Cincinnati Business Courier’s Post

When it comes to engaging the plus-size market, the cautionary tale of Old Navy's #BODEQUALITY launch is often brought up among retail leaders. But a recent class action lawsuit sheds light on the fact that it wasn't the consumer at all. The math never made sense: 67 percent of US women are size 14 and above, yet only 12 percent of apparel is made in plus sizes. This class action suit claims that Gap misled investors by failing to disclose Old Navy's inventory setbacks with the launch. As a CEO of The Gorgeous Agency, a company that helps brands connect with the plus-size consumer through body inclusivity, I can tell you that this failure was a massive setback for inclusive sizing. Our specialty is creating pathways to the plus-size customer journey, which has unfortunately been full of trauma. Old Navy was yet another misstep on that pathway. In addition to getting the nuts and bolts of inventory and business model in the right place, it's important to address weight stigma within organizations so that the plus-size consumer can regain trust and become a loyal fan. Let's work together to make the plus-size market feel seen, heard, and most importantly, included. #plussize #bodyinclusivity #inclusivesizing #retail #Oldnavy

How is 5th-generation family-owned department store, Hirshleifers, thriving even as competitors around them fall by the wayside? Agility that other competitors can’t match. Banyan Senior Advisor Josh Baron helped explain where that agility comes from in this recent Wall Street Journal article: “Family ownership brings a competitive advantage in situations that demand resilience rather than rapid growth.” Check out the WSJ article here. #FamilyBusiness #Ownership

Linda Hubbard at The Economic Club of Grand Rapids inspired us with her doubling the size of Carhartt in the last 3 years by remaining loyal to their brand of hard work that has been their focus for the last 135 years. 6 Key Takeaways: 1) There’s a place for the past. Carhartt, Inc., was founded in 1889. It’s now 135 years old, and it still operates with the core values and principles established by its founder, Hamilton Carhartt. These principles, far from becoming obsolete, have acted as guardrails that have allowed the company to continue to stay relevant across many generations. 2) At the same time, it’s important to look to the future. If Carhartt, Inc., had never evolved, it would have joined the 97% of family businesses in the U.S. that fail to survive past the fourth generation. It’s possible to respect the past while also keeping up with a changing world, changing work conditions and changing consumers. 3) Successful brands are about more than the product or service they provide. If Carhartt had ever seen itself as a maker of coats and jackets, it likely would not be here today. But since the beginning, it saw itself as responding to a higher calling: taking care of and celebrating the people that do the hardest jobs. This self-concept as a servant/protector of society’s hardest workers continues to fuel the brand’s evolution today. 4) There is no substitute for direct contact with your consumer. In 1889, Hamilton Carhartt performed one of the company’s first “consumer intercepts”—he met with a railroad engineer to figure out how to build an overall that would meet the needs of that consumer. Today, Carhartt still leans on its connections with consumers to assess how people are using their products and to discover what the new consumer needs are. 5) Direct consumer contact has led Carhartt, Inc., to four recent realizations: -Workwear today must be engineered for 24/7 functionality, emerging industries such as wind and solar, and categories Carhartt hasn’t historically focused on, like footwear and medical scrubs. -Sticking with a 100% wholesale distribution model is leaving money on the table in the age of one-click buying. -Investing in new communication channels not only allows you to reach and form relationships with new consumers—it allows you to have new conversations with them and support them in new ways. -Growing sustainability is not only an authentic way to connect with emerging consumers, it can be a way to mine additional value from your existing brand. 6) The present is where the past meets the future. The decisions you make today will either add value or subtract value from your brand. In deciding where to invest and where to place your resources today, keep asking, “How do we stay relevant? What do we need? Where have we been given permission to change by our consumers and still remain an authentic brand?” #leadership #womaninbusiness #hardwork #motivationmonday #brandidentity #westmichigan #economicgrowth

Happy National Black Business Month! Black business owners make up about 10% of U.S. Businesses, yet have a substantial impact on our local economies, culture, and communities. How are you celebrating or supporting this month?

