"The convenience store business is 90 percent real estate, 10 percent all other (merchandising, personnel, etc.). In real estate, it’s the tenant’s balance sheet that counts."
"In 1962, Barbara Tuchman published The Guns of August, an account of the first ninety days of World War I. It’s the best book on management—and, especially, mismanagement—I’ve ever read."
"This is the most important single business decision I ever made: to pay people well. First Pronto Markets and then Trader Joe’s had the highest-paid, highest-benefited people in retailing. … Time and again I am asked why no one has successfully replicated Trader Joe’s. The answer is that no one has "
"Equally important was our practice of giving every full-time employee an interview every six months. … Productivity in part is the product of tenure. That’s why I believe that turnover is the most expensive form of labor expense."
"“But how could you afford to pay so much more than your competition?” The answer, of course, is that good people pay by their extra productivity. You can’t afford to have cheap employees."
"When I bought Pronto Markets, not only was the overt balance sheet leveraged, but the subliminal balance sheet was even worse, because of the de facto debt created by the leases. This kind of hidden debt is recognized only in the footnotes the auditors prepare. And they recognize only the rent amoun"
"As a second way to pump investment into the Pronto stores, to support our high wage costs, we began to add hard liquor, instead of just beer and wine, to the stores. (We did this well before 7-Eleven’s arrival.) The cost of a liquor license in those days was so great that the addition of a liquor li"
"The Pronto Market chain, at the time of 7-Eleven’s arrival, had the highest sales per store of any convenience store chain in America by a factor of three, thanks to the high wage policy, the strong locations, a few liquor licenses, and the beginnings of differentiation through product knowledge exe"
用户评论
任何从事传统零售的人必读!Joe 号称自己仅仅通过握手就做生意,看似是艺术,但只有高手才能这样。他的成功可以总结为重视科学(对于人口趋势的洞察 + 很早引入电脑进行管理),热爱好物(正确的味觉),善待他人(pay people well),财务保守(对租约死扣细节 + 现金流底线)。一句话总结就是不太像美国人。
Lots of details on developing business. Many complaints on the presentation.