Co-Packing Solutions - April 2009 - (Page 16) SUCCESS The winning formulas Costco, Publix and 7-Eleven employ. tudy the retailing industry, and you’ll find distinctive keys to greatness behind every beloved brand name store. For some it may be low prices and high value. For others, success may rest on unsurpassed service. And for still other big-name retailers, innovation has blazed the path to prosperity. So it is with a trio of the 21st Century’s most respected retailing names: Costco, Publix and 7-Eleven. Though they exist in different segments of the retail landscape – the warehouse, grocery and convenience store channels—all three command the respect of consumers and competitors alike. And for good reason: Each company has built a dynasty by “giving customers what they want”—the mantra Their secrets to retail pioneer Marshall Field preached to managers of his flagship Chicago store. Costco There’s a favorite tale folks who work at The Motley Fool—the Alexandria, Va.-based company founded to “educate, amuse and enrich consumers” on financial matters—tell about Costco CEO Jim Sinegal. “It’s said Jim Sinegal still answers his own telephone,” Joe Magyer, The Motley Fool’s senior analyst, says. “I challenge anyone to name another Fortune 500 CEO who answers his own phone.” The anecdote illustrates Costco’s strong owner-operator culture and its emphasis on cutting costs and providing service. “Costco is very S well thought of within its industry,” Magyer says. “It’s famous for Costco became history’s first enterprise to go from zero to $3 billion in sales in less than six years. 16 • Co - PaC king S o lUTio nS april 2009
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