How does that fit with the three issues you already have? This is certainly an important issue, but it isn’t a fourth point alongside the others. It falls under “Reducing the unit cost,” along with other subissues such as “Leveraging our distribution system” and “Improving our inventory management.” Why? Because all these are ways to reduce the unit cost of widgets. Putting any (or all) of them with the other three issues on the list would cause an overlap. The items in the list would no longer be mutually exclusive. Overlap represents muddled thinking by the writer and leads to confusion for the reader.

Smith in his book and with his life is telling us how to live. Seek wisdom and virtue. Behave as if an impartial spectator is watching you. Use the idea of an impartial spectator to step outside yourself and see yourself as others see you. Use that vision to know yourself. Avoid the seductions of money and fame, for they will never satisfy. How to be virtuous is not so obvious, and that comes next. But I want to close this chapter with Peter Buffett, the man who ended up selling his Berkshire Hathaway stock for $90,000 and giving up the $100 million he could have had in order to pursue a career as a musician. A few years ago, Peter Buffett reflected on his decision to sell his Berkshire Hathaway stock to pursue his dreams in his memoir, Life Is What You Make It. He claims to have no regrets. But could a life as a successful musician possibly be worth giving up $100 million? Wouldn’t $100 million be even more pleasant? Then you ask yourself—what could he have with the extra millions? A nicer car? He could have a Lamborghini Veneno Roadster that retails for about $4 million. Or he could settle for the lovely Ferrari Spider, at $300,000; he could have a couple of those. He could have a mansion you and I can only imagine, anywhere in the world. Like Onassis, he could own an island or two rather than enduring the indignity of visiting an island in the Mediterranean, say, and having to share it with others while staying at a nice hotel. Could those physical pleasures possibly be worth sacrificing the life in music that he dreamed of and ultimately achieved? I think Peter Buffett got a bargain. He gave up $100 million and got something—hard as it is to imagine—that was even more precious. A good life. I think Adam Smith would agree with me.

First of all, in my day, James Cash Penney had called his hourly employees “associates,” and I guess I always had that idea in the back of my head. But the idea to try it at Wal-Mart actually occurred to me on a trip to England. HELEN WALTON: “We were on a tennis vacation to England. We were there to see Wimbledon. One day, we were walking down a street in London, and Sam, of course, stopped to look at a store—he always stopped to look in stores wherever we went—anywhere in the world, it didn’t matter. On that same trip, we lost a lot of our things in Italy when thieves broke into the car while he was looking at a big discount store. Anyway, he stopped at this one English retailing company, and I remember him saying, ‘Look at that sign. That is great. That’s what we should do.’ ” It was Lewis Company, J. M. Lewis Partnership. They had a partnership with all their associates listed up on the sign. For some reason that whole idea really excited me: a partnership with all our associates. As soon as we got home, we started calling our store workers “associates” instead of employees.

In the case of Trunk Club, they led with a simple polarizing message related to how their target customers generally feel about shopping. By saying “men want to dress well, but they hate to shop,” they intentionally called out shopping as the enemy of their service. And if you are a man who hates to shop, you will rapidly align with their message without much thought. The beauty of this approach is that it has the opposite effect for clients who are a poor fit for your solution. For example, if you’re a man who loves to shop, you may be immediately turned off by Trunk Club’s value proposition. While being excited about customers not liking your solution may seem counterintuitive, it’s actually a good thing! Bad-fit customers who buy your product are more likely to become dissatisfied and hurt your brand. They may also provide errant feedback that can quickly derail your product or company roadmap if you decide to follow it. In short, polarizing messages can serve double duty by keeping the good-fit customers in and helping the bad ones self-select out. In the case of Trunk Club, this approach worked: they were acquired by US luxury retailer Nordstrom in 2014 for $350 million.

3. Living in a cocoon Specialist analysts operate in a cocoon, in which they are overexposed to company management and peer analysts and underexposed to what is going on in the rest of the world. Herding instincts may tend to reinforce similar opinions among peer analysts. Their thinking starts to reflect what Daniel Kahneman calls the “insider view.” In the case of Ahold, the specialist retail analysts spent a great deal of time comparing the company’s performance, on a range of measures, with US peers such as Albertson’s and Kroger. As global investors, however, we find it more useful to compare the returns of a company in a particular industry with those in other industries and countries. A specialist analyst couldn’t say whether Ahold was a good investment relative to, say, a Scandinavian paper company or a Thai cement plant.

Trap feminism says that Black girls who have ever rocked bamboo earrings, dookie braids, Baby Phat, lace fronts, or those who have worked as hoes, scammers, call-center reps, at day cares, in retail, and those who sell waist trainers and mink lashes on Instagram are all worth the same dignity and respect we give Michelle Obama and Beyoncé.

