Big Lots 2007 Annual Report Download - page 7
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Second, we have an opportunity to further educate shoppers about what distinguishes Big Lots from the
competition. We are not a dollar store and we are not a discount store. We are the nation’s most dominant
broadline closeout retailer. And our customer continues to tell us that they want great value.
As just one example of the success we can have by educating our shoppers, this year we offered a $50
Cuisinart
® coffeemaker. We’ve never carried a $50 coffeemaker before, and it was a blowout — an absolute
home run across all demographic store types, all regions of the country, and was clearly a value or treasure
to our customers. This one example really drives home what our customer research continues to show, and
that is price point does not seem to be an inhibiting factor provided the VALUE proposition is there. We
believe it is important to distinguish ourselves with exciting deals like this and show the consumer why we
are the best store for branded closeout merchandise.
As I travel the country visiting our stores, I’m sometimes asked, “Steve, have we hit the target?” My answer
is always the same — “Never!” Change and reinventing yourself is a never-ending process.
When you are in retail, if you stand still... you get passed and left behind. You must have a team that is
always adapting. Most important, when you serve a customer that knows value and is always looking for
deals, you need an organization that never stops innovating. That’s the kind of enterprise we’re building
at Big Lots. I’ve said on many occasions that great companies have great people. They attract talent, they
retain talent and they give talented people the opportunity to excel. This doesn’t happen by accident.
It’s hard work, but it pays off.
We know we are still making our business better. We’re far from done. And we’re focused on the prize.
Sincerely,
Steven S. Fishman
Chairman, CEO and President
We focus on developing a track record
of reliability at Big Lots.
2007 Big Lots Annual Report