How Retailers Survive
At the end of that, I showed them all of the cost cutting we’re doing and made it really clear that we’re in danger just like everybody else in America. But then I segued to, “I do know a whole lot about the consumer electronics business. Here is what’s happening with CE, here is our current strategy, here is what we’re going to do if things get worse and when they get better.” It was also a pitch to everyone in the room that they would all have to do the work of one and one half people, which is what it will take to get one person’s work paid for in this economy.
You could hear a pin drop in the room; the relief was palpable in the room. I was realistic, I didn’t sugar coat it. I said their livelihoods were in danger, and the only solution to it is you need to help one another and that everyone is empowered. If somebody, including myself, is not towing the line, you need to confront them. So now, I’ve got old dogs trying new tricks.
I’ve had to drop several key lines because it’s hard to carry inventory in these times. That being said, when they asked what I’m going to do about next year and the year after, my primary thing, I told them, is to keep my people for those times because they’re my strength. We can deal with any change as long as we stick together.