Retail NaviGator

The Retail NaviGator - our communication to you about our research on retailing issues and the activities of the David F. Miller Center. This ongoing media change creates a direct connection to the retailing community in a way that keeps information current, direct and GREEN!

In this issue:


Retail Smarter 2010

Each year the David F. Miller Center for Retailing Education and Research presents an executive continuing education symposium specifically designed for retailers. The 2010 Retailing Smarter Symposium held in June at Orlando's Omni Orlando Resort at ChampionsGate focused on topics of strategic importance to retailers. The visiting executives shared information and new ideas that have worked to keep their organizations ahead of the competition. What follows is an overview of their insightful presentations.


Engaging Associates as a Strategy for Growth

By Jonathan Arton

JCPenney was named the No. 1 department store by the National Retail Federation Foundation/American Express Customer Service Survey for the second consecutive year. Most of Ullman's responses illustrated JCPenney's new direction with not only customer satisfaction, but also employee satisfaction. In terms of consumers, Ullman talked about simply building value. First and foremost, customers desire to be "greeted, respected and thanked." If these three actions occur, a customer is more likely to be highly satisfied with their shopping experience, which surveys show leads to shopping 20percent more often and spending 16 percent more on merchandise.

Believing that its employees are the company's greatest strength, JCPenney is committed to the ongoing investment in its 150,000 employees by providing training and leadership development.

The company also recently expanded its CustomerFIRST program which gives its employees the tools and instruction needed to serve its customers to their highest satisfaction. One such CustomerFIRST initiative is called "Yes I Can!" which empowers employees without having to ask for permission from a manager or supervisor. Employees have been trained to always look up and engage the customer even if they might have to refer the customer elsewhere.

JCPenney is becoming more known as a symbol of quality. Ullman said the company's "seal of approval" for a specific factory producing merchandise basically certifies it to the rest of retail world as acceptable for other companies to use. JCPenney is no longer only a great place to work, but is viewed as a "great place to invest your career." It is clear that the CEO has played a great role in the company for the past five years and everyone can gain some perspective from analyzing his service-based, customer-oriented principles.


The Key to Retention and Development in Today's Multi Cultural Workforcen

It was early afternoon when Mike Hyter, the president and managing partner of Global Novations, walked up on stage. He gave an impressive presentation about The Key to Retention and Development in Today's Multicultural Workforce, and he did this by sharing entertaining family stories, expressing his lighthearted humor, giving examples of his past experiences and going into detail of his enlightening research.

Hyter opened by stating that development is a learnable skill. He expanded on this by giving a personal example from when he was in charge of Santa Land in a retail department store. Granted, he was 21 and only three months into his new job, but he remembered having that much responsibility before he could legally drink alcohol.

Employee engagement was the initial topic. It's not only based on an emotional connection, but it's also a commitment contribution. Employees who feel they are engaged are happy, productive, interactive and energetic. Hyter characterized the idea of inclusion, the full engagement and development of all associates. As difficult as this concept may seem, it can be achieved with development as the answer.

Hyter expanded on the four generations within our culture today. He explained how this is the first time all four generations are working in the same environment and why inclusion is important when managing such a diverse group of people: They all have different interests and needs.

The way people think of their potential can be achieved through direct action. By giving your employees feedback, it gives them the opportunity to improve. Hyter then showed the audience a PowerPoint presentation that illustrated the four stages of employee contribution. Stage three was essential in Hyter's eyes. It included the idea that you not only contribute through others, but you expand through others as well, and this can be done by communicating efficiently. Communication is a key component, not only as a manager, but as a leader as well.

Hyter asked the audience, "Why do you suppose people leave companies like yours?" He looked around and confirmed the answer that was on everyone's minds: Money. Yet, he continued speaking and said that it's not the money that makes people leave, but bad leadership. Good managers are authentic. They drive their employees to be engaged by communicating, developing and coaching. "People don't leave companies," Hyter said. "People leave people."


Retail Renewal

By Joseph Eslait

At the 2010 Retail Smarter Symposium, University of Florida students as well as students from other colleges, had the privilege and opportunity to listen to Dan Stanek speak about "Retail Renewal." Dan is an executive vice president with Kantar Retail, and has more than 25 years of experience in consumer marketing and retail consulting for Fortune 500 companies.

