Tracy Mullins, president and CEO of the National Retail Federation since 1993, recently was asked to assess the affect of the recession on retailers nationwide. Here, in her words, are some intriguing thoughts on the topic:
What did retailers learn from the recession?
Retailers' biggest takeaway from the recession seemed to be learning how to do more with less. Companies looked at every line item on every balance sheet to make decisions about what to cut. While that understandably forced hard decisions, it also spurred creativity. Retailers made incredible strides with social media, took innovative approaches to inventory management, and found new ways to grow, all while spending less. Many of the efficiencies that retailers adopted in the last year will serve them well when the economy bounces back and our industry starts growing again.
How can retailers regain sales and growth momentum in 2010?
Many new and emerging technologies can give retailers a real edge as they look to 2010 and beyond -- merchandise analytics, digital signage, m-commerce and social networking, to name only a few. In addition, there is a remarkable amount of creativity in retailing outside the U.S. that American retailers can learn from and take advantage of that can help them reshape their businesses going forward.
The CEO of one of my favorite newcomers, Fast Retailing, will accept the International Retailer of the Year Award at our Annual Convention in January. Executives would be well-served to experience the company's Uniqlo store in New York or visit the company online to get a sense of how they're making their mark in retail.
What leadership lesson would you like to pass on to retail executives?
This is such an important topic that we are featuring a session at our Annual Convention where key retail executives will candidly discuss How Leadership Trumps Hardship.
While I've learned a number of lessons about leadership over the years, I am especially reminded in this environment of how imperative it is that all business leaders surround themselves with the right people. Retail executives must take the time to hire the best people, create an environment that will nurture them and allow them to grow, and rely on them for strategic guidance -- especially when they are challenging your decisions.