I worked for Belk Stores for ten years. I worked full-time through college, went through their management-training program, and spent six years with them in management. Everyone needs a retail experience or at least a customer service experience if they really want to understand life. I enjoyed working for the company.
I was shocked to read that Belk lost $213 million in the year ending January 31, 2009. I’m not surprised by the lost, because of the economy and what is happening in the retail industry. I’m just surprised they are telling us about the loss. Belk is the largest privately owned department store company in the country. They are not publicly traded, so they don’t have to tell us anything they don’t want to tell us.
What is unique is that when I worked for the company years ago even those of us in management didn’t have these numbers. The family-run business was extremely tight-lipped on things like this. The family leadership has changed to the children of those in charge when I worked for the company, so the new generation has decided this is something they want to share.
That makes me wonder a few things. What is the advantage of telling about a loss? Is it so they can assure people they are okay financially? Is it to get press attention? Is it the modern idea of being upfront, honest and open with people, even if it’s not necessarily good news? Is this unique to Belk or is this a mindset of other organizations today, including churches? Personally I like this new approach. Do you?
What do you think? Have the expectations of businesses changed today?
