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Issue #31
Date: November 1, 2018

This Month in the RSI Newsletter:
» Caught in the Act: Most Common Resume Lies Revealed

Caught in the Act: Most Common Resume Lies Revealed

In an effort to protect your company, it is likely that you insure your organization against worst-case scenarios from impacting your business...

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RSI Executive Search Firm Company Newsletters

The RSI Executive Search Firm News Center Articles area helps keep you apprised of developments, news and events in your Industry. The RSI Articles area also features "Career Corner," a series focused on Candidate / Job Seeker topics, and "Management Matters," an article series focused on Employer / Management issues.

Industry Trend:
Secrets of Success 2018
November 1st, 2018

With a plethora of unique business concepts already out in the world, it takes a highly creative strategic plan and innovative ideas for a company to set itself apart from its competition. It used to be thought that consumers value a large variety of choice, but two of the most successful companies in their own industries, Trader Joe’s and In-N-Out Burger, seem to have gone back to the enduring adage, “less is more.” Of course, this in no way means lower quality, rather it refers to less choice, and it is a concept that has catapulted both to the top. Their “California cool” edge and casual culture probably have a lot to do with all the hype as well.

California-based Trader Joe’s, which brings in around $8 billion annually, is one of the most highly desired grocery retailers, and for good reason. Straying from the massively-sized stores of its predecessors, Trader Joe’s chooses locations that have a small-company feel and products that are unlike most in your typical grocery outlets. The stores give off a quirky, relaxed atmosphere, and as you enter, you are immediately surrounded by employees decked-out in Hawaiian garb and colorful décor. They have a liberal return policy and upbeat staff, so customers always feel welcome. It caters more to a well-educated and well-traveled audience as its products draw from international influences, so Trader Joe’s has also developed a knack for finding the ideal neighborhoods to place itself.

Its business tactic is to keep its stores scaled down, but with top quality goods. While typical grocery giants may stock up to 50,000 SKUs throughout the store, Trader Joe’s only has about 4,000, less than 10% of its competitors. Though it may seem counterintuitive, Trader Joe’s has found that consumers like choice but on a limited basis. For example, Grocery Store A might shelf 50 SKUs of a product, which Trader Joe’s only keeps 4 SKUs of, and each sells 40 items of that product. While Store A may sell 1-2 of each SKU, TJ’s is able to sell 10 of each SKU. The strategy is enormously advantageous to TJ’s who can buy in bulk and keep prices down for its customers.