BACK TO CONTENTS CAPTAINS OF INDUSTRY
This year’s event saw Ocado Chairman and UK retail expert, Sir Stuart Rose, share his insight and wisdom with some of the travel industry’s most senior leaders.
The Captains of Industry Lunch brings together 200 of the global travel and tourism industry’s most senior executives to network, discuss business and the latest issues affecting the global industry. Veteran BBC journalist Stephen Sackur joined business giant Sir Stuart Rose for this year’s lunch to discuss the importance of service for an increasingly empowered customer and how to flourish during change.
Introduced by Sackur as “one of the smartest business leaders this country has produced for a long time,” Sir Stuart was knighted in 2008 for services to the retail industry. As former Chief Executive and Chairman of Marks & Spencer, he saw off several high-profile take-over bids and led the company out of difficulty and into prosperity.
Asked by Sackur what the key to staying on top in a “ferociously competitive retail environment” is, Sir Stuart opened the interview by explaining that individual success came from “loving one’s industry of choice and performing any task, however small, with dedication and excellence”.
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Having weathered some extremely challenging times, Sir Stuart shared his experience of overcoming adversity in periods of difficulty, highlighting change as one of the biggest potential threats to businesses – but also one of the greatest opportunities. Key is the ability to be flexible and adaptable, and companies should remain half a step ahead of competition, providing differentiation whilst still being recognisable to customer needs and demands.
Sir Stuart noted that M&S’s core operation values of quality, value, service, innovation and trust applied to the travel industry and represented the needs of customers in the same way that they do for retail given that both sectors are consumer-led.
Echoing the sentiment of the World Travel Market 2013 Industry Report, Sir Stuart outlined his optimism for the recovering economy and future of the industry. Citing the example of the death of poorly performing shops from the British high street, Sir Stuart likened the recession to survival of the fittest, noting that where weaker businesses have fallen, innovative and successful businesses are flourishing.
New technologies have gone hand-in-hand with increasing consumer choice in the travel industry, leading to customers having greater power over
their purchasing decisions than ever before. Sir Stuart explained that this necessitated businesses ensuring that they offered a unique product and a fantastic service ethic.
“Our job is to remain half a step ahead of our consumers… if you are a full step ahead you have gone too far, the customer isn’t ready for it. If you’re in line with everybody else you’re not differentiated, but if you’re just half a step ahead you’ll be a leader,” concluded Sir Stuart.
Watch the full interview
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