Stanek explained that the retail landscape of tomorrow will be dramatically different than it is today. He stated that retail sales are up, but points out that it has become harder for retail companies to get a share of those sales. He explained the difference between two important markets: Developed and emerging. In the U.S., the retail runway has run out of space and there is a mature retail environment where retailers can't rely on growth from new stores. This environment forces retailers to look for new shoppers and increase productivity from existing stores and customers. Emerging markets are those in undeveloped countries where there is opportunity for economic growth and development. Many retailers are currently looking into emerging markets for investment opportunities.

Stanek discussed how baby boomers have driven three decades of retail growth, but have lost their net worth. They are working harder, and as a result their spending is less reliable. Furthermore, the growth domestic product will be lower than in the past and younger cohorts will have a greater impact on the economy. Younger shoppers, ages 25 and younger, comprise 85 percent of the developing market. Stanek emphasized that the younger cohorts view technology as a need, not a want, and have more discretionary income. Younger cohorts are more fragmented as a group and are more in debt, unemployed and will be facing high housing costs and taxes.

Women are becoming an economic powerhouse as they control the majority of household spending. They are highly-educated; demand higher wages and are delaying marriage and having fewer children. Women in developed markets are stressed. They dislike household chores and therefore are looking for convenience and "me" time.

Lastly, Stanek spoke about the importance of technology and the Internet. He believes that companies should focus on engaging customers and integrating commerce into customers' daily lives. Some examples he gave were using social networking sites as well as mobile devices as an effective vehicle to market products and increase sales.


Today's Changing Retail Footprint and Trends In Sustainable Building

By Sabrina Willemstyn

At the Retailing Smarter 2010 Symposium, Office Depot Vice President of Construction Edward Costa, discussed how his company has made changes in its construction practices to become greener and simultaneously help reduce costs. The company developed a three-value chain concept to increasingly buy green, be green and sell green. This choice to go green by the global retailer is supported by a number of reasons including:

  • It helps to shrink Office Depot's environmental footprint
  • It is a healthy business strategy
  • It serves the customer's needs and desires
  • It is cost-effective.

Office Depot built the world's first LEED certified store prototype in Austin, Texas in 2008. The store received a Gold Certification from the US Green Building Council (USGBC). Office Depot is now seeking LEED-EB certification for its global headquarters in Boca Raton and LEED for Commercial Interiors (CI) at a number of other existing stores across the country. To obtain certification at these locations, Office Depot will be integrating energy-efficient lighting, utilizing low-flow sinks and toilets, recycled carpet, and more.

Under Costa's management, Office Depot plans to open 14 new locations in 2010 that will be LEED certified. The first will open July 15 in Austin and two more should follow in Florida. To learn more about Office Depot's ongoing commitment to the environment, please visit www.officedepot.com/environment.


Contortionists, Crowds & Cash Registers – A Reinvention of Retail and Food & Beverage at Cirque Du Soleil

By Nathan MacInnes

Plain and ordinary are not words that you would associate with Cirque du Soleil because of its out-of-this-world performances. Like many other organizations in the entertainment field, Cirque du Soleil has a retail side that sells souvenirs and apparel. With all the amazing costumes and set designs that make it so unique, Cirque du Soleil's retail presentation was not representative of its brand image.

In order to correct this side of the business, Cirque du Soleil went on the hunt for a design firm to help transform the retail side of its organization. John Wilkins, vice president of retail strategy of Miller Zell, and Keith Curtis, vice president and director of design of Miller Zell, were part of a team that developed three amazing design prototypes that were equally as impressive and unique as Cirque du Soleil. The final design chosen was called Souk. It was modeled after a North African market full of bright colors and displays that were far from ordinary. This task had several obstacles that the design team had to overcome. To begin, since Cirque du Soleil is a traveling show, the majority of the people employed for the retail side of the business are temporary employees. This meant that environmental design and displays, lighting, and technology had to be simple to assemble, yet highly engaging for the customer. The design had to express the unique Cirque du Soleil brand essence while being operationally sensitive. Not only were the displays a success in engaging the customers, they were also surprisingly good at engaging the temporary retail employees, which unexpectedly created a better retail experience. Other firms are beginning to notice that in order to become successful they have to do much more with much less. Miller Zell understands that today's retail world is changing rapidly and they are ready to take on the challenges of tomorrow.