A month later I again asked for the information, but all I got was a vague email saying: “Regarding how countries and territories are covered, much depends on specific registration rules and reporting practices. A lot of countries publicly report annual retail sales, seizures and disarmament, or public registration figures. Others routinely see annual data reported in the press. We also get reports by asking. That kind of thing gives official annual inflation/deflation.”21 But he never gave me a list of sources for each country. There was no way to actually check the numbers.

When you ask people at a party about what they do – keep your ears strained for how many of them project themselves as unique . Most of them might say I work for ABC company that ‘s into software or XYZ company that is into retail without implying what is perceptually unique about their companies

Word of Mouth: the Power of True Believers As everyone knows, word of mouth is the most effective advertising of all. Or, when in my cups, I have been known to say that there’s no better business to run than a cult. Trader Joe’s became a cult of the overeducated and underpaid, partly because we deliberately tried to make it a cult once we got a handle on what we were actually doing, and partly because we kept the implicit promises with our clientele. I used to work every Thanksgiving Day in one of the stores. They only let me bag, because I had lost all my checker skills. One Thanksgiving, a woman came in and asked for bourbon. I told her that we had none, because we had not been able to make the right kind of deal (this was after the end of Fair Trade, when we were deep in the Mac the Knife mode). “That’s all right,” she exclaimed. “I know what you’re trying to do for us!” Note the us. There aren’t many cult retailers who successfully retain their cult status over a long period of time. A couple in California are In ’n Out Burger and Fry’s Electronics. But across America, in every town, there’s a particular donut shop, pizza parlor, bakery, greengrocer, bar, etc., that has a cult following of True Believers. The old Petrini’s of the 1950s and 1960s had that status when it came to meat. Brooks Bros had that status until the 1970s. S. S. Pierce in Boston was another. But all of them failed to keep the faith. Beware of ever betraying the True Believers! The fury of a woman scorned is nothing compared with that of a betrayed cultee.

Schmidt started 2012 with new, modern packaging for the deodorant, which was designed to set it apart from the competition. She looked beyond the direct-to-consumer sales channels and the natural and wellness retailers that her competitors used almost exclusively; in 2015, she expanded into traditional grocery stores and pharmacies, which allowed her to reach more customers and to enable greater access to healthy natural products. Her creativity, innovation, and hard work paid off. Schmidt earned appearances on Fox News and The Today Show; mentions on social media from celebrities and influencers; articles in national publications; and distribution on the shelves of Target and Walmart. Though it was bittersweet, Jaime realized that a larger company with more resources could bring her vision and mission to an even wider customer base, and she signed the deal with Unilever right before Christmas 2017. Reflecting on her journey, she says, “When I’m asked about what made Schmidt’s so successful, I often say that my customers were my business plan. It started when I listened to those at the farmer’s market, and it continued through each step of growth. Staying hyper-tuned-in to my customers always guided and served me.” Not sales. Not marketing. Customers, educating, and being educated.

There is no such thing as constant growth, nor is there any rule that says high-speed growth is necessarily a great strategy when building a company to last. Where a finite-minded leader sees fast growth as the goal, an infinite-minded leader views growth as an adjustable variable. Sometimes it is important to strategically slow the rate of growth to help ensure the security of the long-term or simply to make sure the organization is properly equipped to withstand the additional pressures that come with high-speed growth. A fast-growing retail operation, for example, may choose to slow the store expansion schedule in order to put more resources into training and development of staff and store managers.

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.

Yogurt is good for you. And it’s just one spoon,” Sharpcot had replied, but this stack summoned a billion voices, all of them saying in a chorus, “Just one spoon.” From kids’ lunches and store shelves and desk drawers and airline meal packs, in every country of the world: Canada and the United States and Nicaragua and Uruguay and Argentina and Ireland and Burkina Faso and Russia and Papua New Guinea and New Zealand and very probably the Antarctic. Where wasn’t there disposable cutlery? Plastic spoons in endless demand, in endless supply, from factory floors where they are manufactured and packaged in boxes of 10 or 20 or 100 or 1000 or individually in clear wrap, boxed on skids and trucked to trains freighting them to port cities and onto giant container ships plying the seas to international ports to intercity transport trucks to retail delivery docks for grocery stores and retail chains, supplying restaurants and homes, consumers moving them from shelf to cart to bag to car to house, where they are stuck in the lunches of the children of polluting parents, or used once each at a birthday party to serve ice cream to four-year-olds where only some are used but who knows which? So used and unused go together in the trash, or every day one crammed into a hipster’s backpack to eat instant pudding at his software job in an open-concept walkup in a gentrified neighbourhood, or handed out from food trucks by the harbour, or set in a paper cup at a Costco table for customers to sample just one bite of this exotic new flavour, and so they go into trash bins and dumpsters and garbage trucks and finally vast landfill sites or maybe just tossed from the window of a moving car or thrown over the rail of a cruise ship to sink in the ocean deep.

