Honor thy competitor. So said retailing genius Stanley Marcus in a column he wrote for the The Dallas Morning News, part of a compilation of his punditry published in 1995.
“As a retailer,” Marcus wrote, “I learned that the best way to deal with competitors was to work with them toward some larger goal beneficial to us all. As a result of that practice, many of them became friendly. We discussed that what we had in common was more important than what we had in conflict with each other.”
Few doubt the wisdom of Marcus, former chairman of Neiman Marcus. His idea concerning competitors might make for wise retailing New Year’s resolutions.
Excerpt from The Viewpoints of Stanley Marcus A Ten-Year Perspective, published by University of North Texas Press, Denton, Texas.