Kara Richardson Whitely’s Post

Last week marked the fifth time since 2017 that members of the Nordstrom family have attempted to increase their ownership in the retailer to more than 50%. What lessons can family business directors learn from the repeated rejections of the Nordstrom board? (The board is currently evaluating the last week's offer to take the company private at $23/share). Travis W. Harms identifies three lessons in this week's edition of Mercer Capital's Family Business Director blog. #familybusiness #privateequity #businessmergersacquisitions #familyoffice #estateplanning https://lnkd.in/dt9gSUuH

When I think about brands, I find it truly inspiring to reflect on the journey and enduring nature of legacy brands. 🌟 True Value Company is a prime example of a brand that has navigated decades of change—witnessing shifts in the world, the retail landscape and even within its own leadership, yet its emblem remains a symbol of reliability and trust. From its humble beginnings in 1948 when John Cotter founded Cotter & Co., our brand started as a wholesale supplier for 25 cooperative hardware retailers across Illinois and the Midwest. Those days of catalog sales might seem like a bygone era, but they laid the groundwork for what True Value has become today. True Value's journey from catalog sales to a modern hardware fixture is a testament to the power of vision and resilience. It's not just about hardware; it's about a commitment to service and community that has stood the test of time. As we continue to evolve, we'll carry forward the spirit of innovation and community that John Cotter championed. With our recent brand refresh, we circle back to why we're here today and why we're dedicated to being here for you tomorrow. It’s about preserving this legacy and living up to the high standards set decades ago. #TrueValue #HereForYou #BrandStorytelling #BrandRevival

This week’s retail overview: JoAnn filed for Chapter 11 Bankruptcy, Nordstrom is considering going private, and Macy’s confirmed it has signed a confidentiality agreement to commence due diligence with Arkhouse Management and Brigade Capital. The Wall Street Journal: Craft Retailer JoAnn Files for Bankruptcy After Consumer Pullback   🎨 JOANN Stores announced it expects its chapter 11 bankruptcy plan to be approved as early as next month, helping the company reduce its debt by approximately $505mm https://lnkd.in/eDe-ccjx   Reuters: Nordstrom’s Founding Family in New Bid to Take U.S. Retailer Private   🏬 Nordstrom has reportedly asked Morgan Stanley and Centerview Partners to reach out to private equity firms and gauge their interest for a potential deal to take the retailer private https://lnkd.in/ePyHVgvm   Bloomberg: Macy’s Opens Its Books to Suitors Arkhouse and Brigade   ⭐Macy's has signed a confidentiality agreement to commence due diligence with ARKHOUSE and Brigade Group, according to a spokesperson for the Company https://lnkd.in/eg2XN6z2

We are DSG. ONE TEAM. BUILDING FUTURES. 2023 was a year of reflection, celebrating Dakota Supply Group's 125 years young, a legacy of evolving through the decades, mastering resilience, and ultimately writing our own story. Today, we’re looking at the decades to come, and 2024 will be one of those pivotal years, writing the chapters of our 125th anniversary ending, and the next chapter beginning. The DSG brand is more than a logo, and the deep red color. DSG's new brand is a representation of who we are, what we stand for and what everyone can expect from DSG in everything we do. The 4 corners of our spark represent our customers, communities we serve, our employee owners and manufacturers. Bringing together these pivotal parts of how DSG creates value in everything we do. All of these elements are driven by our shared purpose, vision and values. The industries we serve are essential to the communities where we live and work. We’re dedicated to building lasting partnerships with customers and manufacturers that promote growth and lasting success. We hope you'll join us our on journey to build futures one job at a time! The DSG REBRAND - aligning our purpose, vision and values, https://lnkd.in/gyQvJMVK #dsgsupply #DSGTeam  #DSGcommitment    #DSGintegrity    #DSGteamwork    #DSGexcellence #DSGrespect #rebrand #newbeginnings

