BandB - I will reiterate my appreciation for your contributions to this thread and others. I don't know what your core business is, but clearly it's retail, likely hardware-based. I have been impressed with your consistent emphasis on employee well-being and laser focus on a fair and honest dialogue with your customers. You would have fit in well with the old WM. Now? Not so much.
Peter
He may be just the person they need though it will be tough to change that corporate culture.
Rob[/QUOTE]
Well, one of the points being that they need a dramatic change. Whether their new owners will make that or not remains to be seen. They likely haven't implemented any true changes yet.
There is a tendency for new management to tread softly at first. In my opinion, that's well intentioned, but almost always wrong. You made the acquisition for a reason and likely anticipating you could make improvements.
Actually until the last 9 years my experience was manufacturing, not retail, but since we've been heavily involved in retail and now 70% retail. When acquiring hardware stores, and I use this example since it's as close as we come to West Marine, we've typically done four things within the first two weeks of ownership. 1-added employees. 2-added inventory (which includes rearranging store). 3-cleaned up yards, paved, etc. 4-planned a huge sales event. (Huge sales event is based on which vendors will participate with special deals). Also, a fifth thing sometimes, enlarged the store. How and why so quickly? How is easy as we had the numbers in advance. Of course, on top of that implemented all our policies and practices.
I imagine L Catterton had a vision for what they see happening to West. However, I can't speak as to how good of a plan they have yet. I also suspect they plan to do it too slowly thinking that's easier, but it never is.
Funny, in today's world how much easier it is too. All the data there. As to visuals, can have video of every inch of a store just by having someone wearing a camera walk around it. Outside is easily available even on Google Earth. Reviews are readily available.
Just for my personal entertainment, I decided to randomly pick a West Marine store and make initial observations. I chose 20th Street in Tacoma, Washington.
1-Lousy retail location. Just off I-5 but in wrong direction. Low traffic count. Only shoppers they'd ever get are those looking for them, no drive by, no recognition. Even 1/2 mile away on Pacific Hwy would be far better, near Granger or NAPA or around fast food or somewhere closer to the water. Also, lousy in that there can be no outside promotion, no tent sale, no items out front to get attention, nothing. Boating is outdoors, even in Tacoma.
2-No visibility, just one sign on building, nothing on street, nothing to attract you and reflective windows so you can't even see in. A passerby would have no idea what is there.
3-If you were going to be in that location, look for opportunity to expand to right side in adjacent space and potential for more signage. Store too small for products to be carried and promoted. See, I have no problem with paddleboards or the display of jackets but if you're going to devote space to them, you need more space.
4-No room for extra storage, parking of trailer for event or anything.
5-Walk in store and it's confusing. Paddleboards jump out and one side devoted to clothing. Displays of outboard motors and battery hook ups and as far as boat items, nothing professional. Empty shelves in some areas. Nothing indicating a sale of any type. Now I know the photos aren't current, but should always be a sale of something. Get manufacturer promotions. Garmin event this month and Yeti. You need events to draw new customers and to get old ones to stop by. I have no feel on the photos for what the business really is but then I don't think West knows. Items tossed in corner.
6-No signs or posters on front windows. Should be at least three or four products highlighted.
7-Short hours, 9 to 6. Ties in with not being in retail area. A marine supplier would open earlier and a retailer stay open later.
8-Overall reviews are good and speak well for employees. Just one called rude. Prices mentioned and criticized by some. Comment of looks being deceiving, a lot more inside than you'd expect. But overall impression is that employees of that store are pleasant and helpful.
9-Website still says they'll match Amazon but Amazon only, not third party sellers, which often confuses people and any retailers published prices within 50 miles.
10-I searched to find what was on sale. A Simrad sale. Not bad but I shouldn't have to search. Should be a huge sign on store and front page on web. And men's gaiters. That's it? Sure not going to get people flocking in.
Conclusion on store. Lousy location. No marketing. Lousy merchandising. Good employees. Recommendations. Consider moving. Signage and posters. Better displays. Monthly sales flyers and events sent to all former customers and advantage members. There is absolutely nothing to draw anyone to that store and it's not a store of convenience either.
That's one store, without ever actually going there or having an employee go there. However, still very telling. And only took 15 minutes. Very much what I'd expect from a dormant retailer.
Sort of reminds me of a small group of hardware stores we bought. They were previously operated by a good owner but far outside the company's normal area and got little attention. Not in areas of high population so not promoted heavily. Didn't participate in monthly sales events. Needed infusion of energy. Were profitable before but only marginally so. I'm sure West is much the same. Increase sales 20% and you'd likely increase profits 50%.
Basics of acquisitions. Stores worth more to buyer than to seller as buyer believes they can make more profitable. Doesn't happen without action. Cutting back is self defeating action. Must be aggressive action forward.
Now, for what is important. Dinner is ready.