Creating Magical Memories

Meg Crofton is the president of Walt Disney World Resort in Orlando. She had her first stint with Disney in 1977 as a marketing manager with Vista-United Telecommunications, a company subsidiary that provided telecommunication services to the Florida resort. She has now been with Walt Disney Parks and Resorts, primarily at Walt Disney World, for 29 years, serving in leadership roles in marketing, sales, lodging and human resources. When asked to define the element that makes Disney's parks and resorts so distinctive, she points immediately to the Disney Cast Members – Disney's term for its workforce – whom she considers to be "the heart and soul of our destinations."

During her Retailing Smarter Symposium address, Crofton said, "Michelangelo once said that the secret of great sculpture is to start with a block of marble and remove anything that doesn't look like a statue. For our Cast, the secret of a great park visit is to remove anything that doesn't look like happiness. And that's what they strive to do, every day."

She adds, "...the experiences we provide at Walt Disney World quickly add up to something greater than the sum of their parts. They connect people to others far removed in time and in space. They comfort. They help. They bring joy."

Crofton considers Disney retailing to be an intrinsic element of that memory-making experience, and again credits the Cast for its ability to turn transactions into interactions. Stories are brought to her attention through thank-you notes from resort and theme park guests. As she says, "We are purveyors of memories. And we think that's important. Because there is only one thing more wonderful than happiness experienced … and that's happiness remembered."


Breaking Down Barriers to Growth through Customer Insight

By Leonardo Trimarchi

Stuart Aitken started his career by receiving academic and technical experience in different industries helping him become chief executive officer of dunnhumbyUSA in 2009. Dunnhumby analyzes data collected from customers then provides this information to companies to help them better understand their customers' needs. According to Mr. Aitken, understanding the data is one of the most important factors of Dunnhumby.

The process of a customer-centric approach starts with collecting and leveraging data. Dunnhumby collects this data from the transaction of millions of households. The data is branched into two categories: Customer experience and organizational engagement. Customer experience is about informing the retailers and manufacturers about the customer emotions and interactions with price and promotions with different brands. Organizational engagement is a very important part that is often forgotten by most organizations. Mr. Aitken stated that organizational engagement is basically getting every single member in the organization (especially from the top of the organization) to engage in a customer-centric environment. These two categories come together and deliver brand value for retailers and manufactures.

Mr. Aitken mentioned that many companies focus on bringing new customers instead of trying to keep old customers (also known as loyalty), which is what dunnhumby is trying to do. Dunnhumby does this by understanding the customer needs, what they buy, why they buy it, how they buy it and what matters most. Moreover, Mr. Aitken stated that it is not only about the loyalty from the customer, but is also about the loyalty from the company to the customer.

According to Mr. Aitken there are seven areas for a company to become customer-centric; however, the ones that he highlighted were: The CEO commitment and how this is vital for the organization; taking the data after understanding it and driving it into the core process of an organization (this includes changing all aspects of decision making); and activation and execution of the insight data. Mr. Aitken also mentioned how social media is very important only when the customer wants to engage. In other words, "let the customer decide."

Mr. Aitken finished his presentation by telling how it all starts with understanding the data and taking the information and delivering a better activation.


Fresh Thinking on Multichannel Shopper Engagement

By Jose Paz Castro

Dan Stanek, an executive vice president with Kantar Retail, discussed ways retailers can effectively engage shoppers with multichannel marketing during a breakout session at the Retailing Smarter Symposium.

Mr. Stanek began by stating the dimensions of time and their involvement in marketing. Some of the dimensions include advertising shopping versus urgency shopping and Mr. Stanek explained ways retailers can understand these different time patterns. Understanding time patterns is essential in maximizing profit in retailing and managers should know how and when to execute their marketing plans. For example, Walt Disney redirects shoppers at the end of their business day to their concession stands by offering items at a discounted price during this high-traffic period. Dining is also a channel that is used to associate a retailer with a specific food. Mr. Stanek gives a hypothetical example of Dick's Sporting Goods and perhaps a sports bar. The Home Depot associates many of its locations with hot dog stands located in the front entrance of their stores. This strategy works well with The Home Depot as many of its customers are contractors. By incorporating a hot dog stand in the retail environment, man contractors will visit a Home Depot instead of a competitor because of the convenience factor. A challenge involved with multichannel marketing is the ability to target baby boomers and the younger crowd at the same time. Mr. Stanek uses Kohl's as a prime example of how this can be accomplished. Kohl's initial marketing strategy targeted middle-aged moms so the store designed wide shopping aisles to be more accessible to baby strollers. Kohl's also began carrying an extensive selection of apparel for women. More recently, Kohl's has changed its selection by adding more apparel that attracts the younger customer such as celebrity brands like Avril Lavigne.

