STORES Magazine - May 2008 - (Page 30)

EXECUTIVE SUITE / COVER STORY BY SUSAN REDA AND DAVID P. SCHULZ etail innovators and entrepreneurs admit that coming up with a new idea is the easy part: mustering the moxie, money and muscle to see it through to fruition is the real challenge. And achieving financial success and industry acclaim along the way is a distinction reserved for a select few. The six retail companies and brands profiled here are setting new standards for game-changing innovation. Inside of a decade, each has managed to win over today’s demanding shoppers. R Apple Stores set a new standard with the Genius bar and its concierges; Bloom breaks the supermarket mold, and Grand Lux creates a new niche in casual dining that is decidedly upscale. Hollister’s laid-back California attitude belies a fierce competitor in the teen space; Netflix takes the Oscar in video rentals, and Zappos leaves no sole unturned in the quest for greatness. “Passion and vision are hallmarks of a good entrepreneur,” says David Overton, founder and CEO of the Cheesecake Factory and Grand Lux Cafe. “Give someone with those qualities access to money to fund their dream and you have a formula for starting and growing a business.” Gordon Segal, founder and chairman of Crate & Barrel, believes that moving an idea from concept to thriving business unit is harder than ever in today’s economic climate. “The costs are huge, the competition is fierce and the demands are enormous,” he says. “Overcoming those hurdles and others to establish a winning concept is something to be truly celebrated.” Ruminating about how difficult it is to develop a successful retail concept in today’s overstored and ultra-competitive market, STORES editors began researching retail businesses founded since 1998. We compiled a list of several dozen companies across the various retail channels, then pared the list down to 15 finalists. We considered financial success and the use of technology. We awarded high marks for innovation and the ability to connect with shoppers in a new way. And finally, when the dust settled, we delivered our list to a panel of judges — a small-yet-illustrious group of former NRF chairmen — that ultimately chose the winners. 30 STORES / MAY 2008 WWW.STORES.ORG http://WWW.STORES.ORG

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

Stores - May 2008 Contents Executive Editor's Page President's Page Contrasting C-Level Compensation Across Segments What Shoppers Think 10 Things You May Have Missed Numbers Worth Counting Full Price/Markdown Retail People Cover Story: Concepts That Clicked Concept2Watch Kiosks Artificial Intelligence Tech Support Online LPinformation Data Synchronization Human Resources Site Selection POS Selection Communications Biometrics Networking Systems Credit Loeb Retail Letter Arts Update Point of View NRF News Retail Crossword Retail Industry Calendar Last Laugh

STORES Magazine - May 2008

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