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SOM Leadership Conference: Bullish in a "Bear" Market
By Roberta Martone Pavia, Contributing Writer
(May 5, 2009) -- Contrary to popular economic sentiment, the "Bear" market has never been better, at least
for Maxine Clark - founder, chair and chief executive officer of Build-a-Bear Workshop, Inc. - and opening
keynote speaker at this year's SOM Leadership Conference. In fact, Clark is one of the happy few enjoying a
rather bullish market these days in the somewhat sluggish world of retail.
During her remarks to the 1,500-plus audience, Clark explained how and why the furry stuffed animals have
been a win-win for her. For Clark, the mission to recreate the retail excitement she experienced as a child
was the overriding impetus that drove her to launch her company. In 1997, Clark, who had spent 30-plus years
at the May Department Stores and as president of Payless ShoeSource, said the fun had gone out of her job.
Recalling words spoken by an early mentor equating the world of retailing to entertainment, she knew she
agreed and decided to do something about it.
At about the same time, Clark was on an outing with her then 10-year-old friend, Katie, who was frustrated in
her search for a particular Beanie Baby - small stuffed animals manufactured by Ty. Katie commented about how
easy it would be to make her own stuffed bear, and the concept for Build-a-Bear was born.
Clark had always had a sweet spot for the cuddly stuffed animals and felt they were a universal icon for love
and friendship. The seasoned retailer knew cute would sell, but wanted a business that went beyond cute; a
business with heart that would make a difference.
"My goal was to create a safe, fun place where children could play - and also a place that would be involved
in the community." To that end, Build-a-Bear has donated more than $20 million to causes involving children,
animals, and the environment.
Clark reminded the audience that she grew up in the 50s and 60s - a time when dreams were being realized and
the unimaginable was possible. Referencing imagination icons Disney World and Warner Brothers, Clark said a
successful retail experience is most often about the customer having a unique, different, and interactive
experience. And, as her early mentor also said, "If the customer has fun, they'll spend money."
In her climb to the top, she acknowledged the importance of mentors, one of whom was her First Grade teacher,
who encouraged students to take risks by rewarding the one who made the most mistakes each week with a red
pencil. "She was very empowering, allowing us to take risks and ask a lot of questions. To this day, I value
curiosity and always look for that trait in potential employees."
The retail entrepreneur, who was once considering a career in the legal field, says being successful in
business is also about doing what you love. Clark attributes a large part of her company's success to guests
who "are passionate and engage and communicate with us." She mentions a young customer from Saskatewan, who
was so excited about a store opening near her hometown that she offered to contribute $500 of her own money
to help finance the store. The two still correspond via email to this day.
In today's retail environment, Clark says Build-a-Bear is as much about the sales associates as the
customers, and adds that if the associates have fun, so will the customers. "It's about the relationship
between the two. Often when an associate is helping a customer make a bear, the customer becomes so excited
during the process that he or she will name the bear after the associate. It's a special moment and makes for
a very fulfilling job."
With more than 400 company-owned stores and sales in excess of $435 million, Clark's hard work has more than
paid off. In fact, she is now recognized as one of the nation's most creative entrepreneurs and someone who
almost single handedly changed the shopping experience for millions of retail customers.