My expectations were pretty conventional regarding opening, operating, and ultimately closing my small store. I certainly didn't expect much emotion, nor did I expect that the faces, voices and stories would stay with me a lifetime, but they will. In reality, I ran the scale of emotions. Every significant interaction changed me. Though you can say that about most anything in life, these moments combined were, for me, truly "life-changing." My lifetime of annoyingly repetitive prayers was for exactly what I was to receive by operating that little store. I had an about-face with confidence, and although my patience will probably never be perfect, it went from a two to maybe a seven?

Costco cofounder and CEO James Sinegal recalls—and lives by—Sol Price’s principles. “Many retailers look at an item and say, ‘I’m selling this for ten bucks. How can I sell it for eleven?’ We look at it and say, ‘How can we get it to nine bucks?’ And then, ‘How can we get it to eight?’ It’s contrary to the thinking of a retailer, which is to see how much more profit you can get out of it. But once you start doing that, it’s like heroin.” There was another element, too. “You had to be a member of the club. People paid us to shop there.

As retail consultant and author Michael Silverstein explains, these consumers are happy to pay for upscale items that “make their hearts pound” and for which they don’t have to pay full price. Then they trade down to cheaper private labels for things like paper towels, detergent, vitamins, and other household staples. “It’s the ultimate concept in trading up and trading down,” says Silverstein. “It’s a brilliant innovation for the new luxury.

Bri liked to say she could tell I'd never cried in a walk-in fridge before. I'd never worked retail or in a restaurant. She said it should be mandatory that everyone work at a fast-food place for six months because it changes you, and I think this is what she meant.

Drinkers at social events will tell you they don’t need to drink. But, when the next bit of anxiety comes up, they grab another glass. Smokers will tell you they enjoy lighting up. They’ll tell you they feel better right after a cigarette. And nearly all of them will tell you they really want to quit—they’re just not quite ready yet. Workaholics will tell you they enjoy what they do, or at least feel a sense of purpose, while stretching themselves to the breaking point. They’ll tell you they have to do it. Some will even admit that it makes them feel important. They’ll promise to get control of their schedules… as soon as the next project is done. Compulsive shoppers love to hit the stores. They call it “stress management” or “retail therapy.” For a few hours, they’ll say, everything is perfect. After they get the goodies home, though, some will tell you they feel empty or even disgusted. They’d love a simpler life—but only if they first can buy the best of everything. People who misuse prescription drugs will tell you the pills ease their pain. The pain from a surgery or disease was so extreme that they got prescribed a medication, and soon they had to take more and more to keep the pain away. They’ll say they hate being constantly constipated and forgetting where they are, but it’s the only way they believe they can function and feel normal.

Right/Wrong Things To Say To A Client About Footwear Don’t Say… Unusual size of feet or bunions can be problematic to finding shoes. Do Say… Let’s find some shoes to fit your needs. I know a number of good brand/retail options.

It was an odd promise considering the source. Rod’s career, until that point, had been anything but a paradigm of reform. His father-in-law, Dick Mell, was a Chicago alderman and ward boss, and used his influence to get Rod elected to the state legislature in Springfield. After four years of doing little in state government, opportunity struck. Dan Rostenkowski, the longtime congressman from Chicago’s north side, was forced to resign in scandal after being caught writing personal checks on his government account. In the next election, a Republican—Mike Flanagan—managed to win the seat. But this was a Democratic district through and through and whoever won the nomination to oppose Flanagan next time around was guaranteed victory. Rod, although having accomplished literally nothing in his four years in the state legislature, had two things going for him: his innate political skills and his father-in-law. In many ways, Rod exemplified the distinction between the skill set needed to run for office and the skill set needed to serve in office. Rod was an incredible public speaker. Charismatic. Charming. Funny. Self-deprecating. He could go into a black church, sing gospel—unironically—and bring the place down. He knew what you wanted to hear and had no qualms saying it, regardless of what it was or whether he actually meant it. He could shine in a speech to the state legislature, at a union hall, and in a TV ad. His retail political skills were better than anyone I’d ever seen (except maybe Bill Clinton) and when you combined that with his ward boss father-in-law’s clout, beating more-qualified opponents to win the Democratic nomination to the House was within reach.

20 percent and that's my final offer." Dog folded his arms across his chest in a move that I assumed was meant to intimidate. He had sizable muscle, but the effect was watered down by his My Little Pony tattoos. I could swear I saw Fluttershy wink. "Don't give me that 20 percent bullshit," I said. "I work in retail. I know the margins and I know you didn't buy these goods so everything is profit for you." "You didn't tell me she was a hard-ass." Dog glared at Jack. "I like to keep the good stuff to myself." "Give me the Boxing Day special," I said. "Six A.M. door crasher." His eyes widened. "40 percent?" I shook my head. "First five people in the door." "Sixty?" "Take it or leave it." I pulled out a wad of cash. We'd all chipped in to cover the costs in hopeful anticipation of a bigger return at the end. Dog took the money, but not before registering a complaint with customer service. "You said she was a newb," he said to Jack. "She's a smart and savvy newb." Jack grinned. "Gotta say, it's pretty damn hot.