Mr. Stanek concluded by emphasizing that there are many channels used in retail marketing today. While the Internet is a popular channel, many online retailers fall short by not facilitating a comparison of features to benefits. Finally, to succeed in this environment, retailers must target those customers who shop both online and in-store.


The Four Stages of Contribution: A Model for High Performance and Inclusion

Mary Beth Garcia, Director of Client Service for Global Novations, started the breakout session with the question what would be the impact on your business if you could increase the contribution and engagement level of more employees on your team? There was a quick discussion on the business impact of having associates at all levels, not just leaders, contributing high levels of performance. She then explained Global Novations' of Four Stages of Contribution Model for development. This Model has been validated three times over the last 30 years for how employees "novate" through stages during their career.

The Four Stages have nothing to do with position; it is all about the contribution/engagement and influence the employee gains while moving through the stages. Stage 1 is Contributing Dependently, Stage 2 is Contributing Independently, Stage 3 is Contributing through Others and Career Stage 4 is Contributing Strategically. Garcia asked for examples of positions in each stage with each organization from the audience. There was discussion about the difficulty of employees moving from Stage 2 to 3 especially in retail where we focus on operations, details and consistency—not on the contribution of others and influential skills needed to increase the capacity of more of our teams. The risk of having managers and leaders operating in Stage 2 versus Stage 3 on the direct report teams was also discussed. The group all acknowledged working for "micro-managers" and the impact of the CEO and senior leaders contributing at Stage 2 and the likelihood of this leadership style to hold back the development of all employees/direct reports.

Table team discussions were organized to discuss more about how employers can engage more employees to contribute at higher levels in the organization; how can employers sustain performance over time and overcome complacency; and the impact of customer service when contribution is low from the employees engaging with customers.


The Retail Leader's Role in Delivering Customer Experience

By Meriem Bendadou

Many people believe there isn't any difference between a leader and a manager. However, President & CEO of AchieveGlobal Sharon Daniels says a significant distinction exists. Managers focus almost entirely in one leadership zone: Business. Managers plan, decide, attempt to organize employees, and guide efforts toward predicted results. Alternatively, leaders go beyond just the business zone focusing efforts across six zones proven by worldwide research to be important: Reflection, Society, Diversity, Ingenuity, People and Business.

Reflection is the keystone of a leader, and it is the hardest to control. Reflection involves leaders improving their actions, beliefs and attitudes by taking responsibility for their mistakes. Leaders try to be fair and play an ethical role with employees and customers based on their fairness, not just to follow bare-minimum federal requirements. Leaders respect their employees and reward them based on merit. Leaders must be open-minded when it comes to diversity. When leaders are willing to encourage collaboration between diverse groups, they meet the wants of customers representing other cultures and serve them accordingly. When it comes to ingenuity, leaders try to be more innovative and come up with new ideas for the group. Retail leaders motivate employees to share their ideas and be more active in promoting business speed and flexibility. The aspect of people involves leaders using communication as a skill to connect with others on a human level. Leaders try to build and maintain a "cross-multi-task-oriented" network. Leaders must also inspire effort from colleagues and customers alike. Retail leaders also focus on business priorities, although they might not spend the majority of time on this zone, as managers might.

The first thing recruiters look into when hiring is communication. Recruiters believe that if a person cannot communicate well, that person cannot be a good leader. In addition, recruiters also look for people who can act as good judges being able to solve employee and work problems without the need of the managers. Recruiters also seek people who are emotionally intelligent, high in potential, and willing to teach students and employees with passion. Ultimately, recruiters are looking for talented, innovative people with the ability to think analytically. Recruiters believe that students today still don't know what they want to do in their career. Students need to go out there and take advantage of interning anywhere they seem interested. Students should go out and be very active in their academic life, where they can ask questions and learn new things.

Recruiters today are looking for leaders rather than managers, because in order to be a good manager, a person must be a good leader. Universities can help by teaching students how to become good leaders through awareness within each of these six critical leadership zones.


Reinventing Leadership Development for Gen Y High Potential

By Patricia Barboza

According to Brown Shoe Company, Inc.'s Chief Talent Officer Doug Koch and Director of Talent Strategy Kathleen Welter, a lot has been changing in the retail industry as Generation Y reaches the workforce. To create benefits from those changes, Brown Shoe created two programs that enable talented individuals to grow their careers with the company in preparation for becoming its future leadership.

