Editor's Note: No guts no glory

So the rumours are true. No matter what the industry, there really is nothing like a global economic meltdown to bring out best practice retailing.

If you believe those in the know, companies with a good business model share the following attributes in common: unique value, key  differentiators and a solid grounding in reality.

But as can be evidenced by the recent achievements of fashion retailers such as Lorna Jane, Forever New, Country Road, Cotton On and Metalicus, the core foundation goes much deeper than that.

While each boasts differing degrees in size, structure and product, this elite group shares more similarities than differences in their approach to business.

These companies have found success because they are not risk averse. They do not promise on what they can not deliver. They do not put media and publicity ahead of product quality. They set short term and long term goals and adjust them accordingly. They engage with their customers and put their hands up when they make mistakes. 

But the single most important quality of all is that they put investment in staff number one on their list of priorities. And in doing so they open themselves up to all manner of new opportunities.

Secure in the knowledge these factors are in place, they’ve realised a punt on opening new stores during difficult economic times is barely a punt at all.

Same but different

While I’m on the subject of good business models, Myer’s foresight in anointing former Just Group MD Howard McDonald as its new non-executive chairman is clearly a master stroke. While McDonald has been engaged as a consultant over the past three years, this latest move now solidifies his influence among the broader business community.

McDonald’s strength in fashion retailing will clearly excite Judy Coomber and the rest of the group’s apparel buying team and I bet I’m not the only one who can’t wait to see what will become of the pairing. 

Yet another thing

Those of you who consider yourselves winners are fast running out of time to prove it. There are now less than two weeks before nominations for the coveted TNT Ragtrader Fashion Retailer of the Year Awards close.

Designed to recognise and reward innovative efforts among Australia’s top fashion retailers, the awards boast six categories – best department store, over-20 chain, under-20 chain and best womenswear, menswear and childrenswear boutique.

Full details available at ragtrader.com.au