Toys R Us
By now, you've heard that Toys R Us is shutting its doors in the U.S.
It is just the latest big box retailer to fall victim to the changing marketplace.
It is easy to see them as the large, clumsy dinosaur that was unable to survive in the new world.
But that's too easy and does the company a bit of a disservice.
Toys R Us was ahead of its time. Founded by Charles Lazarus, it was originally a furniture store. Lazarus was a WWII veteran, and he heard GI after GI tell him of plans to head home after the war and start a family. From furniture, the store shifted to toys. Toys R Us used computers earlier than many companies. Inc. did a nice job showing the history of the company.
Here's a roughly 5-minute video that details the rise of Toys R Us. (YouTube)
Here's a possible management team meeting idea for you.
- Have your team watch that video, and discuss how a company so ahead of its time at one point, just shuttered 800 stores.
- Next, brainstorm on how that very same thing could happen at your credit union?
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NAFCU alert: Here are two upcoming events to put on your calendar.
About the Author
Anthony Demangone, Executive Vice President and COO, NAFCU
Anthony Demangone, NCCO is Executive Vice President and Chief Operating Officer at NAFCU, where he oversees day-to-day operations and manages the association's education, marketing, membership, human resources, building facilities, finance and information technology functions. He also authors NAFCU's executive blog, Musings from the CU Suite and co-authored "Managing and Leading Well," a book for credit union leaders, with NAFCU President and CEO Dan Berger.