Harrods Sold to Royal Family of Qatar

First, I would have a consultant review the operation from "cradle to grave." Observe what they do well, what they do not so well, etc. Then, I would build on the strengths of the name and brand. I would enhance technology in the store, marketing, supply chain, and customer service to improve the efficiency of the entire operation.

Susan Rider, President, Rider and Associates, LLC

Harrods, as a glorious free-standing single enterprise, is the epitome of U.K. business culture and "deserves" to be led by a British subject or a sound British group of high integrity.

Thus, if I would have purchased Harrods I would not expand the innovative and unique Harrods to other geographies--"The King of England should rule from one throne" and I would do something unusual in today's world. I'd seek out successful British business leaders with appropriate chauvinistic pride and high integrity and attempt to return this icon to "John Bull"...but being a well-intentioned capitalist I would retain a large minority interest.

Gene Hoffman, President/CEO, Corporate Strategies International

I think Gene's on to something. I'd use the new owners as a fresh source of funding, then bring together noted British business leaders to brainstorm the future of the brand. The potential here is huge...as long as its British identity remains intact.

Cathy Hotka, Principal, Cathy Hotka & Associates

Two words: Global Brand.

Consumers the world over recognize the Harrod's name. The big opportunity is to give it real meaning the world over. I would dig into the the core value it brings and the reasons it is world renowned and use that as a baseline for relevancy around the globe.

Chuck Palmer, Principal Strategist, Consumer Experience Design, llc

What is it that compels buyers/owners of iconic retail brands to fall into the trap of "infinite markets"?

The people who shop at Harrod's can afford to fly to London. It's an "outing" for them. And a fun one at that. The company is completely recession-proof. While it seems attractive to expand to places like Dubai or Shanghai, I submit its iconic status is better served by being in ONE place. As much as we might think New York is the "greatest city in the world," London has the broadest reach.

I have spoken with major executives at Harrods--during the height of the recession. Business was doing quite well. I would recommend leaving it as is.

Paula Rosenblum, Managing Partner, RSR Research

I love Paula's recognition that Harrods' customers can afford to come to Mohammed (when he owned it), and that he or his successors do not need to go to them. Harrods products are already available in airport gift shops - I don't think they need travel beyond these shores unless customers carry them.

As for re-vamping the Knightsbridge store, another iconic British store, Fortnum & Mason, had a complete re-design a few years ago and is spectacular. Much more enticing than it was before when it had got just a little bit too old-fashioned and entrenched for its own good.

Bernice Hurst, Contributing Editor, RetailWire

The first question I would ask is what percent of the business is British customers and what percent is tourist? Then, what are the tourists buying? I would build smaller stores around the world based on the non-tourist business. And I would create online sales with the same level of service customers enjoy today.

W. Frank Dell II, CMC, President, Dellmart & Company

Harrods is an unrivaled British institution. Most of its business is from foreign tourists so it needs to stay relevant and its product mix accessible both in the store and online for those returning home and wanted to order additional merchandise. Al Fayed has invested billions in its infrastructure but its online presence and social media strategy could do with a facelift.

Harrods has a strong brand equity but that shouldn't mask the opportunity to review all facets of its business--technology, merchandising, supply chain etc. They should evaluate the equity of the Harrods brand and explore opportunities for selling it in other markets.

As a Brit, I used to work in International Marketing for the food group at Harrods, London in the late '80s/early '90s. Whenever a new brand was launched, Harrods wanted it, for an exclusive period at whatever cost. I saw Ben & Jerry's there in 1989 years before it appeared anywhere else in the U.K. The Food Department is unrivaled anywhere in the world. As the jewel in the Harrods Crown, that should always be a good starting point for any review.

Victor Willis, Director, Campbeltown Consulting

Get on the offense! Define the target audience and pursue them aggressively in every way. Leverage the tremendous brand but don't rest. Think globally.

John Crossman, President, Crossman & Company

Mostly I'm aware of what I WOULDN'T do with it, as in I wouldn't change the name of it (hint, hint).

Anyway, back on topic, IIRC Harrod's at one time had a branch in Buenos Aires, so the idea isn't exactly novel (not to mention competitor Selfridges recent foray into branches) but whether a branch in Shanghai is a logical first move, I'm not so sure.

'notcom'