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   10 Things Toys ‘R Us Got Wrong (That You Can Get Right) - Germany - Kearney
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			content: "<div class=\"sidebarContainer\">\n<div class=\"sidebar\">\n<p class=\"heading4 bold-text red-text\">Rapid Earnings Expansion<\/p>\n\n<p><img class=\"p-hidden\" src=\"/documents/20152/5002820/SQ-REE.jpg/19b7aec8-c030-7711-b0fa-3f37005a9359?t=1499981235184\" style=\"width: 100% padding-top: -50px;\" /><\/p>\n\n<p>Get ahead of activist investors. Learn more about cost transformation.<\/p>\n\n<div id=\"button01\">\n<div class=\"buttonBodyContainer\" data-reactroot=\"\"><a class=\"buttonBodyText bold-text\" href=\"https://www.atkearney.com/cost-transformation/rapid-earnings-expansion\" target=\"_blank\">Read more<\/a>\n\n<div class=\"buttonBodyHighlight\">&nbsp;<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n<p><span>This March, Toys ‘R Us announced <a href=\"https://www.cnbc.com/2018/03/13/toys-r-us-is-preparing-to-file-its-liquidation-plan-with-the-court.html\" target=\"\">it would shutter its North American operations<\/a>, ending a 70-year run as one of America’s iconic retailers. The liquidation is the final step in a years-long, troubled path toward insolvency. <\/span><\/p>\n\n<p><span>The easy narrative is to blame the Internet—and more specifically in Toys ‘R Us’s case, Amazon—but the true story is more complex. The fall of Toys ‘R Us was the result of myriad factors from poor e-commerce execution at a key moment, to the accumulation of too much debt, to a fundamental failure to understand its core customers. <\/span><\/p>\n\n<p><span>And it\'s not just Toys \'R Us that\'s struggling to compete in today\'s retail environment.&nbsp;Department store owners are shuttering stores, with <a href=\"https://www.wsj.com/articles/bon-ton-to-liquidate-stores-1524090764\" target=\"\">Bon-Ton Stores liquidating<\/a>, <a href=\"http://www.businessinsider.com/sears-kmart-stores-closing-list-2018-4\" target=\"\">Sears still&nbsp;downsizing<\/a>, and others trying to map a sustainable path forward; a range of other retailers from <a href=\"https://www.cnbc.com/2018/03/07/abercrombie-fitch-to-close-60-more-stores-shares-surge.html\" target=\"\">Abercrombie &amp; Fitch<\/a> to <a href=\"http://www.businessinsider.com/foot-locker-is-closing-stores-2018-3\" target=\"\">Foot Locker<\/a>&nbsp;have announced store closings in the past year.<\/span><\/p>\n\n<p>In hindsight, it\'s easy to see Toys \'R Us\'s missteps, but in retail, as in our individual lives, it can be hard to learn from the experiences of others. With that in mind, let\'s look at 10 lessons to learn from the struggles of&nbsp;<span>Toys \'R Us&nbsp;and others in today\'s retail environment.<\/span><\/p>\n\n<h2>Lesson 1: sometimes you should look the gift horse in the mouth<\/h2>\n\n<p><span>It’s hard to resist temptation, especially in the form of quick, badly needed capital, like the money Toys \'R Us received from&nbsp;Bain Capital, KKR &amp; Co., and Vornado Realty Trust as part of a $6.6 billion leveraged buyout. However, that deal also&nbsp;<a href=\"https://www.nytimes.com/2018/03/15/business/toys-r-us-bankruptcy.html\" target=\"\">saddled the company with $5.2 billion in debt<\/a> and annual interest payments of $400 million, numbers that may have <a href=\"http://theatlantic.com/magazine/archive/2018/07/toys-r-us-bankruptcy-private-equity/561758/\" target=\"\">sealed the company\'s fate <\/a>when it couldn\'t grow fast enough.&nbsp;In the same way you can’t cost-cut your way to profitability, it’s also almost impossible to borrow yourself into a positive balance sheet. And sometimes easy money—particularly from private equity firms—may be the last thing you need. <\/span><\/p>\n\n<h2>Lesson 2: lose bulk but preserve identity<\/h2>\n\n<p><span>Ice cubes are recognizable even as they begin to dissolve. That’s good because they retain their core identity even as they contract. But in the end, if they don\'t find the refreeze point they will simply disappear. <\/span><\/p>\n\n<p><span>It\'s similar in retail. The trick is to lose the unmaintainable parts of your mass while avoiding useless bulk through overexpansion or corporate ego. In 2001, Toys ‘R Us opened its Times Square store, billed as the largest toy store in the world, and relocated its headquarters to a 190-acre campus. Eight years later, it went on a spending spree to buy KB Toys and FAO Schwartz. Contrast this approach with The Children’s Place, which, after a brutal proxy battle, gradually right-sized&nbsp;by carefully pruning its store portfolio.