When the going gets tough the tough get going, I say when the big start falling the bigger ones will follow.
The (Anticipated) shock waves that started a worldwide AWWW! moment when the worlds largest toy retailer declared it can’t go on anymore is a sad, hard, tough and real lesson…soon to be forgotten.
Just like any other natural disaster there were many minor tremors and signals that something was about to happen, something mega and something fatal.
I mean look around you and check what kids play with these days, it’s not any lego or snakes and ladders board game, not even a more sophisticated computer game.
The shift from physical world to online is taking its toll and will not be a pleasant sight for old, prehistoric outdated business models. Wether you like it or not, for it or against it, defend or attack it the tides and winds have changed.
The fall and failure of toys r us, once a market leader and number one player in the toys niche is a lesson that should shake up the many other high and mighty conglomerates and old sKool players.
If you don’t innovate, shake, wake and play the change.
If you don’t forget your old fantastic proven ways and create amazing, new customer aligned practices and products you will follow toys r us’s path.
You need to be bold, hire right and fire fast, cultivate an innovative culture and remove anyone that doesn’t fit, watch your cash flow, not follow the herd, anticipate future trends then articulate your moves…fast.
What good have long boring useless meetings done? trying to prove how right you HAVE been or are?
What about those funding injections when your problem was not about cash but more sales?
What about the thousands of jobs and people behind them that will be lost?
What about your unique selling proposition? your systems?
What did you really give your customers to make them loyal? it seems that price wasn’t right for toys r us…are you betting on that too?
What actions have you taken to become more agile quickly adapting to change? or is management taking it’s time?
Get ready for an unpleasant apocalypse of outdated companies that still think they’re still in fashion.
This is only the start of a worldwide domino effect fall of the big, fat and lost in a new world of innovation, customer driven and fast playground.
Only the fittest will survive, it’s only fair.
Who else do you think will be joining the big list of once upon a legacy?