What does it mean to be a retail superstar?
PMA 2010 Official Business Session speaker George Whalin, author of “Retail Superstars: Inside the 25 Best Independent Stores in America,” tells the story of 25 stores redefining what independent retailers can do in a highly competitive environment.
Whalin talks with PMA Magazine and shares some insights he gleaned while writing his book.
PMA: What underlying attitudes or practices are consistent among standout independent retailers?
Whalin: The consistent things are not terribly surprising. The people who own and run these stores are the hardest working people I’ve ever met in my life. For example, there is a guy by the name of Jim McIngvale. He’s known in Houston, Texas, as “Mattress Mack.” He owns Gallery Furniture, a hugely successful independent furniture store. They typically do about $150 million a year from a single store. If you go there at 7:30 in the morning, he’ll be there. If you go there at 8:00 at night, he’ll be there. All these retailers work very, very hard.
The other thing consistent among them is a passion for their businesses. Many stores in my book have been around a long time, but the passion of the owners has never faded.
They are also highly responsive to the customer, the community, and to changes in the environment and the economy. Many big companies are just now reacting to the recession; but these stores were able to react to the recession a year and a half ago.
One other thing they have in common – and something that surprised me – is they really don’t pay much attention to the competition. They pay attention to what they are doing internally in their businesses to get better every day.
PMA: What’s one of your favorite stories highlighted in your book?
Whalin: One of my favorite stories is certainly Jungle Jim’s International Market in Fairfield, Ohio. It’s a food store unlike any other. It started out as a fruit stand, and today is a 300,000 square-foot food emporium. The average Wal-Mart Supercenter is 187,000 square feet, so Jungle Jim’s store is 60 percent larger than that.
They sell food from around the world, and they carry the products customers have asked for. They have the most unusual selection you can imagine. They have hogs heads. I didn’t even know people ate hogs heads; but if you go in there today, you’ll find a selection of a dozen hogs heads. They have chicken feet and duck feet. They have 1,200 different varieties of hot sauce.
The owner, Jim Bonaminio – better known as “Jungle Jim” – built a display with an old fire truck, a real one, sitting on top of the hot sauce. There is a real boat in the fish depart-ment. The store is fun. They’re innovative. They don’t do the same things as everybody else.
PMA: What will you discuss at your PMA 2010 session? What do you want attendees to take from it?
Whalin: I am going to talk about how to build a business in this environment, and what to do to be better at it. In many businesses, retail or otherwise, the problems are self-inflicted. They don’t pay attention to the customers. They don’t distinguish themselves from everybody else. They don’t find a way to make their businesses better than the competition.
I’ll discuss how to stand out and how to grow, no matter what the environment is, no matter what the economy is. There are opportunities out there for every single business – no matter what’s going on around you.
Be sure to attend George Whalin’s Official Business Session at PMA 2010. It will be held Feb. 22 at the Anaheim Convention Center, Anaheim, Calif.