<\/span><\/p>\n\n<h2>Lesson 3: wean off the big brands<\/h2>\n\n<p><span>Big brands offer retailers lots of positives—huge advertising budgets, significant name recognition and “must-have” products. But an overdependency on a relative handful of national or global brands can be dangerous. Big brands often have big problems of their own and, because of those problems, are often easily seduced by the Amazons, Walmarts, and Alibabas of the world. <\/span><\/p>\n\n<h2>Lesson 4: focus on the child from cradle to commencement<\/h2>\n\n<p><span>Long-term success in retail demands a holistic view that takes into account changing education and personal needs from cradle to commencement. For a toy store, the 2-year-old boy looking for a stuffed animal will soon be a 5-year-old in love with Legos&nbsp;and later a 15-year-old devoted to PlayStation games. It was an idea that Toys \'R Us struggled to embrace. <\/span><\/p>\n\n<p><span>Understanding the customer\'s evolution has profound implications for all retailers, since it can help build&nbsp;loyalty and increase&nbsp;the potential lifetime value of a customer. <\/span><\/p>\n\n<h2>Lesson 5: liberate the categories<\/h2>\n\n<p><span>Never let your merchandising betray your lack of insight. At one point, Toys ‘R Us segregated the “electronic” toys in a gated area of its stores—just as these toys were becoming more popular. A more open approach to electronics, and later digital, could have paid off for Toys ‘R Us. Why couldn’t the store have become known as a gaming retailer where, in partnership with companies like Tencent, Sony, Microsoft, and others, customers could have tested out new games and equipment? <\/span><\/p>\n\n<div class=\"sidebarContainer\">\n<div class=\"sidebar\">\n<p class=\"heading4 bold-text red-text\">4 visions for the future of shopping centers<\/p>\n\n<p><img class=\"p-hidden\" src=\"/documents/20152/4955961/SQ-Future-of-Shopping-Centers.jpg/f019d049-1f95-0d0b-4339-b8b5a2b6f2d4?t=1578676881961\" style=\"width: 100% padding-top: -50px;\" /><\/p>\n\n<div id=\"button01\">\n<div class=\"buttonBodyContainer\" data-reactroot=\"\"><a class=\"buttonBodyText bold-text\" href=\"https://www.atkearney.com/retail/future-of-shopping-centers\" target=\"_blank\">Read more<\/a>\n\n<div class=\"buttonBodyHighlight\">&nbsp;<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n<h2>Lesson 6: learn your customers and then learn from your customers<\/h2>\n\n<p><span>By the time Toys ‘R Us unveiled the <a href=\"https://www.adweek.com/brand-marketing/toys-r-us-wants-to-be-a-champion-of-play-with-new-brand-positioning-that-highlights-playtime/\">“Today We Play!” marketing campaign<\/a> in September 2017, it was too little, too late—and a bit too unintentionally ironic. It should have been the core message all along for a company whose key customers were children who spent almost all their time learning and playing. And it had missed out on a key change—by the time the campaign launched, children were living their lives on screens.<\/span><\/p>\n\n<p><span>Why go to Toys ‘R Us when you can get the same thing somewhere else—likely with a better experience and at a similar price? Unfortunately, it never really provided a winning answer to that question. Retail success depends on knowing who your customers are—and who they aren’t—and understanding what they want and need, on <em>their <\/em>terms. In the end Toys \'R Us fell short compared not only to smaller, local toy stores but also places like Target, Walmart, and Costco. <\/span><\/p>\n\n<p><span>Dave Brandon, who became Toys \'R Us\'s final CEO in 2015, recognized that creating a winning experience was a big task for the retailer. He told Kearney\'s Michael Dart in <a href=\"https://www.atkearney.com/web/consumers-250/article?