SHOPPING TIPS Most of the fakery surrounding the King of Cheese has to do with the misleading use of “Parmesan,” not Parmigiano-Reggiano, so when you see the full Italian name and it says “Made in Italy” and has the PDO seal, it is usually the real deal. The same is true of Prosciutto di Parma. However, the cheese is made in very large wheels that begin to deteriorate once cut, so it is important to buy from retailers with a lot of volume turnover who are constantly opening new wheels and storing it right. More than many other cheeses, it’s usually better to buy from a specialty cheese shop like Murray’s in New York—most cities have these. If you go mail order/online, you cannot beat Zingerman’s in Ann Arbor, Michigan, which buys whole wheels directly from

When we say that cage-free egg production costs only 10% to 20% more to produce at the level of retail (not farm) prices, we are assuming that the same distribution system is used for cage and cage-free eggs. When both cage-free and cage eggs are sold, it likely costs more to distribute cage-free eggs. The cage-free sector is small, prohibiting them from realizing the economies of scale enjoyed by the cage egg sector. Also, they are often different types of eggs. Studies have shown that about half of this 57% pre- mium charged for cage-free eggs is due to the fact that cage-free eggs tend to be brown eggs instead of white eggs. Consumers value brown eggs more, and stores have learned that when they bundle brown eggs with a cage-free production system they can charge particularly high prices. Moreover, cage-free eggs are often targeted to more affluent consumers and come in more elaborate packaging. In economics, this is referred to as price discrimination, and grocery stores probably charge a higher premium for cage-free eggs partly because they can.

Andy Anderson was able to redraw the meatpacking business in part because he was new to the industry2. He was a city boy, whose first job in the meat business was in an urban butcher shop, not a slaughterhouse. This last part helps explain perhaps the most important innovation behind IBP, the one that made the grocery store butchers loathe the company. Just like Tyson, IBP figured out that it could butcher meat more efficiently at its meat factories than butchers could do in their stores. IBP was the first company to popularize a product called “boxed beef.” Rather than ship whole carcasses to retail locations, like the other meatpackers, IBP cut up the cattle along a factory line. It bagged the parts in airtight packages and shipped them in boxes in refrigerated trucks. Boxes, needless to say, could be stacked in a truck a lot more neatly than carcasses. IBP didn’t ship the parts of a cow that butchers cut off and threw away. Boxed beef was the most efficient way to ship beef, and IBP had developed its own shipping network to do it, saving money every step of the way. Boxed beef drove butchers out of business and caused many of them to launch boycotts against IBP. But the boycotts were pointless. The American appetite for convenience made boxed beef a fixture in all the big retail chains during the 1960s and 1970s. Beef finally started to catch up with chicken as something that could be plucked off the shelf and cooked in a hurry.

(Bookseller puts book that the customer has bought into a paper bag) CUSTOMER: Don’t you have a plastic bag? I’m sick of all this recycling nonsense. It’s not doing any of us any good.

but mortal man .. . really, it is hard to comprehend how mortal man is fashioned: no matter how vulgar a bit of news may be, just as long as it be news he’ll inevitably impart it to some other mortal man, even though it be for no other purpose than to say: “Just see what a lie they’ve spread around!” And the other mortal man will with pleasure incline his ear, although he’ll say in his turn: “Yes, that’s a downright vulgar lie, unworthy of any attention whatsoever!” And right after that he won’t waste an instant setting out in search of a third mortal man, so that he may, after having retailed the story to him, exclaim in chorus with the latter in noble indignation: “What a vulgar lie!” And this story will inevitably make the rounds of the whole town, and all the mortal men, no matter how many of them there may be, will inevitably have their bellyful of talk, and then will admit that the matter doesn’t deserve any attention and isn’t even worth talking about.

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.

Bri liked to say she could tell I’d never cried in a walk-in fridge before. I’d never worked retail or in a restaurant. She said it should be mandatory that everyone work at a fast-food place for six months because it changes you, and I think this is what she meant.

What Batu thought Eric should say to Charley, if he really liked her: "Come live with me. Come live at the All-Night." What Eric thought about saying to Charley: "If you're going away, take me with you. I'm about to be twenty years old, and I've never been to college. I sleep days in a storage closet, wearing someone else's pajamas. I've worked retail jobs since I was sixteen. I know people are hateful. If you need to bite someone, you can bite me.

As we already mentioned, retail investors get 35 percent of the total issue size in every public offer. If the issue size of say Rs1000 cores, Rs350 crores are to be offered to the retail investors. A retail investor (mostly people like us) by definition can apply for maximum of Rs.1 lakh.

