CONTAINER STORE ARTICLE (ABC News)
MY SUMMARY OF THE CONTAINER STORE ARTICLE
The number one stakeholder for the Container Store is their employees. For other companies, it may be the stockholders. For other stores, it could be the customers or supplies. No doubt, for the Container Store, it’s the employees. Of course this model helps them considering they are a privately held company. There are no stockholders or stock analysts to have to answer to.
However, the common thread between all of our companies is that we’re working to ensure everyone involved in our business succeeds – it doesn’t have to be a “zero sum game” where someone has to lose in order for someone else to “win.” It’s somewhat counter intuitive to what many people think can be a profitable way to run a business.
If employees are happy, customers will be more likely to be happy. In terms of training, each associate gets 240 hours of training. It’s not only important to hire the right people, then you have to train them to help mold them into strong employees for the Container Store. For other retail stores, the average training is about 12 hours. The Container Store does not allow other stores dictate how much training is needed, they design a program that fits with their corporate philosophy.
Because about 85% of shoppers at the Container Store are women, much of the structure and layout targets this demographic group. Most products are eye level, most stores include carpet for warm feel, wider aisles for moms with carts all improve the experience.
This organization likes to talk about Conscious Capitalism— with employees, customers, vendors, stakeholders, environment’s. It’s about making a profit and yet considering and factoring in multiple stakeholders during the process. A new way of dealing with retail or capitalism. People care and they care that they care.
The Container Store is built on great products but the company is structure under some basic and fundamental values regarding treating vendors, customers and employees with respect and dignity.
According to the article, this organization could be summarized in 3 key areas: Common sense products, good people, and good business.
TOP 3 THINGS THEY STRIVE TO DO AT THE CONTAINER STORE
- Get more than hello. Warm greeting but not generic. True engagement is important.
- Court key customers. College students, young women, retirees…feminine appeal
- Yummy corporate culture. If excited, sense that if you walk through the door.
OTHER WAYS OF THINKING AT THE CONTAINER STORE
- 1 person will equal 3 good people
- Fill the other guys’ basket
- “Man in the desert” selling
- Communication is leadership
- Intuition does not come to an unprepared mind
- Service, selection and pricing
- Air of excitement
Kip Tindell (CEO)
1. Code of ethics should be in personal and business life. Not separate aspect of morality. He doesn’t hide his morality.
2. Wake. Aware of your awake. Everyone’s wake is more powerful than you think. Bring together where everyone is mindful of their wake. Improves Conscious Capitalism.
3. Put employee first better than it Put anyone else first then customer taken care of like anyone else