Issue link: https://viewer.e-digitaledition.com/i/1515018
10 • Footwear Insight ~ January/February 2024 footwearinsight.com Photo: Jason Dixson By Tom Ryan I n a presentation mid-January at the NRF 2024: Retail's Big Show in Manhattan, Ed Stack, executive chairman at Dick's Sporting Goods, discussed his legendary career that included some major lessons about learning from mistakes and committing to change. His chat with Matthew Shay, president and CEO of NRF, the leading retail trade association in the U.S., came the day aer Stack received the NRF's e Visionary award for leadership. Past recipients include Lowe's CEO Mar vin Ellison; Target's CEO Brian Cornell; former Kohl's CEO Michelle Gass; Nike's Chairman and former CEO Mark Parker; Walmart's CEO Doug McMillon; and Levi Strauss' CEO Chip Bergh. Stack and his siblings purchased Dick's from their father, Dick, in 1984. From 1984 through January 2021, Stack served as the chairman and CEO of Dick's, guiding the chain's evolution from two stores in upstate New York to a Fortune 500 company with more than 700 stores. In his presentation, Stack noted that under his leadership Dick's almost went out of business two times. e first time was in 1987 when its bank dropped the retailer during the savings and loan (S&L) crisis. A line was only secured with a new bank at the "very last minute," he said. In 1995, Dick's was also threatened with closing because the retailer expanded too quickly. Stack said, "We got we got a little full of ourselves and I made some really stupid decisions." He added, "One of the things that I think you'll find out as you go through your career, you'll learn more from your mistakes than you will from your successes." Advice from Stack His first piece of advice to the packed room was to pivot quickly from mistakes. Stack said, "Sometimes, when you're digging yourself in a hole and you realize that, you should stop digging. It's time to change course." Relatedly, he said whether in business or pursuing a career, the path isn't always a "straight line," with a number of "ups and downs" to be faced along the way. Stack said, "You've got to take a look and say you are going to have some difficult times. ere's going to be some of those quiet, introspective moments that when things are tough, you might be thinking, 'What am I doing?' But if you've got a real vision and you've got a real passion for it, just never give up. Keep going and surround yourself with good people." Beyond adapting to mistakes, Stack believes part of Dick's success involves being open to change. He believes that the "complexity" of retail is oen underestimated with complicated de cisions involv ing merchandising , distribution, marketing and other areas all Dick's SG's Ed Stack Offers Lessons in Overcoming Challenges IN CONVERSATION THE FOOTWEAR EYE Ed Stack