Platinum Flooring Company’s certified and skilled installers are trained to install hardwood products for any give art form, which would not only make your new floor look great, but last long for years to come. The Platinum Flooring Company’s specialist would not only help you select the perfect laminate flooring for your home that would suit your home décor as well as budget, but would also install your new laminate flooring for a fast, worry-free installation experience. Platinum Flooring Company is a full service, Hayward based flooring and installation firm specializing in classic design with a global influence. Whether designing residential or commercial spaces, Platinum Flooring has built a reputation on achieving highly individual results for a discerning clientele across the state of California and Beyond. At Platinum Floor Company, we have a separate team of stair installers headed by a stair specialist, having intense knowledge of different wood species, latest technology tools and in-depth knowledge of angular complexities. “Wooden floor, especially hardwood is good as it can take a lot of abuse and has a greater life expectancy compared to laminate or engineered floors.”, says Alex Vongsouthi – Founder, Platinum Flooring Company. But there are several reasons which can make your wood floor crack or separate between boards, cup, crown, etc. some being high traffic on the floor, spillages, sunlight and high percentage of moisture content in the room. With this it can be difficult to know whether floors need to be replaced or can be fixed. Platinum Flooring is renowned for its high standards and uncompromising service quality, with the expertise of a high-end retailer in Hardwood, Engineered wood and Laminate flooring.

I made up my mind I was going to learn something about IBM computers. So I enrolled in an IBM school for retailers in Poughkeepsie, New York. One of the speakers was a guy from the National Mass Retailers’ Institute (NMRI), the discounters’ trade association, a guy named Abe Marks. ABE MARKS, HEAD OF HARTFIELD ZODY’S, AND FIRST PRESIDENT, NMRI: “I was sitting there at the conference reading the paper, and I had a feeling somebody was standing over me, so I look up and there’s this grayish gentleman standing there in a black suit carrying an attaché case. And I said to myself, ‘Who is this guy? He looks like an undertaker.’ “He asks me if I’m Abe Marks and I say, ‘Yes, I am.’ “ ‘Let me introduce myself, my name is Sam Walton,’ he says. ‘I’m only a little fellow from Bentonville, Arkansas, and I’m in the retail business.’ “I say, ‘You’ll have to pardon me, Sam, I thought I knew everybody and every company in the retail business, but I never heard of Sam Walton. What did you say the name of your company is again?’ “ ‘Wal-Mart Stores,’ he says. “So I say, ‘Well, welcome to the fraternity of discount merchants. I’m sure you’ll enjoy the conference and getting acquainted socially with everyone.’ “ ‘Well, to be perfectly honest with you, Mr. Marks, I didn’t come here to socialize, I came here to meet you. I know you’re a CPA and you’re able to keep confidences, and I really wanted your opinion on what I am doing now.’ So he opens up this attaché case, and, I swear, he had every article I had ever written and every speech I had ever given in there. I’m thinking, This is a very thorough man.’ Then he hands me an accountant’s working column sheet, showing all his operating categories all written out by hand. “Then he says: ‘Tell me what’s wrong. What am I doing wrong?’ “I look at these numbers—this was in 1966—and I don’t believe what I’m seeing. He’s got a handful of stores and he’s doing about $10 million a year with some incredible margin. An unbelievable performance! “So I look at it, and I say, ‘What are you doing wrong? Sam—if I may call you Sam—I’ll tell you what you are doing wrong.’ I handed back his papers and I closed his attaché case, and I said to him, ‘Being here is wrong, Sam. Don’t unpack your bags. Go down, catch a cab, go back to the airport and go back to where you came from and keep doing exactly what you are doing. There is nothing that can possibly improve what you are doing. You are a genius.’ That’s how I met Sam Walton.” Abe

According to Satwalekar, former head of HDFC Standard Life Insurance Co. Ltd, who was on the bank's board for eight years, the biggest thing about leadership is asking questions and not necessarily providing the answers. 'That makes your people think. Look at the retail portfolio of all banks and NBFCs [non-banking finance companies] in 2008—whoever was aggressive got decimated. The exception is HDFC Bank as they were always very clear in their mind on what could and could not be done. Aditya would ask the right questions and make his people see what was required. The top line was not a target for him. Value creation through profitability was the objective,' says Satwalekar.

Consumers look for geographically convenient rooftops. In urban areas, there typically are three or four supermarkets for every three or four square miles just because there is a demand for that many. You try to put yourself in a “first right of refusal” position to as many conveniently located households as possible. The first right of refusal’s very important in our business, and that means that you drive by us either coming from work, going to work, or coming from home to anywhere you go. You have to drive by us to get to somebody else. We feel like if we have first right of refusal to, say, 60 percent of the geographically convenient trade, then if we get our fair share of that—and our fair share is the lion’s share—then that store has a chance to be successful

For an example of how perception of a limited supply can increase sales, look no further than Amazon.com. My recent search for a DVD revealed there were “only 14 left in stock” (figure 18), while a search for a book I’ve had my eye on says only three copies remain. Is the world’s largest online retailer almost sold out of nearly everything I want to buy or are they using the scarcity heuristic to influence my buying behavior?

