3 Women in Retail Who Built Thriving Businesses and What We Can Learn From Them

Are you passionate about the world of shopping, fashion, and customer service? Well, get ready to be inspired by some incredible women who are killing it in the retail game! Despite the challenges women face in retail careers, these fierce female entrepreneurs have built successful businesses and are paving the way for future generations.

From managing a boutique store to creating a thriving online shop, these women have overcome obstacles such as gender bias, limited resources, and tough competition. But they haven't let that hold them back! Instead, they've used their creativity, resilience, and passion to create brands that resonate with customers and stand out from the crowd.

In this guide, we'll dive into the challenges that women in retail face and the incredible women who are breaking down barriers and setting new standards for success. Whether you're an aspiring entrepreneur or just a retail enthusiast, these stories will inspire you to follow your dreams and make your mark in the industry. So, let's get started!

Women in retail in 2023

The retail industry is pretty huge. Last year the number of retail sales worldwide exceeded a whopping $27.33 trillion, and that's expected to grow 5% year-on-year [1]. But if we want to keep up that momentum, we need to make sure that diversity is a top priority at all levels.

Unfortunately, like in so many other industries, women in retail leadership positions are few and far between. They face some pretty big challenges when it comes to getting ahead, and studies have shown that they're more likely to be paid less than men doing the same job [2], less likely to be promoted [3], and less likely to be represented at the highest levels of management. For example, only 31% of retail CEOs globally are women [4].

But we're not here to throw blame around or point fingers. Instead, we want to highlight the current state of things so that we can all work together to improve. After all, when companies prioritise diversity and inclusion, they can attract and retain top talent, create a more innovative and productive workforce, and even perform better financially.

Here are some more examples of why promoting gender diversity is good for business:

• Research from the Harvard Business Review found that having women on boards makes businesses more open to change and transformation [5].
• The Pipeline found that companies with female executives perform better, bringing them 10x more profit [6].  

So, let's work together to create a more inclusive and equitable future for women in retail leadership positions. It's time to push for progress and understand where we stand, not criticise the industry for not doing enough. With more diversity, everyone can benefit - employees, companies, investors, and customers alike.

Inspiring women making waves in hospitality

The retail industry still has a long way to go when it comes to gender diversity. But plenty of inspiring women are making a big impact and breaking barriers despite the challenges they face. From running small independent businesses to working for international organisations, these women are leading the way and paving the path for others to follow.

Let's take a moment to celebrate their achievements and learn from them. Here are just a few examples of women who are making waves in the retail industry:

1. Judith McKenna: Chief Executive Officer of Walmart International

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Judith McKenna, the inspiring President and CEO of Walmart International. With over 23 countries under her leadership, Judith is transforming Walmart's global footprint by expanding their eCommerce and multi-channel offerings and creating strong local businesses powered by Walmart's innovation. 

"One of the most important things the modern leaders need today is to have resilience…Resilience is about always keeping the head up and pointing the way forward to people rather than looking backward and complaining of the past."

Interview with Retail Today [7]. 

Judith's passion for developing people has been evident throughout her career. Coming from a family of teachers, she understands the value of education and training. Judith is an advocate for associate training and education and has created opportunities for learning for people at all levels. In fact, she was the mastermind behind the introduction of Walmart Academies to the US.

She's been listed on Fortune's 50 Most Powerful Women list every year since 2015. 

2. Dame Natalie Massenet, Co-Chair, Farfetch.

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Let us tell you about a true trailblazer in the fashion industry - Natalie Massenet. In 2000, she set up Net-a-Porter, which has become one of the most well-known online fashion retailers. What's even more impressive is that she started it all from her flat in Chelsea! Can you imagine that? Her signature black delivery boxes were even stacked in her bathtub!

After a decade of hard work, she sold the business for a whopping £50m to Richemont, a Swiss luxury goods company. But Natalie didn't stop there. In 2011, she launched a menswear site called Mr. Porter, and in 2014, she created Porter magazine to compete with the likes of Vogue.

"I've made 8,442 mistakes I won't repeat, but I can turn that into advice. I can pass on knowledge to my children and to entrepreneurs. One lesson is whenever you want to achieve something, creating a win-win scenario is 100 percent effective."

Interview with Winthers Worldwide [8] 

In 2017, Natalie started a new venture capitalist firm called Imaginary Ventures with Nick Brown. They've invested in a number of direct-to-consumer start-ups, such as Glossier, Everlane, and Reformation, which are all about sustainable and ethical practices.

Natalie is an inspiration to us all, showing that hard work, dedication, and innovation can lead to incredible success.

3. Melanie Smith, Chief Executive of Ocado 

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When the UK supermarket chain Marks & Spencer teamed up with Ocado to expand its food offerings online, they knew exactly who they wanted to lead the charge - their strategy director Melanie Smith.

Melanie had already made quite the name for herself, with a wealth of business experience and leadership roles under her belt. She previously worked as the strategy and marketing director at Bupa Global and was the chief operating officer at TalkTalk. When she joined M&S in 2017, everyone knew she was destined for big things.

"I believe in the power of curiosity, bringing my best self, and daring greatly. I hope that resonates and inspires the next generation of female and indigenous leaders in retail and beyond."

Comment published in Retail Gazette [9] 

Melanie's first year at the helm was one of the most challenging times imaginable - the global pandemic hit. But she rose to the occasion and helped steer Ocado through the uncertain waters. Not only did she spearhead the company's growth, but she also played a key role in feeding the nation during those difficult times.

