Heavy lies the crown, so they say. And no one knows that better than a wantrepreneur. Just ask Marcelo Tau, the COO at world-renowned luxury jewelry label David Yurman.
According to Tau, you need three key ingredients to win at retail: “When you have the right product, the quality, and you care about the customer — that’s what drives success.” Knowledge is power in a world where every dollar and decision matters. In the spirit of due diligence, we spoke with Tau and other industry titans to find their secret sauce to success. Here are six tried-and-true tips to build a retail business, according to experts.
“When we talk about experiential retail, what we talk about often is something that’s customer-centric, something that’s digitally enabled, something that’s multisensory. But what I think we’re talking about is something that is emotional. My call to action is, as you think about the different initiatives that you’re prioritizing — are they helping you to deliver and create an emotional experience for the people you want to be targeting and reaching?”
“What we found at Rothy’s is that doing good for the planet is also good for business. By keeping plastic out of landfills and being able to recycle, at this point close to 150 million bottles of plastic, that’s what has helped us in getting to where we are today and to the billion-dollar valuation that we received a year ago. Rothy’s was built from the get-go as a sustainable brand.”
“Adaptation is sometimes revolutionary and sometimes evolutionary. Sometimes you are faced with something like COVID, where you have to pause and say, ‘How do I deal with this?’” Serving up a lesson in a business owner's ability to pivot quickly, Bahram Akradi, and the entire Life Time C-suite, decided to stop paying themselves so that they could continue to pay their entire staff and vendors. “We made the decision to protect Life Time’s brand and reputation, and that commitment made our team members more involved and more passionate. This year, we’re already breaking every record in the history of the company.”