Range of talent key to retail success, consultant says
By Michael J. Knell -- Furniture Today, December 16, 2001
KEY BISCAYNE, Fla. — The world's most successful retailers are those who are good at spotting, rewarding and keeping talent.
"Capital and technology aren't enough; it all flows from the talent," said Howard Davidowitz, chairman of Davidowitz & Associates, a New York-based retail consulting and investment banking firm.
Outstanding retail operations often are "run by a curmudgeon who really knows what he is doing," he told a session of Furniture/Today's Leadership Conference here. The most successful curmudgeons know they can't do it all, so they find people to fill key roles.
For starters, a successful store must have a creative genius. "You have to be able to create a product and a look that will make the customer look at you and will tell them they have to buy from you," Davidowitz said. "You can't sell anything unless you get the customer to come into the store."
This creative soul has to be partnered with a cold, analytical mind that can see beneath the numbers, he said. This "quantitative talent" understands there are layers of meaning to any balance sheet.
"And then there's got to be a store guy or girl," he said, "a people person who keeps everyone who works in the store passionate about the business. This person has to be a great recruiter."
A store also needs someone who understands real estate. "The successful retailer normally comes up with a box or two that throws off cash quickly and is the one that drives expansion," he said.
The owner's role remains vital. "The owner doesn't have to be talented; what he can't do is kid himself that he is," Davidowitz said. "The owner's job is to assemble a team of people who can get the job done."
| Davidowitz: "Assemble a team of people." |
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