Her efforts were recognized with a CBE, a prestigious honour awarded for her outstanding service during the pandemic.

How we can all work to improve the hospitality industry

Now that we've looked at the inspiring stories of three incredible female retailers, let's discuss some ways we can all work to improve the gender balance in the hospitality industry.

#1 Recognize the issue

Recognizing that there is an issue with gender inequality in retail is the first step toward finding a solution. It's important to understand the ways in which women are disadvantaged in the industry so that we can work to address them. Here are some actionable ways you can help recognize the issue and work towards solutions:

• Educate yourself: The first thing you can do is educate yourself about gender inequality in retail. Read articles, books, and studies about the issue so that you have a better understanding of the problem. This will also help you to be able to identify instances of inequality when you see them.
• Talk to your coworkers: Talking to your coworkers about gender inequality in retail can help to raise awareness about the issue. It can also help to create a sense of community and support among women in the industry. Share your own experiences and listen to the experiences of others to gain a better understanding of how gender inequality affects women in retail.
• Speak up when you see inequality: When you see instances of gender inequality in the workplace, speak up. This could be as simple as pointing out a coworker's use of sexist language or as complex as filing a complaint with HR about unequal pay. By speaking up, you can help to create a more equitable workplace for all retail workers.
• Advocate for change: Advocating for change can help to create a larger movement towards gender equality in the retail industry. This could involve writing letters to company executives or government officials, organising protests or rallies, or speaking out on social media. By advocating for change, you can help to create a more equal and fair workplace for all retail workers.

#2 Increase diversity in leadership positions

Improving gender inequality and increasing diversity in leadership positions in the retail industry is a topic that's both important and exciting. So, here are some actionable ways you can help increase diversity in leadership positions in a fun and chatty way:

• Start by acknowledging that diversity matters: Diversity is not just a buzzword. It's something that really matters in the workplace. Having a diverse group of people in leadership positions can bring new ideas, perspectives, and ways of thinking to the table. So, let's start by acknowledging that diversity is important.
• Encourage women to go for leadership roles: Ladies, we are strong, powerful, and capable of anything we set our minds to. So, let's encourage each other to go for those leadership roles! Support your female colleagues, and help them build their confidence and skills. We need more women in leadership positions, and we can make it happen together!
• Be aware of unconscious biases: We all have unconscious biases, whether we like it or not. It's just a part of being human. But it's important to be aware of them and actively work to overcome them. When you're hiring for a leadership position, try using blind resumes to eliminate bias and make a conscious effort to seek out candidates from diverse backgrounds. It's a small step, but it can make a big difference.
• Provide opportunities for leadership training: Leadership skills are not something people are born with. They can be developed and honed over time. So, let's provide opportunities for leadership training and development! Attend workshops and seminars, or offer coaching sessions for those who are interested in leadership roles. The more skills and knowledge we have, the better equipped we'll be to take on those leadership roles.
• Celebrate diversity and inclusion: Let's celebrate diversity and inclusion in the workplace! Make sure that your workplace culture is inclusive and welcoming to everyone, regardless of their background or identity. Host events or initiatives that celebrate diversity, such as Pride Month or International Women's Day. When we celebrate diversity, we create a workplace culture that's positive, empowering, and inclusive.

#3 Offer flexible work arrangements

We all know that women are often juggling multiple responsibilities - work, family, friends, hobbies, you name it. So, it's important that employers offer flexible work arrangements to help support their female employees. Here are some actionable ways to make that happen.

• Offer remote work options: Working from home can be a game-changer for women who are balancing work and caregiving responsibilities. By offering remote work options, women can better manage their personal and professional lives. For example, a mom could pick up her kids from school and then continue working from home without missing a beat. It's a win-win situation for everyone!
• Provide flexible scheduling: Flexibility is key when it comes to managing multiple responsibilities. By offering flexible scheduling options, women can better manage their work hours around their other commitments. For example, a woman may prefer to work earlier or later in the day, depending on her family's schedule. By offering flexibility, you'll be able to attract and retain top female talent.
• Create a supportive work culture: Flexible work arrangements are only effective if they're supported by a positive work culture. This means creating an environment where women feel comfortable asking for help or accommodations when needed. Encourage open communication and empathy among team members, and provide resources and support for women who are balancing multiple responsibilities.
• Lead by example: Finally, it's important for leaders to lead by example when it comes to flexible work arrangements. If you're a manager, make sure that you're modelling flexibility in your own work schedule. This can help create a culture where flexibility is seen as a positive trait rather than a negative one.

Final thoughts

Wow, we've covered a lot of ground when it comes to improving gender inequality in the retail industry! If there's one thing that should really stand out, it's the importance of representation. When women see other women in leadership positions and succeeding in their careers, it can be incredibly motivating and empowering.

We talked about some amazing women like Dominique Crenn, Belinda Wong, and Mariya Russell, who are breaking down barriers and paving the way for future generations of women in retail. Their stories are truly inspiring, and they show us that anything is possible with hard work and determination.

So, my final thoughts are this: never give up on yourself, and take every opportunity that comes your way. Believe in yourself, and don't be afraid to take risks and pursue your dreams. With the right mindset and support, you can achieve anything you set your mind to - whether that's becoming a CEO, starting your own business, or making a positive impact in your community. So go out there and make it happen!