Foyles’ fortunes transformed in a year
First opened in 1903, Foyles is a London landmark. Yet it was in dire straits until Sam Husain took the helm in 2007. Since then, and despite the formidable reach of Amazon, the historic bookseller has thrived.
You might think it would take years for Husain to turn around such a monolithic beast. Instead it took less than one year to bring it back to profit. Here’re a few key points that apply to any organisation whether you are a Foyles or marketplace bookseller.- Get rid of your dead stock. If it isn’t going to sell, there’s no point storing it. Cut your losses and write it off. You’ll feel much better.
- Allow your team to play to their strengths. In the case of Foyles, keen bakers look after the cookery department while football and horse-racing enthusiasts manage the sports.
- Get better deals with your suppliers. Just how long has it been since you asked your main supplier for a goodwill discount?
- Make it easy for your customers to buy. If selling online, keep it streamlined and never ask your customer to do more than you really need them to.