Mark Fenwick, rock star manager and former chairman of the family-run department store empire, was our Lifetime Achievement winner at Drapers Awards 2023. He tells us about modernisation, management and battles in the boardroom at the 140-year-old Fenwick business. Subscribe to Drapers to read more. #Fenwick #DrapersAwards #DrapersAwards2023 #DrapersAwardswinners #departmentstore #retailnews

For the better part of the past 110 years, Stanley was doing just fine. The Seattle-based brand was chugging along with a comfortable $70 million in annual sales from its famous hammertone green products, and looked poised for another century of modest, reliable success. But starting in 2020, something changed. A fledgling product came into its own and turned Stanley into a juggernaut. A favorite of nurses, teachers and celebrities alike, the Quencher has been such a popular product that Stanley’s annual sales are projected to top $750 million in 2023, according to data reviewed by CNBC Make It. Here’s how Stanley leveraged the Quencher to turn a century-old company into one of the biggest names in hydration. Read the full story by Nicolas Vega Video by Lauren Shamo

When Tony Spring was told he was going to be the next CEO of Macy's, he was so excited that he had to pinch himself to see if he wasn't just dreaming it while asleep. He then began his first 100 days staring out the window of his office, asking himself a scary question: Can a once legendary company get back its mojo after it is long gone? As one of the oldest and largest department stores in the nation, Macy's is a legendary icon of American retail and one of America's most beloved companies. It was known for its famous Thanksgiving parade and Fourth of July fireworks. It was the first store that had a Santa Claus with a knee kids could sit on. It was a must-see for anyone taking a trip to New York City. They came also to see Macy's heart-stopping window shopping displays with their hidden promise of attainable luxury. R. H. Macy started his business (a dry goods store) in Haverhill Mass or Merrimack Street, before opening a store in New York City in 1924. It was soon to become the dominant retailer in America for decades, R. H. Macy was a real entrepreneurial innovator who created the modern department store as we know it today in an age where America was a nation of small shopkeepers. Macy's always keeping his ICP in mind (ideal customer profile), newly prosperous Middle Americans, implemented a series of policies never seen before in retail, including a store charge card and creating a one-price system rather than bartering. He and his team also introduced then-revolutionary products to the New York City market, such as the tea bag, the Idaho baked potato, and colorful bath towels. The company was a growth-oriented and highly profitable retailer for decades but lost its shine and competitive edge. Macy's started to go downhill when it changed its philosophy from "Small is beautiful" (meaning one store) to "Bigger Is Better." They started opening stores all over the place that there wasn't a market for, and its supply chain couldn't support. This resulted in being sold to Federated Department stores and a mountain of debt. Today, Macy's is in the middle of selling off 150 stores as a result of thinking again about Peter Drucker's question: What is our business and what should it be? The CEO of Macy's believes the company can become legendary again if it recaptures its original entrepreneurial spirit and becomes an innovator, rather than just another "me too" competitor in a crowded marketplace. In the future, it will focus on building its business around a group of 100 key stores in parts of the country that are natural high-growth markets, fashion-forward trends by low-cost designers, and online retailing where it has a big business. Are you running a once-legendary company that has lost its mojo? Would you like to get it back? Book a 1:1 #Macy's #BusinessTransformation #CEOJourney #RetailIndustry #InnovationInRetail #EntrepreneurialSpirit #MarketStrategy #FashionForward #RetailTrends #CEOChallenges

Shirtsleeves to shirtsleeves in three generations” is a common adage we hear in respect of intergenerational transfer of wealth and family businesses. The first generation creates the wealth, the second hoards it and the third consumes it. Sadly, less than 10% of family wealth ever survives the transition to the third generation. This can be avoided. Instead of entrusting the next generation with all the wealth all at once., you can create a steady consistent cash flow over the next 2 generations. This will give your kids the freedom to dream and positively impact and contribute to the world CASH IS POWER!

Mark Fenwick, rock star manager and former chairman of the family-run department store empire, was our Lifetime Achievement winner at Drapers Awards 2023. He tells us about modernisation, management and battles in the boardroom at the 140-year-old Fenwick business. Subscribe to Drapers to read more. #Fenwick #DrapersAwards #DrapersAwards2023 #DrapersAwardswinners #departmentstore #retailnews

In a recent consumer report for BDA London, I highlighted SOJO as a key opportunity for brands to engage customers through convenient tailoring and repair services, thereby extending product lifecycles. It's exciting to see a company like Marks and Spencer leveraging collaboration to embrace circular fashion. I’m keen to see how they’ll use this partnership to enhance the quality and relevance of their product offerings. Fashion, as we know, is notorious for inconsistent sizing, so teaming up with a tailoring service is beneficial to both the brand and the consumer—potentially even reducing return rates. Legislation is rapidly evolving, making it crucial for brands to take full responsibility for product lifecycles. In line with the EU Strategy for Sustainable and Circular Textiles, Extended Producer Responsibility (EPR) schemes across EU Member States require textile producers to cover the costs of separate collection, sorting, and recycling. With only 1% of post-consumer textiles currently recycled into new clothing, adopting this circular mindset is a significant step forward. Personally, I’m pleased to see more responsibility being placed on producers. What are your thoughts? #circularfashion #responsibleinnovation