Well, for one thing, don’t panic. That was the advice Neiman Marcus CEO Burt Tansky offered during a talk at the National Retail Federation’s (NRF) annual convention in New York. The event ended yesterday.
Ellen Davis of the NRF blogged about tips she picked up during a session featuring Tansky, Kip Tindell of The Container Store and Roger Farah from Polo Ralph Lauren.
Tansky, Davis wrote, said that the current economy requires retailers to “pull up every leadership trait that we have to show the strengths to our team.” He also suggested guiding young employees through this downturn by telling them to study what’s going on because, as their careers develop, they’ll see hard times again.
To cut down on employee distraction, Tindell suggested that managers work hard to communicate with employees. Vendors also need reassurance, he said, so communicate with them as well.
Finally, Farah urged retailers to remain flexible. Make your plans, he said, then adjust if it turns out your assumptions are off.
You may read Davis’s entire blog here.