WWSMD?
Mr. Stanley, Nieman Marcus.
I recently visited the Neiman Marcus flagship in downtown Dallas. The store still exudes the presence of “ Mr Stanley.” Beautifully selected merchandise, impeccable presentation and outstanding customer service. I have fond memories of my always stimulating conversations with him at the Zodiac restaurant and the thought that came to mind was, given all the problems facing retail today “ What would Stanley Marcus do ? ”
On Customer Service: Mr Stanley understood lifetime customer value and why it was more profitable to retain existing customers at the expense of always trying to attract new ones. One famous story is when Mr Stanley approached a young female customer who seemed distraught and upon his inquiring , he discovered that she was in need of two dresses for an important event but could only afford one. His solution was simple. Purchase one now and he would authorize a new credit card account for her. This young woman became one of the wealthiest woman in Dallas and never forgot his kindness and generosity.
On Technology: Mr. Marcus never saw the advent of the internet. But, I’m sure he would have embraced it early on, seeing the benefits to the store and to his customers. This is a man who at 91 started a new business “Narrow Casting” that matched high value customers with the right businesses. His mantra “You don’t need a lot of them ( customers ) you just need the right ones.”
On merchandising: A lifelong learner, Stanley Marcus loved to travel, experience new things and meet new people. His desire for quality products was insatiable.
He brought the world to Dallas via his famous Fortnite events and the ever entertaining His and Her Christmas gifts. He led by example and his merchants curated thousands of products they knew Mr Stanley would want and their customers expected.
So, What would Stanley Marcus do if he was working in retail today? I guess we will never know.