The Five Laws of Retail: How the Most Successful Businesses Have Mastered Them and How You Should Too

by George Troy, Douglas K. Barry Ed.D (Foreword by)

Overview

Standing at the intersection of history, business, and anthropology, this is the definitive guidebook for succeeding and prospering in any retail enterprise.

As a senior retail executive for some of the best-known and most successful retail brands in the U.S. and abroad, author George Troy understands today’s volatile retail landscape. In this time of tremendous challenge and realignment within the retail industry, retail executives and countless others are searching for answers and direction. Troy defines the underlying principles that have, for millennia, governed everything we retail—not just clothing and books, but also politics, religion, art, and other “products” and services. He explains how retailing really works and the rules for long-term success.

For anyone wanting to be at the top of the retail food chain, The Five Laws of Retail brings together To Sell Is Human with The 7 Habits of Highly Effective People to give you the tools for success in today’s fast-changing world.

After all, we are all selling something.

Product Details

ISBN-13:	9781642931686
Publisher:	Post Hill Press
Publication date:	06/18/2019
Pages:	192
Product dimensions:	5.50(w) x 8.25(h) x 0.70(d)

About the Author

George Troy is a widely-read blogger, author, and consultant focused on retail business communities, including online and brick-and-mortar stores. He has enjoyed decades of real-life experience as a senior executive for some of the best-known and most successful retail companies in the U.S. and globally. A specialist in apparel, footwear, sporting goods, cookware, and home furnishings, Troy has led the retail divisions of Deckers Outdoor (UGG Boots) and outlet divisions of Williams-Sonoma and Pottery Barn.

When he joined UGG Australia to create the brand’s retail channel, Troy directed all aspects of the business (merchandising, marketing, operations, real estate, store construction, and management), taking retail sales from $0 to $400 million in the U.S., Europe, and Asia in just eight years. Similarly, Williams-Sonoma and Pottery Barn brought Troy in to create and build the outlet channels for those brands. Here, too, he directed all aspects of store operations, including HR, marketing, real estate and construction, and merchandising.

Troy is currently a consultant with The Grayson Company based in New York, which offers a full range of consulting services to retail, e-commerce, wholesale, and omnichannel businesses as well as investment firms focused on the consumer sector. The Grayson Company’s CEO Kevin Mullaney says of Troy, “He has extraordinary expertise in field management, site selection, and lease negotiation, and equal capabilities in merchandising, particularly product development and assortment planning.”

Troy serves on the boards of directors of two nonprofit organizations based in the San Francisco Bay Area. When not writing about the retail world, Troy spends his time in garden-to-table cooking and also tends a small Pinot Noir vineyard. An avid hiker, he recently summited Mount Kilimanjaro with his family. He and his dog Farley are currently enrolled in the Canine Circus School of Emeryville learning to perform amazing dog tricks.

Troy earned a BA with honors from the University of California, Berkeley in Anthropology. He also holds a California State Teaching Credential.

Table of Contents

Foreword 1

Introduction 7

Part 1 The Medicis, Macy's, and you

Everyone Is a Retailer 19

A Short History of Retailing 31

Part 2 The Five Laws of Retail

The First Law: People First 51

The Second Law: Turn Is Magic 81

The Third Law: The Power of Produce 101

The Fourth Law: It's About the Retail Price, Not the Cost 133

The Fifth Law: Protect Your Downside 157

Conclusion 175

About the Author 179

Editorial Reviews

George was instrumental in leading our retail division from one store to over 100 stores in a few short years. The UGG stores were very successful and profitable. He goes right to the heart of retail principles that are crucial for achieving success.

Constance X Rishwain

George was invaluable in establishing an extremely successful retail business at UGG. His five laws are spot on to achieving success.

John Gibbons

Congratulations to George Troy for writing a powerful but concise view of the retail environment. I met George almost a decade ago when The Grayson Company conducted a major strategic planning project. He is spot on that everything begins with the customer as he knows this first hand.

Kevin Mullaney

"This book greatly increase the odds of a business succeeding. There are thousands of new businesses a year, there are thousands of businesses changing ownership each year, there are thousands of old business struggling to make the necessary steps to survive: all of these businesses can use the advice George Troy offers in this book. It's easy to read. It gives simple, great examples, of 5 steps that, if followed, greatly increase the odds of success. It takes a great deal of work to start or keep a business running, but to keep a business growing profitably is a challenge. Take your business, apply George’s 5 rules, and you will be surprised how it will help you move forward. You will be growing sales and a happier entrepreneur."

Bill Schaaf