The electronics effort faced even greater challenges. To launch that category, David Risher tapped a Dartmouth alum named Chris Payne who had previously worked on Amazon’s DVD store. Like Miller, Payne had to plead with suppliers—in this case, Asian consumer-electronics companies like Sony, Toshiba, and Samsung. He quickly hit a wall. The Japanese electronics giants viewed Internet sellers like Amazon as sketchy discounters. They also had big-box stores like Best Buy and Circuit City whispering in their ears and asking them to take a pass on Amazon. There were middlemen distributors, like Ingram Electronics, but they offered a limited selection. Bezos deployed Doerr to talk to Howard Stringer at Sony America, but he got nowhere. So Payne had to turn to the secondary distributors—jobbers that exist in an unsanctioned, though not illegal, gray market. Randy Miller, a retail finance director who came to Amazon from Eddie Bauer, equates it to buying from the trunk of someone’s car in a dark alley. “It was not a sustainable inventory model, but if you are desperate to have particular products on your site or in your store, you do what you need to do,” he says. Buying through these murky middlemen got Payne and his fledgling electronics team part of the way toward stocking Amazon’s virtual shelves. But Bezos was unimpressed with the selection and grumpily compared it to shopping in a Russian supermarket during the years of Communist rule. It would take Amazon years to generate enough sales to sway the big Asian brands. For now, the electronics store was sparely furnished. Bezos had asked to see $100 million in electronics sales for the 1999 holiday season; Payne and his crew got about two-thirds of the way there. Amazon officially announced the new toy and electronics stores that summer, and in September, the company held a press event at the Sheraton in midtown Manhattan to promote the new categories. Someone had the idea that the tables in the conference room at the Sheraton should have piles of merchandise representing all the new categories, to reinforce the idea of broad selection. Bezos loved it, but when he walked into the room the night before the event, he threw a tantrum: he didn’t think the piles were large enough. “Do you want to hand this business to our competitors?” he barked into his cell phone at his underlings. “This is pathetic!” Harrison Miller, Chris Payne, and their colleagues fanned out that night across Manhattan to various stores, splurging on random products and stuffing them in the trunks of taxicabs. Miller spent a thousand dollars alone at a Toys “R” Us in Herald Square. Payne maxed out his personal credit card and had to call his wife in Seattle to tell her not to use the card for a few days. The piles of products were eventually large enough to satisfy Bezos, but the episode was an early warning. To satisfy customers and their own demanding boss during the upcoming holiday, Amazon executives were going to have to substitute artifice and improvisation for truly comprehensive selection.

We make the critical choices. If there were a red pill and a blue pill, we would tell you, “Take the red pill. It will be good for you.” We might tell you about the blue pill; but then again, we might not. We tell you only what we believe you need to know. It is the priestly, doctor-knows-best model, and although often denounced it remains a common mode, especially with vulnerable patients—the frail, the poor, the elderly, and anyone else who tends to do what they’re told. The second type of relationship the authors termed “informative.” It’s the opposite of the paternalistic relationship. We tell you the facts and figures. The rest is up to you. “Here’s what the red pill does, and here’s what the blue pill does,” we would say. “Which one do you want?” It’s a retail relationship. The doctor is the technical expert. The patient is the consumer. The job of doctors is to supply up-to-date knowledge and skills. The job of patients is to supply the decisions.

So how do you think scripts should be read? How can they be read? When I was trying to write the stage directions for publication—in those final few weeks of scramble before we opened—I got really worried about all this. I remember in rehearsals we’d delete chunks of the script because the actors were communicating something effortlessly with a look, so didn’t need the lines I’d written. This script was created for a particular group of actors, but others need to inhabit the roles too. The reader needs to visualize the characters, as does the director. When you’re reading a script for the first time, what are you looking for? JOHN: As a director, the first time you read a new script is very precious. It’s the closest you’re ever going to be to an audience watching a production of this script for the first time. Reading a finished script should allow us access to the story, its characters, and the themes the playwright is exploring. A script can make us laugh and cry. It can take us through the joy of its story and also make us feel deep despair for the suffering of its characters. A script builds towards a fully realized production and an experience that can be shared with the audience.   As a playwright, how much of this full experience do you imagine when you are writing a script? Do you speak the characters’ lines out loud as you type them? JACK: I do worse than that, I move like them. Which, when you’re working in well-known coffee shops and sandwich retailers, can lead to you attracting some strange looks. I find myself twisting into the character and gesticulating like them. It’s all very embarrassing.   The thing that was perhaps most interesting about the process of writing this particular script is that I have never spent more time with actors—ever. Through the weeks of workshops and then weeks of rehearsals we were all in those rooms together for so long, all of us, from the design team to the sound team to the lights. I don’t think any of us have experienced anything like that—I think it probably works out at eight months or so, all in all. What effect would you say that had on what was created? I’m sure it made it all a lot better, but more than that do you think it somehow changed the tone of what we did?

While most consumers say that they would choose a green product over less environmentally friendly options, they would only do it if the price difference is not significant.

