There are many in the retail and manufacturer space who provide strong charitable support by dint of their own value set and because they have achieved a level in the business world that allows them to. They are able to continue their support because they have earned over their career through their trials, tribulations and challenges, sufficient disposable income to give back. They can do so because they also have sufficient stature and respect in the business community to allow them to harness, or lead, if you will, others to support good causes.
This morning I spent time at one such charity event that was set up several years ago with the support of a much younger Bernie Brookes from Myer and Eugene Varicchio from ACP Magazines. The charity, ONE80TC, helps young men to get back onto the path most trodden. It trains them and instills in them the self-confidence to choose better paths. They are unusual as they do this in a very structured way, in a way that reflects the real world more accurately; where we spend most of our time doing things for the benefit of others, while others do things for the benefit of us. This mutuality makes the world go round.
During the function Bernie Brooks took the audience through the journey he and his team have travelled: a journey that has taken one of our best-known retail brands, and family names, from a $70 million loss to a $270 million profit over five short years. I would hazard a guess that the top team at Myer felt every one of the months in those five short years, and perhaps their personal journey felt a little longer. It’s been an amazing turnaround.
So my declaration is this. I own Myer shares that I bought through my broker at the float. Many of you know that I buy shares in retailers based upon my walking their stores. I walk hundreds, sometimes thousands of stores in a year. This is the FEBA, the “Forward Edge of the Battle Area” where great retailing models woo the money from us.
Some will remember that I wrote about the Myer float and that I was going to buy shares. I was buying them not because the “innards” of the company, the POS/BOS/HOS systems had been re-engineered, not because the new store fits outs and product range were fantastic and not because the store staff now created an environment where shoppers had a great shopping experience. I bought shares because all three of those things were now very evident and all three combined, what I refer to as “The Retail Trifecta,” produces happy shoppers who linger longer, spend more each visit and visit more frequently.
The Myer share price dipped and is now heading back to its float price and has paid dividends. The retailer has only just begun to hit its straps. It’s well led, well-resourced and has passion for great service and great product that is more evident than ever.
Christmas will be good at Myer this year.
In his role as CEO of CROSSMARK, Kevin Moore looks at the world of retailing from grocery to pharmacy, bottle shops to car dealers, corner store to department stores. In this insightful blog, Kevin covers retail news, ideas, companies and emerging opportunities in Australia, NZ, the US and Europe. His international career in sales and marketing has seen him responsible for business in over 40 countries, which has earned him grey hair and a wealth of expertise in international retailers and brands. CROSSMARK Asia Pacific is Australasia’s largest provider of retail marketing services, consulting to and servicing some of Australasia’s biggest retailers and manufacturers.
Smart Company is the leading online publication in Australia for free news, information and resources catering to Australia’s entrepreneurs, small and medium business owners and business managers.
