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Winning Against Big Odds.(LEADERS & SUCCESS)(IBD'S 10 SECRETS TO SUCCESS)
Byline: CORD COOPER
3Wal-Mart is systematically killing small merchants, right? Yes and no, says Michael Bergdahl, a former Wal-Mart executive who worked with Sam Walton.
Though the mega-retailer has sent many small fry packing, chains and independent stores are going head to head with Wal-Mart and thriving, Bergdahl says in "What I Learned From Sam Walton."
What sets the winners apart? These principles:
** Differentiate to compete. Strong rivals offer products and services that Wal-Mart doesn't. A prime example: pharmacies.
Though Wal-Mart does a brisk pharmacy trade, nearby independent and chain drugstores are still able to compete. Though some have soft front-end sales, they do well with prescription drugs by offering personalized service and longer hours. Wal-Mart pharmacies have restricted hours, in many cases.
Other stores competing with Wal-Mart blend service with a deeper product mix, Bergdahl says. Though Wal-Mart has a raft of specialty divisions, most offer product variety but limited assortments. The focus is on breadth, not depth.
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