/a/playing-with-the-future\" target=\"_blank\">a 2016 interview for our Retail@250 series <\/a>that experiential retailing was going to be key to survival. <\/span>“Brick-and-mortar stores are an incredible advantage if used correctly,” he said.&nbsp;“Successful stores will be experience-driven.“&nbsp;<\/p>\n\n<h2>Lesson 7: own your owned brand<\/h2>\n\n<p><span>Toys ‘R Us had an aggressive owned brand—it represented 14 percent of sales in 2015—and other exclusive deals with brands as diverse as Dyson and Animal Planet. But the chain failed to build its program in the same way Costco has grown its Kirkland brand, whose items represent to customers a level of quality often far above national brands. A stronger strategy for its owned brand may not have saved Toys ‘R Us, but it could have helped with eroding sales and loyalty.<\/span><\/p>\n\n<h2>Lesson 8: beware of item and price<\/h2>\n\n<p><span>When in financial trouble, avoid the trap of defaulting to item and price as your primary marketing strategy. First, it’s a strategy with only one winner—usually the one with the deepest pockets. Second, buying share isn’t the same thing as organically growing it. Finally, this strategy forces you into undifferentiated offers, since price impact depends on selling items identical to your competition, but at worse margins.<\/span><\/p>\n\n<div class=\"sidebarContainer\">\n<div class=\"sidebar\">\n<p class=\"heading4 bold-text red-text\">America’s next commercial revolution: influence vs. affluence<\/p>\n\n<p><img class=\"p-hidden\" src=\"/documents/20152/4955895/SQ-Americas-Next-Commercial-Revolution--Influence-vs-Affluence.jpg/df25a975-1bd2-afbe-3b4c-68e0d5db0065?t=1506106539024\" style=\"width: 100% padding-top: -50px;\" /><\/p>\n\n<div id=\"button01\">\n<div class=\"buttonBodyContainer\" data-reactroot=\"\"><a class=\"buttonBodyText bold-text\" href=\"https://www.atkearney.com/web/consumers-250/article/?/a/americas-next-commercial-revolution-influence-vs-affluence\" target=\"_blank\">Read more<\/a>\n\n<div class=\"buttonBodyHighlight\">&nbsp;<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n<h2>Lesson 9: avoid channel expansion for its own sake<\/h2>\n\n<p><span>No one doubts how important new sales channels are to retail success, but uncritically pursuing whatever opportunity you can find is a dangerous proposition. In 2000, it signed a 10-year agreement with Amazon, in theory becoming its exclusive toy vendor.<\/span><\/p>\n\n<p><span>Of course, the contract was an <a href=\"https://qz.com/1080389/a-dot-com-era-deal-with-amazon-marked-the-beginning-of-the-end-for-toys-r-us/\" target=\"_blank\">unmitigated failure for Toys ‘R Us<\/a>. While Toys ‘R Us gained the exclusive right to sell most toys, games, and baby products on Amazon, many other items were not part of the deal, including&nbsp;video games, children’s books, music, videos, and collectible toys. Within three years, the deal was losing money and in litigation, and even though Toys \'R Us recouped some damages from Amazon in court, it never overcame&nbsp;its e-commerce failure.&nbsp;By 2009, when Toys ‘R Us purchased Etoys.com and Toys.com, it was too late to catch Amazon or Walmart online. Because it had rushed into e-commerce without a thoughtful long-term approach, it made a huge misstep that opened the door to others.<\/span><\/p>\n\n<h2>Lesson 10: get out of the bunker<\/h2>\n\n<p>The final lesson is as simple as it is important. Tough times benefit from finding new solutions, not doubling down old ideas that have already failed. What Toys ‘R Us really lacked were the characteristics of a Toys \'R Us Kid: innovation, creativity, and a willingness to “color outside the lines.\" Looking back isn’t usually the most effective guide to moving forward.<\/p>\n\n<h2>Staying in touch with the customer<\/h2>\n\n<p>Toys \'R Us\'s most serious failure—the mistake it truly could not overcome—was falling out of touch with its consumers. Youth was the defining characteristic of its target audience, and young consumers are perhaps the hardest demographic to stay in touch with. Without a good sense of how its customers were changing and how their needs had evolved, Toys ‘R Us sealed its fate.<\/p>",
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				);
			};

