Sears, David’s Bridal, Forever 21, Payless Shoesource, Claire’s, Gymboree, Charlotte Russe, Diesel, Things Remembered, Remington, Nine West, Rockport, and more, filed for bankruptcy protection in the recent years. CB Insights calls this fairly new, and rapidly clichéd phenomenon, “Retail Apocalypse.” Consequently, hundreds of millions were lost, and the aforementioned companies found themselves in situations where bankruptcy was inevitable. Many of these retailers had to close all or some of their stores, and others devised costly plans for recovery (see CB Insights). At the same time, according to Vox, since 2012, 600,000 jobs in retail and 728,000 jobs in supply chain and other related industries were lost as a result of these bankruptcies.
However, the so-called retail apocalypse has yielded retailers who excel in their fields and are known for following best practices when it comes to innovation and the treatment of their employees.
In fact, according to Indeed, some online retailers, such as Amazon, have gone to brick-and-mortar retail businesses. There are many reasons for this move, one of which is that “shopping in physical stores continues to grow,” though not as quickly as online businesses (see Steve Dennis) because it appears that innovation is key when it comes to growing brick-and-mortar retail shops.
According to Indeed, the San Antonio grocery chain, H-E-B has landed in the first place of the 25 Top-Rated Workplaces in Retail, two years in a row because the grocery chain is a great place to work. H-E-B employees feel valued and believe that their voices are heard and appreciated.
In fact one H-E-B employee said, “All of the managers genuinely care about your well-being and help you learn” (see Indeed). In other words, H-E-B employees feel like they are stakeholders/partners in the company and not mere workers. Furthermore, employees are given ample opportunity to advance their careers in the company and believe that they are treated fairly by company leadership.
There are many ways to reward excellence in retail. Convrt was created to illuminate achievements that advance the entire retail system. This includes companies that use best practices in the treatment of their employees. Click here to see the 2020 categories.
It is not difficult to become an outstanding retailer. It takes dedication, drive, and belief in the company’s mission and vision. After all, a company is only as good as the sum of its parts. If a company’s puzzle pieces fit well together, it will flourish and succeed; its employees would feel valued, and its supply chain will work like a well-oiled machine.