World Retail 2009 Part 3 – The True State of World Retail Revealed!
Toy retailing is a serious business. And no-one could accuse Jerry Storch – Chairman and CEO of Toy’R’Us – of not being a serious businessman. But he also has the unmistakable glint in the eye of someone who likes to have fun and gets a great feeling deep down when he sees happy children and parents as the result of the endeavors of his team.
At the World Retail Congress in Barcelona this year Jerry likened the rules of life to the rules of retail. What are those rules?
Well as Jerry sees them:-
- Know thyself
- Don’t try to be someone else
- Be the best at being you
- Love those that love you
- Communicate
- Be humble
- Don’t be a victim
- Play to win
And how do they apply to retail both now and in the future?
As in every area of life, retailers must know who they are and what they are. They cannot allow themselves to get sucked in to trying to be something that they are not because they will never be able to sustain it and the customer will smell a fake. Every retail business must concentrate on being the best at what they genuinely are. They must also ensure that the people who love them feel loved in return. And if that’s a little too gushy for you, put simply if customers support you they need to feel recognized and rewarded for that support.
Two way communication is now not only possible but mandatory to maintain relevance to one another. Humility ensures you don’t take anything for granted and keep striving to be better. Not being a victim means that there are no excuses externally. A retail businesses fate lies in its own hands.
And play to win means energy and tenacity expended to the maximum level or why bother to turn up.
A simple way to look at life and an interesting way to look at retail.
As Jerry will tell you, Toys’R’Us are not without their problems. But their highly motivated team is focused on being the best them that anyone can be and building strong customer relationships that give them the best fighting chance against competitors like Wal-Mart and Target.
And they are playing to win.