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Competing in Tough Times: Business Lessons from L.L.Bean, Trader Joe's, Costco, and Other World-Class Retailers, by Barry R. Berman
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Competing in Tough Times brings together the powerful new strategies that world-class retailers, like Trader Joe’s, Costco, and Nordstrom, are using today to survive--and thrive--in a brutally unforgiving retail environment. Internationally respected retail management expert Barry Berman shows retailers and their suppliers exactly how to build effective strategies based on cost and differentiation, plan and implement those strategies, and measure the results.
Berman offers detailed coverage of implementing strategies based on becoming the low-cost provider and minimizing product proliferation; enhancing the service experience; developing and maintaining a strong private label program; and more.
To support each approach, he presents full-length examples from retailers covering every market sector, from consumer goods to apparel to technology. He thoroughly examines top retailers such as Aldi, Amazon.com, L.L. Bean, Publix, Stew Leonard's, Wegman's, and Whole Foods, and shares powerful insights drawn from the experiences of other leaders--from Au Bon Pain to Best Buy, Family Dollar to Target, Tesco to Walgreen.
- Sales Rank: #808373 in Books
- Published on: 2010-12-18
- Original language: English
- Number of items: 1
- Dimensions: 9.25" h x .90" w x 6.25" l, 1.04 pounds
- Binding: Hardcover
- 300 pages
From the Back Cover
“If you’re in retail, this is a must-read! I’m buying copies for all of my managers and executives. And since I’m in retail, I’m also going to try for a discount!”
--Stew Leonard, Jr., CEO, Stew Leonard’s
“Competing in Tough Times should be required reading for anyone interested in what it takes to be a successful retailer in the ‘new normal’ marketplace.”
--Bill Bishop, Chairman, Willard Bishop
“Tough times are no excuse for complacency. To gain a competitive advantage in today’s ‘new normal’ economy requires retailers to have a clear vision of their cost structure, their strategic differentiation, and the varied hues of value. Filled with meaty revelations and compelling insights and data, this book is a building block in the quest for retail success.”
--Susan Reda, Editor, STORES
Learn How to Achieve and Sustain Success in Any Retail Segment and Business Climate
Specific, actionable lessons from Aldi, Amazon.com, L.L.Bean, Costco, Nordstrom, Publix, Stew Leonard’s, Trader Joe’s, Wegmans, Whole Foods, and more
Competing in Tough Times brings together powerful new strategies that world-class retailers are using to thrive in today’s brutally unforgiving business environment.
World-renowned retail expert Dr. Barry Berman shows how to plan, build, and implement proven strategies based on both cost and differentiation. You’ll learn how to safely reduce costs and prices without increasing risk, minimize product proliferation, enhance the service experience, strengthen your private label program, and more. To support each approach, Berman presents full-length examples from outstanding retailers in every market sector, from consumer goods and apparel to technology.
Whether you’re a retail executive, owner, supplier, consultant, or student, these are the tools you need to compete, win--and keep on winning. In Competing in Tough Times, leading retail consultant Barry Berman systematically examines ten world-class retailers, identifying shared strategies that every retailer can use to drive dramatic, sustained performance improvement.
Berman highlights what these widely diverse retailers have in common in terms of both operational cost structures and differentiation. He reveals how they’ve developed low-cost strategies without cutting crucial “muscle,” better rationalized product selection, optimized human relations and the service experience, and taken full advantage of private labeling. He presents his recommendations in an easy-to-read decision-making format, supported by current data and detailed implementation guidance.
Whatever your role in retail, Competing in Tough Times will help you implement the best practices that really matter--and get the results you really need.
- Practical, usable lessons from great retailers!
- Plan a low-cost provider strategy that works
- Minimize product proliferation
- Strengthen linkages between employee satisfaction, customer delight, and profits
- Engage customers in a shopping experience that’s pleasant, exciting, and fun
- Develop and maintain a stronger private label program
- Implement a value-driven retail strategy
- Effectively execute on the strategies you choose
About the Author
Dr. Barry Berman is the Walter ‘Bud’ Miller Distinguished Professor of Business and Director of the Executive M.B.A. program at Hofstra University. He earned his Ph.D. degree in marketing management from the Graduate School and University Center of the City University of New York (CUNY).
