STORES Magazine - January 2008 - (Page 34)

EXECUTIVE SUITE / COVER STORY and get them interested in us.” ing than becoming a buyer or a manLast year, Lundgren began ager,” she says. “Then retail reformal weekly meetings with cruiters come in and talk [almost exsome of his company’s “high clusively] about their buyer and potential” young people. “In a management trainee programs. company with 200,000 em“I‘d love to see retail companies ployees, it’s easy to get lost,” he make their menu of opportunities says, “and while I can’t touch all more attractive,” Burke says. of them, I try to make some connections when I visit the stores.” Is it about money? At Lord & Taylor, the training ike top retail executives, initiative has morphed over the Burke has grown fruslast few years as the company trated watching top stuendured ownership changes. A dents lured away by other indusformal recruiting strategy, intries. “Retailers have asked me, ‘Is it Retail companies cluding relationships with 8 top about money?’ I don’t think so. It’s need to do a better business schools, is now in about the chance to jumpstart a cajob of sharing the big picture place. “We’re building relationreer, have real responsibility and ships with the deans at business move quickly. and being responsive to what’s schools and we’re trying to “I think retail companies need to important to this next generation identify individuals who bring do a better job of sharing the big picof potential successors specific skills to bear – whether ture and being responsive to what’s that’s analytics or a great eye for important to this next generation of product,” says senior vice president of human resources Bruce potential successors.” Kelso. Erin Armendinger, managing director of the Jay H. Baker ReThe company’s training program is offered twice a year and tailing Initiative, an interdisciplinary industry research center consists of a blend of classroom and hands-on learning for the at Wharton, puts her own spin on that call to action. 20 to 25 trainees. “This core group is nurtured and provided “There are so many diversified jobs in this industry that it with incredible exposure to senior-level executives,” Kelso should be more attractive than others,” says Armendinger, says. “We consider them our future talent pool.” who describes the next wave of graduates as having a thirst for Comments like that are music to the ears of Cheryl Bridges, variety and new adventure – two qualities that the retail industry is ideally positioned to offer. “The challenge is to be sure director of the Center for Retail Studies at Texas A&M Unithat recruiters are communicating that and, most important, versity. While she and others in academia acknowledge that that they’re following through.” training programs are costly, particularly for small to mid-size Established in 2002 as a result of a $10 million grant from retailers and those squeezed by slim margins, she underscores Jay Baker (the former president of Kohl’s) and his wife Patty, the role they play in luring talent. the Baker Retail Initiative has garnered the attention of the “The most successful retail companies are those that are vismost well-known CEOs in the industry, many of whom have ible on campus and really get involved with our students,” spent time on the campus lecturing and sharing their insights. Bridges says. “Internships are vital to building relationships Eric Hertz, director of executive education for F.I.T.’s Adwith young people and to determining if they’re a fit inside that vanced Management Program, is tasked with preparing execculture down the road.” utives in retailing and fashion to assume leadership positions Bridges insists that it’s important for college students on the with their companies. The program, founded in 2004, consists cusp of entering the business world to feel like they’re a part of of six two-day sessions offered throughout the year. something. “This generation thrives on connections,” she says. “Typically, companies will send their most promising high“Companies that give them responsibility and involve them in potential leaders to be groomed for top positions in the execuprojects are more likely to retain them.” tive ranks,” Hertz says. “We’re providing a broader knowlMelinda Burke, director of the Lundgren Center for Retailing, edge of how the industry functions and our goal is to be sure says that retailers are doing more in terms of recruiting and trainthat when the opportunity for advancement presents itself, ing, but she challenges companies to expand their offerings. StORES these up-and-comers will be qualified.” “We’re telling our students that there’s much more to retail- L 34 STORES / JANUARY 2008 WWW.STORES.ORG http://WWW.STORES.ORG

Table of Contents Feed for the Digital Edition of STORES Magazine - January 2008

STORES Magazine - January 2008 Contents Executive Editor's Page President's Page Build a 'Bot Sneak Peek at Fashion Trends What Shoppers Think 10 Things You May Have Missed Numbers Worth Counting Full Price/Markdown Retail People Cover Story: Fishing for Talent Retail CEO Compensation Research Concept2Watch E-Commerce Payment Solutions Online Merchandising POS LPInformation LP Vantage Point Newsbeat Industry Watch Cover Story: Making LP PCI-Compliant Mall Security Video Surveillance Industry Perspective Forum RFID Business Intelligence Data Management Logistics Turning Green into Gold Love of – and for – the Outdoors Loeb Retail Letter ARTS Update Point of View NRF News Retail Industry Calendar Last Laugh

STORES Magazine - January 2008

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