I shou'd not myself have thought [Cato] worth so much notice as I have here taken of him; but that the Men are weak enough in general, to suffer their sense to be led away captive, by such half-thinking retailers of sentences. Among whom, This in particular, was he worth the pains, might be easily proved to have been often grossly in the wrong in other matters as well as in the present case; and therefore, when he happens to be in the right, the merit of it is more to be imputed to blind chance than to his wisdom: Since the greatest fools, when active, may blunder into the right sometimes: And great talkers among many absurdities, must here and there drop a good saying, when they least design it. Of this stamp, are the generality of evidence brought against us. Men avers'd to the labour of thinking; who found reason a drudgery (...); who have gain'd all their reputation by a pretty gimness of expressions, which wou'd no more bear examination than their heads, their hearts, or their faces; and who (to mimic this sage) wou'd rather see common-sense in confusion, than a word misplaced in one of their sentences. Yet these are sages among the Men, and their sentences are so many divine oracles; whereas perhaps, had we lived in their own times, to have heard the many more foolish things they said than sensible ones, we shou'd have found them as oafish as the dupes who revere them. And tho' perhaps we might have been more surprized to hear such dotards talk sometimes rationally, than we now are, to read their sayings; we shou'd have had reason still to think them more fit to extort our admiration than deserve it. Care has been taken to hand down to us the best of their sentences, many of which nevertheless are weak enough: But had the same care been taken to register all their absurdities, how great a share of their present applause wou'd they have lost!

only manufacturers can pursue a more specific type of branding where they discover new consumer wants, satisfy them with a functionally or emotionally superior product and attach the benefits via advertising to a specific brand name. This is why a retailer has trouble generating the same credibility as a brand like Crest toothpaste, which continually invests in its ‘healthy teeth for children’ positioning, or Axe deodorant, which targets young males with the fantasy of ‘women making the first move.’ Even manufacturer master branding is more targeted than retailers, because it is usually category specific: Lean Cuisine has more specific associations in frozen food than, say, Safeway.

Tony Hseih, CEO of Zappos, helped disrupt the retail space by emphasizing mastery, making the “pursuit of growth and learning” central to his corporate philosophy and famously saying: “Failure isn’t a badge of shame. It is a rite of passage.

He tells the kids not to expect to get presents on holidays, that he buys them things all year round. He says Hallmark and retailers created holidays. He curses when he gets cards and gifts from them. And at the last minute, he invariably feels guilty and rushes out, buys impulsively whatever’s left in the stores. Spends more than he would have if he’d planned. Then he’s furious, sputtering, all over again.” —Marge, Seattle, WA

Amidst superabundance, even we in rich countries live in an omnipresent anxiety, craving "financial security" as we try to keep scarcity at bay. We make choices (even those having nothing to do with money) according to what we can "afford," and we commonly associate freedom with wealth. But when we pursue it, we find that the paradise of financial freedom is a mirage, receding as we approach it, and that the chase itself enslaves. The anxiety is always there, the scarcity always just one disaster away. We call that chase greed. Truly, it is a response to the perception of scarcity. Let me offer one more kind of evidence, for now meant to be suggestive rather than conclusive, for the artificiality or illusory nature of the scarcity we experience. Economics, it says on page one of textbooks, is the study of human behavior under conditions of scarcity. The expansion of the economic realm is therefore the expansion of scarcity, its incursion into areas of life once characterized by abundance. Economic behavior, particularly the exchange of money for goods, extends today into realms that were never before the subject of money exchanges. Take, for example, one of the great retail growth categories in the last decade: bottled water. If one thing is abundant on earth to the point of near-ubiquity, it is water, yet today it has become scarce, something we pay for. Child care has been another area of high economic growth in my lifetime. When I was young, it was nothing for friends or neighbors to watch each other's kids for a few hours after school, a vestige of village or tribal times when children ran free. My ex-wife Patsy speaks movingly of her childhood in rural Taiwan, where children could and did show up at any neighbor's house around dinner time to be given a bowl of rice. The community took care of the children. In other words, child care was abundant; it would have been impossible to open an after-school day care center. For something to become an object of commerce, it must be made scarce first. As the economy grows, by definition, more and more of human activity enters the realm of money, the realm of goods and services. Usually we associate economic growth with an increase in wealth, but we can also see it as impoverishment, an increase in scarcity. Things we once never dreamed of paying for, we must pay for today. Pay for using what? Using money, of course — money that we struggle and sacrifice to obtain. If one thing is scarce, it is surely money. Most people I know live in constant low-level (sometimes high-level) anxiety for fear of not having enough of it. And as the anxiety of the wealthy confirms, no amount is ever enough.

It’s always the first rule of customer service. Make eye contact, smile, say hello. To EVERYONE: your fellow employees, customers, everyone connected with the extended community.

