• Bob Phibbs’ Post

https://lnkd.in/gWZthFuy I think this is a great move for a company trying to position itself for long-term gains. I wish other companies took this approach of going back to private, as it would reduce the amount of long-term pain inflicted for short-term gain.

I was in Neiman Marcus a few weeks ago and it was depressing and nearly empty. There was no joy, there was no energy, there was no "elevated" customer experience. They don't even have a customer service department anymore. Merchant/showman Stanley Marcus would not believe what has become of his company. I feel like we're just watching department stores go away, and no one really cares. And then I read this article -- pretty inspiring. The digital/social strategy -- and this family's passion for what they do -- are really driving the brick and mortar success. #retail #socialmedia #luxury #hirshleifers #customerexperience

Culture is reflected by behaviour that is expected and tolerated. When the man himself is getting stuck in ‘at the coal face’ all his people clearly know what’s expected and what will be tolerated. 🚀🚀🚀 #companyculture #culture #culturalintelligence #authenticity #leadbyexample #negotiationskills #executivecoaching

Just in time for #Halloween🕸️ 5 Retail Horror Stories of 2024: From Youthforia ’s shade range controversy to Foxtrot’s sudden closures, this year’s retail landscape has seen its share of missteps. Explore Retail Dive's cautionary tales that reveal both risks and resilience within the industry. #RetailTrends #Bankruptcy #ConsumerInsights #RetailNews #BrandStrategy

☀️ SUMMER SUN might bring a lull to the jewelry industry, but it doesn’t have to mean your sales take a vacation too. 🌴💍 While engagement season may peak in the colder months, there are plenty of ways to keep your store closing sales all summer long. 💡 In my latest article for INSTORE Magazine, I share creative and actionable strategies to transform the summer months from a dry spell into a season of growth and opportunity. 🌸🚀 Here are a few insights you'll find: 1️⃣ Cultivate customer reviews. 2️⃣ Catch the "I DO" wave before it breaks. 3️⃣Focus on clearance. Don't let the "slow season" slow you down! 🏃♂️💨 Dive into the full article and discover how to boost your sales this summer 📈 https://ow.ly/fBC350SoCGH #MeganTellsAll #JewelryRetail #SummerSales

'Victoria’s Secret beat expectations in Q1, but is it enough? 😏💭 Its namesake and Pink brands have held onto some 20% market share in intimates, though its beauty business is its best-performing category. 💄👙 #VictoriasSecret #MarketShare #Q1Results' by Retail Dive about Victoria’s Secret & Co.

This article comes out on the heels of a post I made yesterday. Not directly related- but outside of the ever evolving retail landscape and the move to shop online as Matt Garfield stated, department stores such as Macy's have been known to offer a vast amount of categories and sku's and a more than confusing promo pricing strategy. This almost always leads to an overwhelming shopping experience for the customer- especially if you are trying to attract a digitally savvy consumer as a way to evolve. More consumers are choosing quality over quantity and brands and companies that are experts in their specific niche. That niche💡, however, could be anything as long as its claimed, proven, and executed with excellence. ➡️ From a product category, to specific manufacturing processes, to their in store experiences, all the way to offering amazing value at the right time at the right prices ** 😉 aka off price. Cheering Tony Spring and the Macy's team on as they build their bold new chapter. Amy Pocsik Brenda M. Salamone Sally Marrer Meghan Houle, ACC #retailstrategy #retailinnovation

Lesson from a Retail Giant One of the great retailers in American history was a fellow Philadelphian (although removed by about a century). John Wanamaker created the modern department store, starting with an incredible innovation. Marked prices. No haggling—the price was on the ticket. People loved it. He added more merchandise and expanded his store continuously. Until he created a palatial building downtown (it’s still there.) He also famously said, “Fifty percent of my advertising is wasted, but I have no idea which 50% it is.” That was true for newspaper, magazine, and billboard ads of a century ago. But we have far better ways to measure, particularly with the explosion of online shopping and ad tracking. John Wanamaker would have loved to have the statistics available today. Who knows—the store Wanamakers might still be in business? How do you track marketing initiatives for your business? Let me know in the comments below, or at jims at elsinoreba dot com, or hop on my calendar (link below). #sales #marketing #retail #merchant #measurement

Closing a store is never fun. One of the saddest things, though, is when a location is closing and the team looses passion and integrity and starts to just give up, and not care. My Reebok location in Gonzales, LA is closing in December. We started the closing sale this week. Shipment is cut off, merchandise is selling down. My team, has not given up. They're still spending time with the customer, still helping them find what they're looking for, and still living SPARC's core values in every shift. Last year, i unfortunately closed a Brooks Brothers location. Close to the end, i had an idea to post on an area Facebook group that the store was closing to try to go out with the biggest bang possible, and boy did we! So today, i decided to do the same thing for Reebok. It. Was. Nuts. People kept coming and coming. The store was busier than I'd ever seen it. We were in heaven. The energy was infectious. We turned up the music, filled in the floor with what we had hourly, re merchandised when needed, and ended up more than quadrupling the day's sales goal. Moral of the story. No matter what company you work for, you have a reputation and legacy that you want to leave behind. What kind of leader do you want to be known as being? Have integrity. So much integrity that it hurts. Care for your people, listen to your people and customers. And fight for your people and store until the very end. Lead your team through it and come out on top. The fun has just begun, and i know my team will continue to rock out these last few weeks. As i said, closing a store is never fun... but your people are watching you. You are the example. What example do you want to set? Our DSM, on our Black Friday call today, ended our call with a quote that we need to live by this holiday season..I'm going to end this with that quote... "If you don't change it, then you chose it." What will you choose? Happy holidays all my retail warriors! Best of luck to you all this next week! 😁