Retail consultant Bob Phibbs reminds retail owners and managers that the pandemic presents an opportunity to demonstrate important leadership to employees and customers.
In a recent blog, The Retail Doctor listed three fundamental leadership values patterned after the example set by Patrice Louvet, CEO of Ralph Lauren. It’s not just a matter of devising strategies to survive slower sales; how you execute the plans and the values for which you stand are as important.
Here they are:
- Take care of your team first, people matter. Downsizing at all costs will end up costing you sales, turnover and competitive advantage in the marketplace. Don’t wind up stepping over dollars to end up picking pennies. People who feel they matter will work harder for you.
- Build your brand on quality that will last. Quality is an elastic term. It’s not only your merchandise but the quality of service your employees provide.
- This is a “We” moment, not an “I” moment. Your team needs you to lead by example. Company founder Ralph Lauren has forgone his 2021 salary and CEO Louvet agreed to a 50% pay cut to set an example of sacrifice for their employees.