Let's Get Down to Business

IAN Shepherd is chairman of Bensons for Beds and has spent his career in retail, hospitality and consumer technology businesses. He is the author of two books on retailing and writes about retail topics at
www.movingtribes.com
He and his family have recently moved back to Henley after a 20-year absence and as a keen observer of high streets, Ian has a particular interest in how the community can support independent and local retail and hospitality businesses in the town.

Describe your business

Bensons is a national retailer of beds and mattresses, operating out of around 165 stores around the UK. I also write and consult through my own business,
Moving Tribes, and my wife and I run the children’s book search engine TheBookSeekers.

How many people does it employ?

Bensons employs about 1,700 colleagues across our stores, our factory in Huntingdon, where we manufacture many of the products we sell, and our distribution centres and offices.

What did you do before Bensons?

I’ve worked in a range of retail, hospitality and consumer businesses, including Sky TV, Game Group and Odeon Cinemas. I’ve always been a commercial marketer at heart and like nothing better than a good retail promotional offer.

Do you have a mentor or role model?

I wouldn’t highlight a single individual but I’ve been fortunate to learn from some terrific people over the years. Everyone has their strengths and weaknesses but the trick is to try to learn from what makes each individual around you great.

What would you do differently if you could start again?

I’ve seen even quite big retail businesses get into terrible trouble, usually because they haven’t evolved as fast as their customers’ needs have changed. I’ve learned that often only bold, decisive change can save a business and I wish I’d known that when I started.

How is your business doing compared with last year?

Ours is a business in turnaround and I’m glad to say we see many positive early signs from our efforts. Every retail business is looking at 2023 with a degree of nervousness given the economic headwinds, but we are quietly confident.

Do you compare on a regular basis?

The nature of retailing is that the measurement interval is hourly and daily as much as weekly or monthly.

Do you have a five-year plan?

Yes. Almost every aspect of Bensons will be transformed over the next few years, from the products we sell to the stores we operate and the operational infrastructure that sits behind them. Our business is owned by a private equity investor and that means a focus on growth and change.

What’s the most challenging aspect of your business?

Any retailer, whether an independent in Henley or a national chain, will tell you that retailing is an hour by hour, day by day challenge. You are only as good as your current promotion, your current product range and the level of customer service you give to your next customer. There is never a dull moment.

How important are online sales?

We are lucky at Bensons that we operate in a sector where most customers want to see and feel (and in our case lie on) the product before they buy. Online sales are increasingly important to us but that is often just how a customer completes a purchase after visiting a store. It is less and less relevant to regard online and store sales as distinct — it is the same customer, after all.

How has your business pivoted since the pandemic?

Like every non-essential retailer, Bensons had to close for several periods of lockdown, which meant we relied on our website. We also quickly set up a video-sales capability where customers could talk to a colleague in an otherwise empty store from home, which was very successful.

What three qualities are most important to success?

Firstly, have a good sense of what customers want; the saying “retail is detail” is definitely true — knowing what is selling, at what margin and to whom is critical. Secondly, build a great team by hiring people who are better than you. Finally, manage your cashflow — profit is all well and good but it is running out of cash that will make you go bust.

How organised are you?

Since leaving full-time commercial roles and becoming more “portfolio”, I’ve had to become a lot more organised to avoid different diaries clashing with each other.

What can’t you be without every day?

Good coffee, which is why you’ll find me in Berries in Hart Street so often.

Do you continue to study?

Yes, to research my last book, which was on data and analytics for retailers. I did short courses on maths and machine learning, which was a definite stretch for my aging brain.

What do you read?

To relax, crime fiction. For work, I try to read on topics which are new to me or where I think the retail sector has something to learn. Right now, we have a garden that is a flat, blank slate that needs a lot of work, so I’m reading books on gardening.

How do you dress for work each day?

I try to dress for the environment I’m in — suits in a meeting with investors, more casually when I’m at home writing, for example.

Lunch at your desk or going out?

I tend to at least make it to the kitchen.

How are you planning for retirement?

I’m not.

Interview by Will Hamilton, intermediary, global marketing consultant and Henley town councillor