Retail Wisdom

These nuggets of wisdom are from Scott Krisiloff from Avondale Asset Management. I think he spends his days reading filings. I occasionally visit his blog at http://skrisiloff.tumblr.com/

“If a product that we sell is available for less out there, then that’s the price that the market is at, and we need to be there…we think it’s just good customer service and part of earning our customers’ trust that we have market prices. ” —Nordstrom

“we spend a lot of time since we brought on our new Chief Marketing Officer Mary Beth West asking customers what they think rather than the leaders of the company sitting around in a conference room deciding what we think the company should be.” —JC Penney

“We are one of the few major U.S. retailers to have expanded successfully internationally…we go into countries and we build brands and we are constantly increasing our number of vendors in every single country. I think what we have learned prior to going into Germany is to really investigate country for a long period of time before we go in. So, you tread lightly, you are camping, you really understand the mix of the customer, and every single country is very, very different. So, you have to take a long time to study each country before you go in. So, we have lots of learnings. And now we have obviously expanded into many new countries a little bit quicker, but we did a lot of homework before.” —TJ Maxx

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