In partnership with UF, Brown Shoe launched its Accelerated Career Track (ACT) program in 2005. The ACT program was designed to provide a pipeline to highly-talented, entry-level college graduates with direct career development and training through to an executive level. The program requires a six-to eight-year commitment, pays for an MBA from UF and places graduates in a six-figure salary position at completion. There are 29 associates currently in the program, and Brown Shoe has an 80 percent retention rate over five years. Koch stated that the key is to understand that the program quickly becomes about the individuals, their interests and skills.

The success of this program created a desire among current associates to participate in a similar opportunity. To capitalize on existing talent across the enterprise and enable associates to grow and develop, Brown Shoe launched its Emerging Leaders program in 2009. Emerging Leaders is designed to provide a pipeline of high potential internal associates with a curriculum intended to develop identified leadership competencies.

When discussing Gen Y, Doug mentioned that "they come in and they are ready to make an impression. We have to change how we think about technology. We think about it as a device, Gen Y thinks of it as a part of life."

Welter mentioned that when recruiting, "You have to recruit for people who want to make a difference and who are very outspoken." Koch added that new recruits must have constant work and meaningful projects.

Said Koch: "Communication and feedback is essential and that is why we have one person set aside to help all ACT participants. Also, all ACT participants have a mentor from beginning to end to help answer questions. It's incredible that in a [company] population of 13,000, 29 people can shift a company, just by data research and asking questions."

Brown Shoe's recruiting process for the ACT program starts with screening through phone and face-to-face interviews. They narrow down to a pool of 25 applicants that they fly to the company's headquarters in St. Louis for interviews with HR and business leaders, and the development of a case study. From there, Brown Shoe picks 12 students for a psychological assessment and ends with between six and nine participants per year.

Another topic of discussion touched on the interaction between Gen Y and baby boomers. The ACT program matches participates with a mentor from a different generation creating learning opportunities for both. This also helps the transfer of senior leadership knowledge. Koch and Welter mentioned that Gen Y associates bring up ideas that haven't previously been considered. Members of Gen Y are fast. They do things fast, want things fast and grow fast! Many representatives from other companies shared the thought that Gen Y is not threatening. They are just outspoken, and this is shocking to baby boomers because 10 years ago, people just didn't ask questions. Everything was a hierarchy.

At Brown Shoe, they hire you for what you're good at and place you in a team with people with different strengths. Brown Shoe is moving into the future by changing the way they think.


The Caveman and the Cash Register

By Chelsea Cramasta

It was the first day of the Retailing Smarter Symposium when I entered a breakout session titled "The Caveman and the Cash Register." According to Wilkins, men now account for a staggering 31.2 percent of primary household shoppers, a percentage that has grown rapidly over the past decade. However, this percentage is not so surprising when you consider the rising number of men who are divorced, single or sharing duties with their wives.

Wilkins and Curtis began by asking a room full of retail executives how they are handling the growing population of the male shopper. "We are all about mom right now" admitted one man, "but it is on our radar." This brought us to Wilkins' point that our retailers are not tapping into the opportunities that the male shopper segment has to offer.

Many people in the audience argued that men don't enjoy the shopping experience the way women do, unless of course they are in Home Depot or Best Buy. This brought the conversation of how stores need to be clean and easily navigated so men "don't have to ask for directions," which we all know would never happen. Some of the audience even complained about their husbands "helping" them shop. "My husband fills the whole carriage if he comes with me to the store," shouted one woman. This brought us to a realization that men are impulsive shoppers.

Wilkins displayed a picture of what could be the future solution for the apprehensive male shopper. It was an entire aisle of a store dedicated to only men's products (in what looked like a grocery store). This seemed to be a great answer to the anxiety that men go through when faced with the need to go to the store. Men can easily find what they are looking for and avoid searching through hosiery, makeup and feminine products just to get there.


A Good Recession is a Terrible Thing to Waste

By Brittany Matthews

"A Good Recession is a Terrible Thing to Waste" was Steve Knopik's reflection on the current economic downturn. The chief executive officer of Beall's, Inc. began by discussing the pre-recession weakness of the Florida economy and what he deemed the tipping point: The freeze-up of the credit market and Wall Street in September 2008. He went on to discuss the effects that the downturn has had on many retailers.