The “most hated CEO” in 2016 was Edward Lampert, CEO of Sears Holdings, based on a Glassdoor analysis by 24/7 Wall St. The 132-year-old company went from being one of the largest retailers in the world to losing more than $1M per day in 2017. Long before Lampert, Sears was struggling. In the 80s, it attempted to appeal to more women by introducing budget-friendly fashion labels into stores. However, the blending of goods became confusing for shoppers, many of which were already swayed by the affordable selections at one-stop shops like Walmart. In 2004, Lampert bought Sears for $11B after purchasing Kmart out of bankruptcy. He merged the two failing companies in hopes that it would create balance. In turn, it caused each company to inherit the weaknesses of the other. While Sear’s invested too heavily into diversifying inventory, it aggressively cut costs in other critical areas. Previous CEO Arthur Martinez closed 100+ stores and laid of 50K employees between 1995 and 2000. Lampert then lost 250 of Sears’ most valuable locations through a real estate investment trust. The company was left to depend on its weakest stores to pull through its overwhelming challenges. After sales plummeted from $43B in 2010 to under $17B in 2017, Sears filed for bankruptcy in October 2018. Only 11 stores remain. Sears’ inability to keep up with e-commerce, shifting customer interests, and its reputation of unethical employee treatment underpins the company’s demise. Its crash and burn echoes the importance of adaptability, foresight and embracing change that applies to all areas of life, especially financial responsibility. Navigating the complexities of the financial landscape can be simplified and streamlined with the support of a trusted advisor. #eauclairepartners #sears #edwardlampert #riseandfall #financialplanning

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

In Same as Ever, Morgan Housel argues that “competitive advantages tend to be short-lived, often because their success plants the seeds of their own decline.” He gives the example of Sears. He writes: “If you were a movie scriptwriter and had to dream up a fake company with the strongest competitive advantage you can imagine, you would probably come up with something that looks like what Sears was in the 1970s. Sears was the largest retailer in the world, housed in the tallest building in the world, employing one of the largest workforces. “No one has to tell you you’ve come to the right place. The look of merchandising authority is complete and unmistakable,” The New York Times wrote of Sears in 1983. Sears was so good at retailing that in the 1970s and ’80s it ventured into other areas, like finance. It owned Allstate Insurance, Discover credit card company, the Dean Witter brokerage for your stocks, and the Coldwell Banker brokerage for your house. Sears was, in almost every way, the Amazon of its day: so dominant at retailing efficiency that it could spread its magic into unrelated industries, where it would terrify rivals. The Times wrote in 1974: Donald T. Regan, chairman of Merrill Lynch . . . indicated yesterday that the firm sees itself eventually as a Sears, Roebuck of the investment business. . . . “We must get as efficient as possible to keep costs to the consumer down,” he said. “That’s what made Sears a success, and that’s a rule we must keep in mind.” And then everything fell to pieces. Growing income inequality pushed consumers to either bargain or luxury goods, leaving Sears in the shrinking middle. Competition from Walmart and Target—younger and hungrier retailers—took off. By the late 2000s, Sears was a shell of its former self. Yes, we are open a sign outside my local Sears read—a reminder to customers who had all but written it off. The story of how Sears lost its competitive advantage is fascinating. But it is not unique. It is in many ways the default outcome of once-dominant companies.” He further writes: “Whenever a once powerful thing loses an advantage, it is tempting to ridicule the mistakes of its leaders. But it’s easy to overlook how many forces pull you away from a competitive advantage once you have one, specifically because you have one. Success has its own gravity.” He points to five such forces. 1. overconfidence stemming from success,  2. the challenges of scaling strategies as organizations grow,  3. the tendency to relax after achieving goals,  4. the risk of relying on skills that may become obsolete, and  5. the role of luck in success.  Source: Founding fuel #management #humanresources #digitalmarketing #technology #entrepreneurship #careers #markets #startups #marketing #socialmedia #venturecapital #branding #advertisingandmarketing #motivation #personaldevelopment #investing #jobinterviews #education #customerrelations #productivity #sales #socialentrepreneurship #jobs #openings

