Chief executive, Next (2011 rank: 14)
Next continues to be one of the UK’s most established multichannel retailers, after transforming its home shopping directory into a £1bn-a-year online business. While the harsh economic conditions have taken their toll on store sales, Next Directory has powered on and helped the business notch up consistent profit growth.
In the six months to July, Next’s directory profits overtook its retail division, a first for the retailer.
The growth in online has not been to the detriment of Next’s store network, however. Chief executive Lord Wolfson insists he does not intend to close any stores and that they are an integral part of the online business’ success.
An ever-improving click-and-collect service means shoppers can both collect and return items quickly and easily from store. The retailer has devoted space to kiosks and online access in store to help integrate its sales channels.
Wolfson is investing wisely to ensure Next’s online experience continues to offer customers choice and convenience. It is adding same day, evening and Sunday delivery and extending its cut off for next-day delivery orders made to 10pm.
Wolfson also plans to replicate the directory’s phenomenal success overseas. Last year, he set the ambitious target of quadrupling Next’s international business in just two years. The retailer recently launched websites in the Far East and Russia to bring it closer to that aim.
He is notably averse to in-depth interviews and profiles, but Wolfson’s results speak for themselves, and he clearly keeps a tight focus on etail success.
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