Remarkably Local: Our Interview with Canadian Tire CEO Greg Hicks

Joining us for a wide-ranging interview on how a more than 100 year old retailer stays relevant is Greg Hicks, CEO of Canadian Tire. We start with some history, tracing the evolution of one of North America's most successful retailers from its modest beginnings as a tire shop to today's diverse portfolio of store formats, powerful private brands, and financial services, comprising over 1,700 locations. While Canadian Tire is rather unique in its iconic position in Canadian culture and dealer-based business model, their embrace of "connected retail" and how they stay customer-centric through an intense local focus contains incredibly valuable lessons for all retailers regardless of product focus or wherever they might be located. Greg, who was named the "Canadian Retailer of the Year" by the Retail Council of Canada earlier this year, also shares some of his key leadership principles, including how to balance pursuing short and long-term priorities. But first, as usual, we kick-off with a fast-paced review of the week in retail news, including mostly depressing earnings reports from a diverse set of retailers including Dollars General, American Eagle, Saks, and the brand formerly known as Restoration Hardware. In stark contrast to last week's episode, Tractor Supply escalates its commitment to a winning course of action by picking up the pace of its store openings. We close wth more disruption in the disruptor space as Draper James, the Reese Witherspoon founded clothing brand, gets acquired. Our interview with TSC's Hal Lawton. About GregGreg Hicks was appointed President and CEO of Canadian Tire Corporation (CTC) in March 2020. With a strategic mindset, tremendous commercial acumen, and the ability to build high-performing teams who deliver exceptional results, Greg has proven himself to be a world-class and purpose-driven leader. Building on the iconic Company’s more than one hundred years of success, Greg has aligned the enterprise to a clear Brand Purpose that We Are Here to Make Life in Canada Better and is driving sustainable, long-term growth that delivers value for all CTC’s stakeholders. Prior to this appointment, Greg was President, Canadian Tire Retail (CTR), CTC’s largest banner, with more than 500 stores across Canada. In addition to overseeing all aspects of CTR’s business, Greg was accountable for its global operations, eCommerce initiatives and its valued relationship with Canadian Tire’s Associate Dealers. Greg is relentlessly focused on bringing customers the products they want and need to make life in Canada better. He built a world-class Owned Brands portfolio delivering over $4B in sales in 2019, and led the acquisition of Party City’s Canadian business, adding a new trip-driving category and attracting a new customer segment to CTR. Previously, Greg served as Group Senior Vice-President, Consumer Products & Retail Experience, CTR, where he oversaw its General Merchandise and Automotive businesses and was also responsible for managing Store Experience, Store Operations, Product Sourcing and Quality, including the management of CTC’s Pacific Rim offices in Asia. Greg was instrumental in transforming Canadian Tire’s assortments for Life in Canada, including a renewed focus on Owned Brands, style and design, and new levels of product quality. He has been integral to the Company’s focus on disciplined performance management. With more than 20 years of retail experience in senior leadership positions, strong management and merchandising experience, Greg has a proven ability to lead teams to success. Before joining Canadian Tire, Greg wa