He then asked the crowd what their respective companies would have done differently to prepare for the recession and why they failed to take action. In Beall's case, Knopik stated "being prepared is sometimes more important than how you act." Beall's has always been financially conservative and cautious. The management team works hard to keep its sights on potential troubles lurking on the horizon.

Knopik challenged the participants to describe the most effective initiative their organizations enacted in response to the downturn. For Beall's, this included rigorously managing inventories, slowing capital spending, establishing a Profit Improvement Committee and enacting a summer work schedule to reduce the Company's compensation expenses.

Finally he asked the audience to reflect on the effects the economic downturn had on their company's management processes. Knopik described the recession as somewhat of a cleansing process for Beall's. The recession forced the Company's management team to re-focus its plans, to limit its investment to less risky, higher return projects and to improve financial forecasting techniques.

While the retailing sector is not yet out of the woods, lessons learned during the recession continue to help the proactive companies become stronger, more agile players in the industry.


Economic Turmoil was the Best

By Jane Kwak

Stephen Metivier is a managing director of Wells Fargo Capital Finance—Retail Finance Division. The Retail Finance Division is a $10 billion lending union. It has 120 customers and 35 professionals with the majority located in Boston. Metivier received his bachelor's degree in finance from Northeastern University and worked at GE. He quickly realized during the first few years of his career—his father reminded him of how much he loved retail— that he wanted to move his career to a retail-related industry. He knew of Bank Boston, which was specializing in lending to retailers and thought it was a great industry. So he went to GE and came up with an idea of starting a retail lending business. His business started off with 10 people and quickly built up to $6 billion. The biggest customer was Kmart. He underwrote and arranged a $2 billion Revolver Facility for Kmart, which was an amazing yet unexpected experience for him.

According to Metivier, retailers are reluctant to admit that the 2009 economic turmoil was the best thing that ever happened to them. This is because retailers were able to lower inventory levels because they can manage margins coupled with eliminating unnecessary costs within their businesses. In other words, they woke up!


Economic Turmoil was the Best

By Jane Kwak

Stephen Metivier is a managing director of Wells Fargo Capital Finance—Retail Finance Division. The Retail Finance Division is a $10 billion lending union. It has 120 customers and 35 professionals with the majority located in Boston. Metivier received his bachelor's degree in finance from Northeastern University and worked at GE. He quickly realized during the first few years of his career—his father reminded him of how much he loved retail— that he wanted to move his career to a retail-related industry. He knew of Bank Boston, which was specializing in lending to retailers and thought it was a great industry. So he went to GE and came up with an idea of starting a retail lending business. His business started off with 10 people and quickly built up to $6 billion. The biggest customer was Kmart. He underwrote and arranged a $2 billion Revolver Facility for Kmart, which was an amazing yet unexpected experience for him.

According to Metivier, retailers are reluctant to admit that the 2009 economic turmoil was the best thing that ever happened to them. This is because retailers were able to lower inventory levels because they can manage margins coupled with eliminating unnecessary costs within their businesses. In other words, they woke up!


Working Capital Optimization

By Hassan Saddiqui

Steve Riordan is the managing director of advisory services at PRGX. At the Retail Smarter Symposium 2010 hosted by the University of Florida, Riordan talked about how due to the scarcity of capital after the great recession, leaders in the retail industry have begun to realize the importance of working capital optimization and using it as a means to drive near term cash gains.

Working capital is made up of accounts receivables, accounts payables and inventory. In order to sustain your working capital, the firm has to make sure to maintain a lower balance in your accounts receivables which means that your debtors pay you back on time. The firm also has to work to turn the inventory as fast as possible and not keep a lot of stock. With accounts payables, the firm should work with its creditors to have generous credit terms which means more time for the firm to pay the money back.

Riordan pointed out that the relationship between retailers and vendors has changed a lot and there is a lot more information on hand now for both parties. Transactions are much more transparent than they used to be. Retailers have to work to develop strong relationships with their vendors to maintain their working capital and have sufficient capital for the firm in the short term.


Retail Navigator

This electronic newsletter from The David F. Miller Center for Retailing Education and Research is issued throughout the year to provide updates on what is happening in retailing at the University of Florida. Information regarding student outreach, jobs, internships, research and retailing connections throughout the country will be included. We hope you enjoy seeing what Gators are doing in the retail industry!

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