Talks between a special committee that advises Nordstrom's board and a group of Nordstrom family members about taking the retailer private have ended. The two sides couldn't agree on the company's value.
Company strategy will likely need an update if your market shifts, customers don't see the value or the company vision is old and tired, writes Manfred Gollent. The revised strategic plan must be based on more than profit targets, and it should be created in collaboration rather than by a lone leader, Gollent writes.
Businesses should consider the post-event debriefings commonly seen in the military, writes Inbal Arieli, co-CEO of Synthesis and former Israeli officer. These meetings should rely on factual statements while exploring what happened, why those things occurred and what can be done going forward.
Companies will keep customers for the long term when they approach interactions as a chance to connect instead of another sales opportunity, write Eric Buesing, Becca Kleinstein and Joshua Wolff of McKinsey. "Organizations that aren't thinking about ways to improve loyalty and customer experience at every touchpoint are ceding ground to the competition," they write.
Building relationships outside the office has helped Target Freight Management CEO Mike Wagner increase staff loyalty. "The minute we walk out the door, it's more about our kids and enjoying life and things like that," he says.
The power demands of two cryptocurrency businesses in Plattsburgh, N.Y., have raised electricity costs for the city and customers, leading city officials to ban new cryptocurrency mining operations for the next 18 months.
The person suspected in a series of bombings in and around Austin, Texas, died after detonating a bomb in his car as police closed in on him this morning near Round Rock, Texas. Several bombs that were detonated this month killed two people and injured four others.
Sources say the Labor Department is investigating Centro de Trabajadores Unidos en Lucha, or Center of Workers United in Struggle, a worker center that is pressuring retailers to use unionized janitorial services. If the group is reclassified as a labor organization, it would be required to follow financial disclosure laws and restrictions.
Dry cleaners have gone from $11 billion in annual revenue to $9 billion just this decade as people dress more casually and spend less on individual clothing items. In response, some dry cleaners are marketing themselves digitally, adding wash-and-fold services and offering pickup to build business, writes Allie Volpe.