Innovate or die .. The #1 reason #ToysRus is bankrupt.. An important lesson.. and a great example for things to come
So true. The disruptive nature in all business is upon us full bore. Whether it's self-driving cars replacing 30% of our workers, the 10,000 baby boomers retiring every day till 2029 (that's 300k/mo) or company's the size of Kodak (bankrupt by 2009) not recognizing trends/Moore's Law, change is necessary to stay relevant. Anyone read the book "Bold" by Peter Dymantis?
Sooo right!
Toys R Us was profitable. Bain Capitol killed it with massive debt.
Hits the nail on the head...
This is a key learning for the retail industry but also for all other industries. Innovation is key to business growth and will differentiate your future market share and ensure success. We should all cultivate innovation as a differentiator
I have someone you need to meet.
Interesting perspective. I love his ideas about the "Slime Stations" and "Lego Championships." Assuming they found the money, they could have developed championships of their own using other toys.
https://youtu.be/0r1wzBMkkVk Gary is cool but he has a big mouth.
Compliance Specialist at USA Wine Imports
3yI've read a number of reasons why Toys R Us is bankrupt and defunct. It's pretty hard for me to imagine how they could have innovated in the way Gary mentions here. They were a company with brick-and-mortar retail locations and a website. There's only so much you can "innovate" with that sort of business model in order to make it viable in the 21st century. They depended too much on shopping malls and large shopping centers, and they're defunct for the same reason those phenomena are all but defunct: the market has changed. On another note: Not that this sort of thing bothers me (it doesn't), but he could have just as effectively made his point without inserting the "F-bomb". It's a bit jarring to hear that in a video posted to a professional social media website.