Every now and then I'll call out a company for strange business practices to get an explanation from the people who know how it works. Today subject is Kohl's ... long post but infinitely relatable Hi Kohl's ! A week ago I ordered an item. Yesterday morning after checking notifications and the website it said it was delivered. All excited I go to the front door.. no package :-( after checking the. United States Postal Service tracking it said it was awaiting the package. btw... as of this morning they still do not have it. this morning the notification said that it was delivered... again no package I just spent 15 minutes on the phone with a representative. apparently the post office doesn't even have it yet. I asked her if she could cancel the order and reship a new one overnight? I was told that I cannot do anything about it until the 10th. So Kohl's this is quite a way to boost your delivery stats isn't it? I'm wondering if there is some kind of legality to this considering that it would be a federal issue. What an absolutely ridiculous and DECEPTIVE practice.... and a guaranteed way to lose business in a climate where you really don't want to do that. I've been in your stores lately they're looking kind of empty ...people, employee and merchandise wise. None of this would have been a problem had my notification and your website had not said it was already delivered. #retail #kohls #badbusiness #shoplocal #deceptive #usps

Aloha Friday! 🤙🏼 Here are some interesting stories from the world of retail for Friday, February 16: 👟 Nike will reduce its workforce by about 2%, or more than 1,600 people, in a bid to cut costs. The Beaverton, Oregon based sneaker company had about 83,700 employees as of May 31. 🛍 US retail sales cooled in January after strong December. Sales grew on year-over-year basis, but growth rates for many categories deteriorated as some consumers cut back on spending. 🎯 Target's latest pitch to inflation-weary consumers is a new low-cost brand with prices starting at $1. This month, the Minneapolis-based retailer is launching a new private label brand — Dealworthy. 🥑 Grocery Outlet plans to acquire Southern value grocer United Grocery Outlet for $62 million. The Emeryville, California based company said that the deal would come with 40 stores. 👖 True Religion, the Y2K-era jeans brand that managed to survive two bankruptcies, is exploring a sale. Private equity firms and a number of large, publicly traded apparel companies have been targeted as potential buyers. 🧒 The Children's Place has received notice from Saudi investing firms Snowball Compounding and Mithaq Capital that they have built a 54% stake in the company and plan to nominate 11 people for election to the board. 👔 EXPRESS CEO Stewart Glendinning has tried to ease bankruptcy concerns following a Monday report from that said the retailer had retained debt restructuring firms and that a filing could be imminent. 🥫 Colorado Attorney General Philip J. Weiser filed a lawsuit Wednesday seeking to block the proposed Kroger-Albertsons merger following a multistate investigation into the merger led by Weiser’s office. 💵 A poll from The Washington Post finds widespread agreement among Americans on what it means to be middle class. But just over a third of US adults have the financial security to meet that definition. 🇬🇧 UK retail sales experienced a stronger-than-expected rebound in January, rising by 3.4% compared to a 3.3% decline in December, according to data from the Office for National Statistics. 🖥️ Toast, the Boston-based restaurant software firm, is latest tech company to tumble, slashing 550 jobs. About 10 percent of staff will be laid off as the business seeks profitability. 🍨 Vanilla chocolate chip ice cream, once a staple of the ice cream world and one of the top sellers, has fallen out of favor. it has been losing ground to flavors with more stuff, like cookies and cream and chocolate chip cookie dough. ☕️ Starbucks customers who use a Bank of America card will now get additional cash back for their purchases as part of a new partnership between the two companies. 🇩🇪 Workers at Germany's Edeka supermarket chain have gone on strike for better pay and conditions, taking part in what the Verdi union says is "just the first of several strike and action highlights in the coming weeks". #retail #retailnews #economy 

Dillard's Inc. on Thursday reported fiscal first-quarter profit of $180 million, or $11.09 per share. The results beat Wall Street expectations with the average estimate of three analysts surveyed by Zacks Investment Research calling for earnings of $9.25 per share. The department store operator posted revenue of $1.55 billion in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $1.53 billion. Read the full story: https://lnkd.in/e_Zif3-3