Now in London, wrapping up the trip. But first, some photos earlier from Paris:
I’m not kidding, the entrance to the new Abercrombie & Fitch store:
The ever-present pastries:
The dome in Galleries Lafayette:
At Rodin Museum, his works before they were cast in bronze were a couple of my favorites (this one - Burghers of Calais):
Claude Monet painting in Museum l’Orangerie:
And finally, photo of me reaching 10 mile mark, haha:
Arrived this morning, spending the next few days here:
I grew up in a community between Alexandria and Mt. Vernon called Hollin Hills (it has it’s own Wikipedia page (link). All of the 450 homes were designed by Charles Goodman and built by Robert Davenport, mostly in the late 1950’s and 1960’s. The community was sort of the ‘island’ for creative, open-minded types in a sea of conservatism; it attracted artists, writers, newspersons and liberal thinkers. When ‘Mad Men’ was first broadcast, I was immediately brought back to my youth: we lived in a home like the one here, similar to the one that just won The Washington Post “Mad Men” Look Contest (link).
A few years ago I wrote what continues to be the only book published about Kohl’s Department Stores (paperback). In the chapter reviewing our business model and how our Hi-Lo pricing strategy helped create a ‘wedge’ between then discounter Target and a traditional department store like Macy’s, I spoke of how EDLP (Every Day Low Pricing) was a fool’s errand:
“We had an aversion to the notion of EDLP… Sears had tried it in the 1980’s, only to abandon the strategy after sales plummeted and market surveys revealed that their core customer thought they were no longer getting the same kind of deals. In my mind, the only time EDLP works is when the truly lowest price retailer can put a stake in the ground and claim they they will always have the lowest prices. Only one guy can do that, and their name is Wal-Mart.”
This is a no-brainer. The typical shopper at Penney’s is a Mom and often breadwinner who takes pride in searching for a deal. She enjoys coming home with a sense of satisfaction that she was successful in her quest. I can guarantee you that if you set up two tables of the same sweaters in opposite ends of the Missy apparel department in a store, and on one you have a sign that says ‘Everyday Low Price $29.99’ and the other says ‘Save $30.00, 50% OFF, Sale $29.99’, there will be no contest. The sale table will always win.
A couple of weeks ago I finished the Steve Jobs biography, which included the successful contributions of his Senior VP of Retail, Ron Johnson, and his valuable role in developing the concept of what has become one of the most successful retail formats in history - the Apple Store. Last year, Johnson left Apple to become CEO of Penneys (after 11 years with his former company, it’s reported he made over $400 million). He is the architect behind JCPenney’s new pricing strategy.
The idea that you can transfer the success of Apple’s pricing to a department store like Penney’s is just way too much of a leap. You’re jumping off the cliff.
I love the Ellen DeGeneres ads. I also love to make money. I sense an opportunity.
Last week had the pleasure of playing with professional golfer Jennifer Song in a pro-am charity event before the RR Donnelly LPGA Founder’s Cup. On the last hole of the round, a par 5, after all of us in our foursome had hit our third shots in the scramble best ball from 89 yards out, Jennifer proceeded to eagle the hole for us! And yesterday, she finished tied for 6th in the tournament, winning $41,000! Congrats!
Egads. Every time I see Sen. James Inofe (R-Oklahoma), I wonder: has he ever been to a place where there are/were glaciers? We are seeing environmental changes in our lives that are moving at warp speed.
It was a privilege to host the former U.S. Surgeon General under President George W. Bush, Dr. Richard Carmona, at our home for a reception. Dr. Carmona, who all of his career was an Independent until recently becoming a Democrat, is running for the U.S. Senate seat currently held by retiring Sen. Jon Kyl. Team Obama strongly encouraged Dr. Carmona to run, clearly believing that Arizona could be in play this November. For more: (www.carmonaforarizona.com).
A startup I’m involved in, Asthmapolis (www.asthmapolis.com), tracks inhaler usage and the location of asthma attacks. IBM today announced that it has selected Louisville to receive one of their Smarter Cities Challenge Grant; the city will be using our inhalers that are fitted with GPS systems and microchips: (http://www.lanereport.com/2861/2012/03/breaking-ibm-selects-louisville-for-smarter-cities-challenge-grant/):
Right after the performance:
Black truffle stash at the restaurant (!):
Back in Phoenix - Carvin Jones wailing on his guitar playing Stevie Ray Vaughan in the audience:
In Tonto National Forest on the top of a mountain with Roger:
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