Barry Berman is co-author of Retail Management: A Strategic Approach (Prentice Hall). This is the best-selling retail management college textbook in the world. Currently in its 11th edition, this book has been published in Canadian, Chinese, Indian, Philippine, and Russian editions. Dr. Berman has also published articles that have appeared in Business Horizons, California Management Review, The International Journal of Retailing and Distribution Management, and other journals.
Dr. Berman is Vice-President of the American Collegiate Retailing Association. He was also co-founder of the American Marketing Association’s Special Interest Group in Retail Management.
Barry Berman has consulted for Duane-Reade, Fortunoff’s, Kohl’s, Simon Properties, NCR, Lord & Taylor, Tesco-Ireland, and other retailers.
Excerpt. © Reprinted by permission. All rights reserved.
Preface Preface
Competing in Tough Times: Business Lessons from L.L.Bean, Trader Joe’s, Costco, and Other World-Class Retailers is the result of a two-year-long project. Through my experience as a professor with a special interest and expertise in retailing, as well as a marketing consultant, I carefully examined the overall strategies of 10 world-class retailers, looking for common principles that can be universally applied to other retail firms.
I started this project without any preconceived notions of what firms would comprise my list of world-class retailers, as well as what common principles these firms shared. I eventually identified 10 retailers based upon examining such key indicators of performance as sales per square foot, sales growth, return on equity, increase in stock market value membership retention rates for warehouse clubs, and conversion rates for web-based retailers. I also looked at retailer ratings in Fortune’s “World’s Most Admired Companies,” Fortune’s “100 Best Companies to Work For,” and customer service rankings by the American Consumer Satisfaction Index, Consumer Reports, and Business Week. In evaluating retailers for inclusion in my top 10 listing, I looked for retailers that were consistent performers on these measures. Each retailer’s rankings on selective indices are contained in the Appendix, “Individual and Composite Financial Performance, Customer Service, and Worker Satisfaction Metrics of the Best- Practice Retailers.”
The 10 benchmark retailers are diverse in terms of retail format: supermarket (Publix, Stew Leonard’s, Wegmans, and Whole Foods), extreme discount food operation (Aldi), specialty food operation (Trader Joe’s), warehouse club (Costco), web-based (Amazon.com), and multichannel apparel and accessories (Nordstrom and L.L.Bean). They also vary greatly in size (from $400 million in annual revenues for Stew Leonard’s to over $70 billion for Costco) and ownership organization. (Stew Leonard’s, Wegmans, Trader Joe’s, and Aldi are privately held, and Publix is an ESOP.)
As with the selection of the firms for inclusion as benchmark retailers, I did not start out with any perceived conclusions of common retail strategies. Instead, I began to research each company’s strategies using data from annual reports (where available, as four firms are privately held), industry analyses, and articles in financial and business publications.
Despite the disparity in industry, size, and ownership format, these 10 benchmark retailers shared common strategies relating to operating at low cost (see Chapter 2, “Low-Cost Strategies I: Key Elements of a Low-Cost Provider Strategy”), providing consumers with a carefully edited selection of products (as examined in Chapter 3, “Low-Cost Strategies II: Delivering Low Costs Through Minimizing Product Proliferation”), stressing the importance of human resource management (see Chapter 4, “Differentiation Strategies I: Effective Human Resource Strategies”), focusing on consumers’ service experience (see Chapter 5, “Differentiation Strategies II: Enhancing the Service Experience”), and having an aggressive private label strategy (as discussed in Chapter 6, “Differentiation Strategies III: Developing and Maintaining a Strong Private Label Program”).
The strategies discussed in this book mirror Porter’s low-cost differentiation model that argues that a retailer’s competitively defensible position needs to be based on either of these extremes. A value orientation combines elements of each of these strategies. Chapters 2 and 3 focus on low-cost strategies, and Chapters 4, 5, and 6 describe differentiation strategies. Another integrating model that explains the success of many of these retailers is the value profit chain model. This model suggests that employee satisfaction and loyalty translates into high levels of customer service and customer loyalty, and ultimately to high profits.