			
				trackLiferayObjectEvent('view', 'com.liferay.portal.kernel.model.Layout', '5159901');
			

			var DOC = A.getDoc();

			
				var formExcludedIdsRegexStr = '';

				var defaultFormExcludedIdsRegex = /^hrefFm.*/;

				
					var trackingForms = [];
					var ddlRecordSetForms = [];

					A.all('form').each(
						function(item) {
							var formId = item.getAttribute('id');
							var ddlRecordSetId = item.attr('data-ddlrecordsetid');

							if (!defaultFormExcludedIdsRegex.test(formId) && (!formExcludedIdsRegexStr || !new RegExp(formExcludedIdsRegexStr).test(formId))) {
								if (ddlRecordSetId) {
									ddlRecordSetForms.push(ddlRecordSetId);
								}
								else {
									trackingForms.push(formId);
								}
							}
						}
					);

					A.Array.each(
						trackingForms,
						A.bind(trackElementEvent, this, 'view')
					);

					A.Array.each(
						ddlRecordSetForms,
						A.bind(trackLiferayObjectEvent, this, 'view' ,'com.liferay.dynamic.data.lists.model.DDLRecordSet')
					);
				

				
					Liferay.on(
						'submitForm',
						function(event) {
							var formId = event.form.attr('id');
							var ddlRecordSetId = event.form.attr('data-ddlrecordsetid');

							if (!defaultFormExcludedIdsRegex.test(formId) && (!formExcludedIdsRegexStr || !new RegExp(formExcludedIdsRegexStr).test(formId))) {
								if (ddlRecordSetId) {
									trackLiferayObjectEvent('submit', 'com.liferay.dynamic.data.lists.model.DDLRecordSet', ddlRecordSetId);
								}
								else {
									trackElementEvent('submit', formId);
								}
							}
						}
					);
				

				
					var interactedForms = [];

					DOC.delegate(
						['change', 'input'],
						function(event) {
							var form = event.currentTarget;

							var formId = form.attr('id');
							var ddlRecordSetId = form.attr('data-ddlrecordsetid');

							if (!defaultFormExcludedIdsRegex.test(formId) && (!formExcludedIdsRegexStr || !new RegExp(formExcludedIdsRegexStr).test(formId)) && (interactedForms.indexOf(formId) === -1)) {
								interactedForms.push(formId);

								if (ddlRecordSetId) {
									trackLiferayObjectEvent('interact', 'com.liferay.dynamic.data.lists.model.DDLRecordSet', ddlRecordSetId);
								}
								else {
									trackElementEvent('interact', formId);
								}
							}
						},
						'form'
					);
				
			

			

			

			Liferay.Analytics.flush();
		}
	})();});
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