April 14, 2008
Shop Talk: Running The Boys Club
Laura Sen's history with BJ's Wholesale Club stretches to 1989, when she joined the then fledging start-up to run logistics. Since that time, she's worn a number of hats at the wholesale retailer, which has 177 stores (or clubs in BJ's lingo) and nearly $9 billion in annual revenues. In January she was named president and chief operating officer of the company. Here she talks about her career path, the crunch that's hitting consumers because of inflation, and what it's like to be a woman in the executive suite.
I have allocated a good deal of time to getting a deeper understanding of areas I wasn't directly involved with, for example marketing, operations, information technology and finance. I'm meeting with all the directors, vice presidents, senior vice presidents and learning more about the nuts and bolts of what they do.
I was a liberal arts graduate with no specific skills and I needed a job. I always loved retailing just as a consumer and I loved fashion. So, I applied to the executive training program at Jordan Marsh, and I was lucky to get a position at the downtown Boston location.
Absolutely. Everybody now knows what a wholesale club is, but in the 1980s there were not wholesale clubs until BJ's opened in New England. We had virtually no competition and that was good and bad because people, especially New Englanders, were like, 'Why do I have to pay to shop?' That was a pretty big hurdle to overcome.
I would say that the general trend is a migration to value and to efficiency, both of which we represent, so that's good news. But it's become much more competitive as well. The big get bigger and the small go away, and even some of the big can go away.
This is a really fun business. As my mentor Jim Halpin used to say, 'You get your report card every day.' I can tell you in any club, any day, on any item what sold and, if you want to know, we can actually tell who bought it. The customer is always voting. And she either loves it, kind likes or doesn't like it. You're always getting this continuous feedback loop.
Certainly, the macro-environment, especially in the press, is just horrid. I believe that the consumer has felt a lot of pressure, not just recently but for a while, with the price of fuel and with the price of home heating oil. Now we've seen some significant inflation come into play in our businesses. Grain-based products are going up very rapidly in price and that includes bread that's made from grain, but it also includes things that eat grain. On the import side, there's a lot going on and we expect to see major inflation somewhat into the fall, but certainly more into Spring 2009.
I like to quote Dolly Parton on this one. She says, 'I may look like a woman but I think like a man.' I think that's true!
Laura Sen, President and cheif operating officer at BJ's Wholesale Club, Natick.What has changed now that you have a new title?
Laura Sen, President and cheif operating officer at BJ's Wholesale Club, Natick.
I have allocated a good deal of time to getting a deeper understanding of areas I wasn't directly involved with, for example marketing, operations, information technology and finance. I'm meeting with all the directors, vice presidents, senior vice presidents and learning more about the nuts and bolts of what they do.
You earned a degree in romance languages from Boston College. How did you get into the retail world?
I was a liberal arts graduate with no specific skills and I needed a job. I always loved retailing just as a consumer and I loved fashion. So, I applied to the executive training program at Jordan Marsh, and I was lucky to get a position at the downtown Boston location.
At the time you joined BJ's, wholesale clubs were a new concept, right?
Absolutely. Everybody now knows what a wholesale club is, but in the 1980s there were not wholesale clubs until BJ's opened in New England. We had virtually no competition and that was good and bad because people, especially New Englanders, were like, 'Why do I have to pay to shop?' That was a pretty big hurdle to overcome.
What are the major changes you've seen in your industry over the last decade or so?
I would say that the general trend is a migration to value and to efficiency, both of which we represent, so that's good news. But it's become much more competitive as well. The big get bigger and the small go away, and even some of the big can go away.
So what keeps you coming back to work every day?
This is a really fun business. As my mentor Jim Halpin used to say, 'You get your report card every day.' I can tell you in any club, any day, on any item what sold and, if you want to know, we can actually tell who bought it. The customer is always voting. And she either loves it, kind likes or doesn't like it. You're always getting this continuous feedback loop.
What's your sense of how consumers are feeling?
Certainly, the macro-environment, especially in the press, is just horrid. I believe that the consumer has felt a lot of pressure, not just recently but for a while, with the price of fuel and with the price of home heating oil. Now we've seen some significant inflation come into play in our businesses. Grain-based products are going up very rapidly in price and that includes bread that's made from grain, but it also includes things that eat grain. On the import side, there's a lot going on and we expect to see major inflation somewhat into the fall, but certainly more into Spring 2009.
Do you see any specific challenges to being a woman in the executive suite?
I like to quote Dolly Parton on this one. She says, 'I may look like a woman but I think like a man.' I think that's true!
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