Reinvention

Those who succeed at the highest level are those who are never afraid to reinvent themselves

By James Fisher

Jim Fisher is CEO of IMST Corp. that specializes in site selection and sales forecasts, facility operations analysis, existing site evaluation and market analysis. Contact Jim at (800) 231-4678 or jfisher@imstcorp.com.

The dictionary provides the definition of “reinvent” as “to create a new version of something, to change radically the appearance, form, or presentation of something or somebody”. “Reinvention” is the noun of the word, the actual accomplishment of such change.

During the holiday season that just ended many of us went through the traditional exchange of Christmas cards and letters. As with so many of you, we sent out our “annual letter” in our cards as a way to catch everyone up on our year. In addition, I have that list of “annual telephone calls” that must be made in order for everything to “feel just right” during the holiday period. These calls are too old friends, family, business associates, etc. There are several calls that have gone on for decades and one in particular that has taken place for more than 30 years and led me to this month’s column.

Thirty-plus years ago I was in the corporate phase of my life. One of the most enjoyable periods of that phase was the five years I spent with The Maytag Company; no I was not “Ol’ Lonely.” I was never bored and looking for ways to keep busy; challenges and opportunities happened on a daily basis. For the vast majority of my time with the company I was regional sales manager in the Northeast, i.e., the New England area. I loved the job, had a blast, succeeded and made vast business friendships (many of which have lasted to this day).

One in particular generated the thesis of this column. Percy’s (Worcester, Mass.) is a family-owned appliance distributor that is now being managed by the fourth generation of the Lavine family. The patriarch and matriarch of the business are Bob and Janie Lavine. My annual holiday telephone call with Bob has taken place since 1975, and with each call I learn a great deal. I consider this man to be one of the greatest and wisest retail minds who has ever existed. Of course, not a part of this industry, but none the less, a master performer and winner within a sector of retail (white and brown goods) that is just as competitive, demanding and evolving as this sector. Within such a daily environment here is a SINGLE STORE that has excelled. In fact, this single location has annual sales that far exceed many large chains within the appliance sector.

Percy’s is a company that helped form the buying-group type of cooperative purchasing now enjoyed by so many sectors of retail (and growing). It’s a company that entered cyberspace well ahead of so many others, a company that radically changed its core brand offerings when those national brands began loosing their direction, meaning and significance, and a company that has never concerned itself with responding to changing industry environments, but rather has made sure it is always on the cutting edge of creating change. This company has always proven to be a role model within its retail sector bringing great success to the owners and all the associates of the company.

Percy’s is an organization that has never avoided reinventing itself in order to remain a significant retailer within each decade it has existed. In fact, it is this art of reinvention that we discussed in-depth during this year’s holiday conversation. The business (now more than 50 years old) continues to evolve providing the environment to achieve greater results (many times in new market arenas) each year.

It is this type of vision and prowess that exists as well within the minds and business acumen of many of the highly energized retail members of our industry. Those that view change as an opportunity to further excel in terms of their companies’ retail development strategies and growth.

These are companies that continually see the need to review the scope and appropriateness of their retail facilities on a trade area by trade area basis. This is not saying that some swooping corporate directive is mandated that is supplied uniformly to all entities, thereby allowing no distinctiveness in terms of targeted trade area response. Success is derived from establishing the needs that exist in a specific trade area, realizing what actions must be taken to satisfy those needs and determining what changes must be made to existing retail facilities to become (and/or remain) relevant and viable within each and every individual marketplace.

Those who succeed at the highest level are those who are never afraid to reinvent themselves. By so doing, they are always creating new opportunities for greater growth in the long-term that was never anticipated before such innovative and progressive thinking. Commitment to renewal and reinvention emboldens success. Be your own inventor.