Retail in Asia

In People

Getting management succession right

Succession planning is one of the most important aspects of business management. However, management in retailing is intrinsically more difficult than in many industries.

In essence a retailer is much more than its profit and loss account and balance sheet. It has a cultural identity, a unique DNA that management must be an integral part of.

Management must cultivate, protect and immerse itself in this culture and recognise that changing it is a very difficult and potentially very damaging long-term process not to be undertaken lightly. This is what makes external recruitment a higher risk strategy.

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(Source: Retail Week)