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)