Survey: 74% of retail CEOs, presidents will look outside industry for new talent
New York City A new survey of retail CEOs and presidents revealed that 74% of the respondents say they will search for leadership positions from outside the industry in the next 5 years primarily because they “want leaders with a new perspective.”
The survey, conducted by Women’s Wear Daily and Herbert Mines Associates (HMA), the largest executive search firm in fashion, retail, and e-commerce, also found that 73% of the respondents revealed they do not have a formal CEO succession plan in place.
Asked to identify one discipline that would be the most effective pipeline for the next generation of leaders in retail, the leaders chose merchandising (26%), followed by marketing (21%) and product design/development (13%). Less popular were digital/technology, which tied with international business (11%), operations (6%) sales (6%) and finance (2%).
The top three greatest challenges facing the retail industry in developing future leaders, according to the respondents, are “understanding new ways to connect with and market to consumers (62%)” followed by developing cross-functional capabilities (58%) and “keeping on top of a quickly changing competitive landscape” (57%).
The biggest challenge facing the retail industry in developing future leaders was identified as understanding new ways to connect with and market to consumers by 62% of the respondents. The leaders identified other important challenges as “developing cross-functional capabilities” for talent, and keeping on top of a quickly changing competitive landscape. Ranking lower in terms of priorities were training (45%), recruiting and retention (33% and 31%, respectively), and compensation, which received only 17% of the vote.
Hal Reiter, chairman and CEO, Herbert Mines Associates, stated: “We are witnessing shifting sands with the way retail leaders are approaching their customers, employees, vendors and investors. The survey findings give us a window into the collective psyche of top management in retail, their challenges and perspectives about their vision for the future.”
Target launches anti-smoking campaign with American Cancer Society
MINNEAPOLIS – Target announced that it is launching a month-long anti-smoking campaign in connection with the American Cancer Society’s 2010 Great American Smokeout to support guests and team members in their efforts to quit smoking.
"Target is committed to helping our guests and team members reach their well-being goals, which may include quitting smoking, and we’re proud to work with the American Cancer Society for this year’s Great American Smokeout," said Dr. Joshua Riff, Target’s medical director. "As part of our focus on prevention, Target offers a variety of tools, tips and products for those who want to stop smoking and stay smoke-free. This campaign advances our prevention efforts and will ultimately lead to healthier communities."
The campaign will begin on Nov. 1 and will highlight Target’s assortment of stop-smoking aids and give greater visibility to Target Pharmacy and Target Clinic healthcare professionals, who can offer support, smoking-cessation materials and advice, the company reported. The campaign is anchored by in-store signing and informational brochures in all Target stores, as well as features in the weekly ad and at Target.com.
The American Cancer Society’s 35th annual Great American Smokeout takes place Nov. 18, and is designed to motivate and empower smokers with personalized tools, tips and support to help them quit for good.
B&N launches parents’ loyalty program
NEW YORK – Barnes & Noble announced the launch of the B&N Kids’ Club (www.bn.com/kidsclub), a free loyalty and rewards program for Barnes & Noble parents and caregivers. The B&N Kids’ Club is an in-store and online program that provides exclusive benefits along with savings and discounts on Barnes & Noble’s outstanding selection of children’s books and educational toys and games.
When customers sign-up for the B&N Kids’ Club they will be welcomed with a 30% off coupon to use on a future purchase of children’s books, educational toys and games, and adult games and puzzles, the company reported. Kids’ Club members will also receive a $5 coupon for every $100 they spend on children’s books and toys up to four times per year.
“Barnes & Noble is committed to being a valuable resource for parents,” said Jaime Carey, chief merchandising officer for Barnes & Noble. “Our recently launched B&N Kids’ Expert Circle and our newly expanded Educational Toys & Games section in stores and online reflects our dedication to helping parents choose the best products and receive meaningful advice about all the stages of raising children. B&N Kids’ Club is our way of saying thank you for continuing to trust Barnes & Noble.”