Graydon inspires Mega shareholders
By Michael J. Knell -- Furniture Today, May 25, 2008
Orlando, Fla. — Independent retailers can thrive in the face of mounting competition and a weakening economic environment if they work together, Michael Graydon told Mega Group shareholders at their annual general meeting and conference here.
It was Graydon's farewell address to the group he's lead for the past seven years. A few weeks ago, he resigned as president and CEO of the cooperatively owned buying group to take on a similar role with the British Columbia Lottery Corp.
He was succeeded as Mega CEO by Benoit Simard, the group's longtime executive vice president of retail.
"The retail environment is changing," he said. "You have to have a passionate approach to your business. If you don't, you'll get complacent."
He added that Mega members will continue to face stiff competition from big-box retailers. If anything, the big boxes will get more aggressive as consumer confidence wanes and they start postponing big-ticket purchases such as furniture, bedding and appliances, he said.
"Pricing is a big issue," he said. "The Brick is giving it away. They don't make money on furniture and that's not going to change."
Graydon also said suppliers should support the independents.
"You don't want to wake up one morning to discover that you have only one sales call to make: to the Brick or Sears or Costco or whoever," he said. "Of course, there is a desire to support the big boxes but you have to continue to fight for the independent channel. You have to continue to help them.
"Quit giving Sears the best stuff," Graydon told the suppliers in the room. "Give it to them (the independents) because they will sell it and sell it and sell it."
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