I have written this book with a managerial orientation. It is in an easy-to-read decision-making format. When academic studies are often cited, they are used to document my discussion. With my academic orientation, I have heavily footnoted this book. I have also taken great care in updating all data to the most current available, as of the date of publication. To verify the accuracy of my comments, I gave executives at each of the 10 firms the opportunity to review applicable portions of the manuscript. I received responses from six firms; these comments were incorporated into the final manuscript.
Chapter 7, “Implementing Cost-, Differentiation-, and Value-Based Retail Strategies,” focuses on implementing cost-, differentiation-, and value-based strategies, as the title suggests. This chapter contains a number of figures designed to help retail managers and owners more effectively utilize the principles discussed in earlier chapters.
Who Can Benefit from Reading Competing in Tough Times: Business Lessons from L.L.Bean, Trader Joe’s, Costco, and Other World-Class Retailers?
I have aimed this book at a wide audience that includes middle to top managers at a wide variety of retailers, owners of independent retail establishments (including chains), supply chain partners who need to have a better understanding of retail practices, industry consultants, and undergraduate and graduate students with a special interest in retailing.
© Copyright Pearson Education. All rights reserved.
Most helpful customer reviews
7 of 7 people found the following review helpful.
No Hat, All Cattle
By Steve Thomas
In rural America, certain men are described as being "all hat, no cattle", meaning that they dress the part of a cowboy, but lacking any substance. Most of the books I've read on business over the past half century have been somewhat short on substance as well. They spend 60,000 to 80,000 words expounding truths that could be adequately addressed in a 1200 word essay.
That's not the case here. Barry Berman packs facts into this book like sardine fit into a can. One dares not look away for a sentence for fear of missing an important detail.
He relates, "A favorite story of Stew Leonard is when he once opened a tuna fish sandwich and complained to his deli manager that there was too much mayonnaise - a costly ingredient. The following week, he noticed that the problem was not addressed. In speaking with the sandwich preparer, he was told that customers wanted a sandwich packed with extra mayo. Stew's comment to the preparer was 'Bravo, Mary!'"
Bravo, Barry. He's talking there about optimizing customers' service experience. Berman breaks down competitiveness into a number of different areas, and discusses how it affects different retailers. He backs all these details with references (the story of Stew and Mary, for instance, comes from Free Enterprise Land) and when Berman issues an principle, he lands forcefully with both feet.
For instance, he argues that most stores have too many stockkeeping units, that too many products are "me, too" items, and provides examples that suggest fewer items, chosen carefully, make customers happier. The store succeeds by being a purchasing agent for the consumer, rather than a sales agent for the manufacturer. He insists that store brands shouldn't be less expensive clones of national brands, citing Costco's tuna, which apparently is a better tuna, at a higher price, than is available at supermarkets.
He's especially enamored of companies that pay above-average wages, such as Costco, Aldi, and Wegmans, yet end up with lower costs because of their employees' higher productivity.
The title of the book doesn't make it clear; this is all about retailing, and it's been about 40 years since I was in retail, but this book so inspired me that I almost wished I was in the retail business again. Almost, I said. With consumers battering you down on price, and manufacturers batting you on cost, retail is a business that requires huge amounts of capital to compete well. A small businessman is much better off manufacturing a unique product. Still, because every business sells its goods or services to somebody, there are lessons to be learned from this book.
I recommend that this book that should be studied carefully upon purchase, and reread more casually once a year thereafter.
1 of 1 people found the following review helpful.
comprehensive
By Amazon Customer
well written, well researched, I would recomend. Helped me to understand the success of Trader Joe's a little better given thier overwhelming secrecy of everything they do from a strategic point of view
1 of 1 people found the following review helpful.
Great book
By bchildsrn
Used it for my business classes to help with strategies. The information was everything I needed to evaluate my chosen.company.
See all 7 customer reviews...
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