4. Thou Shalt Not Rely on Secondhand Information You cannot solve an issue involving multiple people without all the parties present. If the issue at hand involves more than the people in the room, schedule a time when everyone can attend. Tyler Smith of Niche Retail calls these “pow-wows.” When someone brings him an issue involving others or secondhand information, he says, “Time for a pow-wow” and pulls everyone involved together and solves it.

He tips his head to the side and grins. “That’s too bad. It’s lonely on this side of the store,” he says and glances at the register beside us. “It’s lonely over there too,” I say honestly, thinking of the lack of real connection between me and Camilla. Blaine’s eyes light with humor, and I smack a hand over my mouth as I realize I said that out loud. He leans closer to me and whispers, “We’ll both survive somehow.

One year, we ordered four thousand pink iPods from Apple for Christmas. In mid-November, an Apple rep contacted us to say, “Problem—we can’t make Christmas delivery. They’re transitioning from a disk drive to a hard-drive memory in the iPods, and they don’t want to make any more using the old technology. Once we get the new ones made, we’ll get you your four thousand. But it won’t be in time for the holiday.” Other retailers would have simply apologized to their customers for the failure to deliver a product on time. That wasn’t going to fly at Amazon.com. We were not the kind of company that ruined people’s Christmases because of a lack of availability—not under any circumstances. So we went out and bought four thousand pink iPods at retail and had them all shipped to our Union Street office. Then we hand-sorted them, repacked them, and shipped them to the warehouse to be packaged and sent to our customers. It killed our margins on those iPods, but it enabled us to keep our promise to our customers. During the next weekly business review, we had to explain to Jeff what we were doing and why. He just nodded approvingly and said, “I hope you’ll get in touch with Apple and try to get our money back from the bastards.” Ultimately, Apple did grudgingly split the cost difference with us. But even if they hadn’t, it still would have been the right thing for Amazon to do.

The way Brad’s business works,” she said, “is that companies who are looking to expand send his agency locations where they want to go, and I don’t mean towns or regions. I mean coordinates. Latitude and longitude. Often they’ve already identified the site themselves.” “Why don’t they just buy the property themselves?” I asked. “Something about retailers not wanting to also be in real estate,” she said with a shrug. “It never made much sense to me either, but apparently it’s about showing their investors that they are staying within a particular area of business expertise and subcontracting for related services. Anyway. So a company like yours—Great Deal, right?” “Right.” “Great Deal says they want three stores in metro Atlanta in these locations and they’ll pay between one and three million per lot. Brad goes in, negotiates the deal with the property owner through a broker, ensures the land is suitable, then purchases it for Great Deal. But say he finds out that the seller will part with the land for only a few hundred thousand? He knows Great Deal will pay way more than that so . . .” “He convinces the seller to ask for a higher price and gets a cut of the extra?” I suggest. “Worse,” she said, and now her previous despondency settled back into her body so that she sagged and, for a second, squeezed her eyes shut. “He buys the land himself. Sets up a shell company under someone else’s name, then tries to sell it on to Great Deal at the markup he knows they’ll pay. A million plus profit per site.

Jessie, a fifty-year-old woman with no skills, job opportunities were limited. She may have had a historic family background, but pedigree was of little use when it came to job skills. A few years later, Daisy ghost-wrote an article, “On the Fourteenth Floor,” a first-person account of a woman—a mother of two daughters—who has run out of money and moves to New York City in search of a job. Retail work is available, but she wisely decides that she would not be a good candidate to be a saleswoman. One day, she lunches with a friend at a large hotel in the city and notices that the hotel is bursting with business. Foot traffic in the lobby is thick and without letup. The woman realizes that this is a thriving operation and most likely has job positions available. On a whim, the woman applies for a job, not really knowing what position they would place her in. The manager says she can begin the next day as a chambermaid for thirty-six dollars a month, along with room and board. “On the Fourteenth Floor,” rich in detail as to the woman’s responsibilities and day-to-day activities, is sprinkled with descriptions of her interactions with the clientele. The author also writes of a friendly co-worker named Zayda with whom she becomes close friends. Daisy would give homage to Zayda later in her early career at Street & Smith. Forty years later, Esther would tell stories of the time when the three women lived at a hotel in Manhattan. They lived at the Hotel Astor, Esther said, and socialized with Arturo Toscanini’s wife Carla. Esther remembered Mrs. Toscanini cooking traditional Italian dinners for her and her sister in her suite, much to the consternation of the hotel management. Although there is no documentation proving this, and neither Jessie nor Daisy mention living at the Astor in their journals, Esther’s reminisces about socializing with the wife of the legendary conductor line up chronologically with the time that she lived at the hotel.

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While tariffs are not directly included in the Producer Price Index, it can be argued that tariffs – like protectionism – lead to increases in prices paid by consumers at the retail level. Then, thus, to inflation. With so much focus on inflation, it would be insightful for more politicians to choose to enter, 1) tariffs, and 2) outsourcing, into conversations about inflation. Doing so would be, shall we say, complete?