These are indeed extraordinary times. If you can be on the sidelines, it must be fascinating to watch the previously high-and-mighty financial world turn upside down.
I’m sure there has been a good helping of schadenfreude as people have seen investment bankers and other masters of the universe fall from great heights.
But of course, we’re not on the sidelines. As retailers, we know that all this financial turmoil will undermine consumer confidence and more than likely lead to job losses and recession.
This in turn will eat into our already challenged sales line – it’s a bit like watching a spectacular volcano erupt in the distance, but then realising that the lava will arrive and demolish your house in a few hours’ time.
For all of us, there is much to be concerned about. Those for whom the stakes are highest are our employees, whose livelihood is potentially at risk. They would have every excuse for feeling depressed and worried, but instead, they are rising to the challenge with humour, innovation, energy and generosity.
In Ireland, the retail climate is even poorer than in the UK. Yet two weeks ago, Superquinn’s employees put on a Fun Day to raise money for a children’s cancer charity. They dressed up, painted faces, put on mini shows, gave customers wonderful, over-the-top service… and had a great time. Lots of them came in on their day off to help out. Despite the recessionary background, they raised a record amount for the charity. Customers loved it and wrote to me to say how it had lifted their spirits.
Steve Lewis, the chief executive of Majestic, was recently thanked by a friend for the invitation to a fine wine tasting at his local branch. The only problem was that Steve knew nothing about it. It turned out that the staff at the branch, on their own initiative, had printed off a list of their customers and had called them up to invite them to the tasting one evening. By all accounts it was a great success and some hefty sales were made. (I’m sure there were a few investment bankers there too, drowning their sorrows.)
A customer at Superquinn wanted a special cake made in the shape of a favourite child’s toy for her daughter’s 21st birthday. She had tried everywhere she could think of without success. She happened to mention it to a friend who worked in Superquinn, who told the in-store bakers. One of them gave up his time to make the cake and decorate it brilliantly – you can imagine the reaction of the customer.
So while we worry about the numbers, all of this magnificent stuff is going on in our businesses. At any time these would be great stories. In a time like this, I think they are inspirational. They show how tough conditions often bring out the best in people and they remind me that, in good times or bad, retail is still a fantastic place to work.
Simon Burke, chairman, Superquinn and Majestic Wine
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