If you are a reader of NRF’s BIG Blog, you may have read the interview with Steven Silverstein, CEO of Spencer Gifts. If not, here’s an excerpt from the man who says, “Retailing from Day One got in my veins.” NRF Foundation’s Retail Careers Community may be particularly interested in finding out how Steven became CEO (by starting on the sales floor), how one can get an internship (write a letter to the CEO if you have to), and why it is importance to demonstrate leadership in this challenging environment.
NRF: You were previously the President of Linens ‘n Things, spending 11 years there up until 2003. You became CEO of Spencer in 2003, and you’ve also spent time with Bloomingdale’s as a merchandising VP. How did you get into the retail business?
Silverstein: By accident, of course, like so many others before me. My family was in the motel business in Daytona Beach, Florida, and every summer I’d work at the motel. This taught me a lot about the attitude you have to have to be a great retailer. When I graduated from college (Cornell University, Class of 1981), I was preparing for a career with Merrill Lynch. I set up a “practice” interview with a recruiter named David Kanal from Macy’s. He hit all my buttons – how store management is the equivalent of running your own business, how retailing is results-oriented…It was just one of those fateful moments in life where you really connect. Retailing from Day One got in my veins.
How did you move up to CEO?
Back then Macy’s had a 13-week training program. I joined 25 other recent college grads (we were called “The Training Squad”) on the same day in the classroom. One of those trainees is my closest friend in life to this day. We learned retail math, we learned about all parts of the organization. I was assigned as a “white flower” (designating me a department manager) at Roosevelt Field Mall in sportswear. I started out on the sales floor, which is the only way you really understand what’s happening in stores. I moved up from there, over the years. Today I still take two trips a month visiting stores.
You’re on the advisory council for the Jay H. Baker Retailing Initiative for the Wharton School of Business. What do you look for in new hires right out of college, and what advice do you have for today’s graduates?
I recently spoke about that very subject. We’re looking for people who can articulate why retailing is for them – people who are targeted, who’ve done their homework. With today’s economy, students can start before they graduate and find creative ways to figure out if retailing is a good fit. For instance, Spencer Gifts offers internships. Becoming an intern is a great way to get your foot in the door. Use your network—family, friends, schools. If all else fails, if you really want to be considered for a career at a particular organization, write a letter to the CEO of the company and express your interest. What’s the worst that can happen? The NRF Foundation is also a great place to research the industry.
In your opinion, what is the most powerful characteristic that a retail CEO should possess to survive this environment?
Employees are looking to their leaders to provide a clear way forward in these unprecedented economic times – to help them understand and navigate what they are doing and why they are doing it. It’s more important than ever to demonstrate leadership: communicate clearly what you expect and be open about your company’s performance. Even if it’s tough news, it has to be delivered, told in an honest and open fashion. You have to lead the way.
Read the full interview on NRF’s BIG Blog.
