Coldwater Creek Rediscovers Its Soul

In the wake of a double-digit sales decline in Q1, baby-boomer clothing retailer Coldwater Creek had some explaining to do. At the 2008 Bank of America Consumer Conference, CEO Daniel Griesemer didn't prop himself up on recessionary crutches when he spoke to investors. Instead he stated simply and directly that Coldwater Creek had lost some of its customers because it had "become part of the circle of sameness." Kudos go to Griesemer for that insightful description.

There are many retail businesses in the U.S. that are trapped in that "circle of sameness" that Griesemer identified. You step into that circle when you first start copying your competitors. You get trapped in that circle when you start leading your business into becoming more of what you think you should be, instead of becoming more of what you are.

To break free from the circle of sameness, you first have to look around and realize that you're in it. After that, it's just a matter of reconnecting with the heart of your business and the soul of your brand. Griesemer knew that when he said, "Our clothes, in the past, have been inspired by sunsets and landscapes and wildflowers, very down-to-earth, accessible, with beautiful possibilities, and a sense of optimism. We need to recapture that sense of adventure..." Those statements proved that Griesemer had already exited the circle and was leading his team out of its confines.

By the way, Coldwater Creek's stock was upgraded to "strong buy" last week for the first time in a year, in anticipation of its fall merchandise line. The current economy may be a problem for retailers, but it doesn't have to be the excuse for staying stuck.