| BUSINESSWEEK ONLINE : NOVEMBER 6, 2000 ISSUE | ||||||||
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| THE CORPORATION
Why Banana Republic's Star Jumped to Wal-Mart When Jeanne P. Jackson, the merchant who transformed Banana Republic ( GPS) into a chic, urbane shopping destination, joined Walmart.com this spring as CEO, some analysts considered it an odd mix of cultures. But while the world's biggest discounter is a far cry from upscale Banana, Jackson, 49, felt immediately at home when she attended a Saturday morning management meeting at Wal-Mart Stores Inc. ( WMT) headquarters in Bentonville, Ark., before taking the job. To her amazement, then-CEO David D. Glass was sifting through store-by-store sales reports. ''David Glass is concerned about how many lawn mowers were being sold in Poughkeepsie last week. I was blown away,'' says Jackson, who considers herself a fanatic about retail detail after 22 years in the business. Up until that day, Jackson had rejected repeated overtures to lead Walmart.com, established by Wal-Mart and venture capital firm Accel Partners. But Accel managing partner James W. Breyer says the companies persisted because Jackson ''was absolutely our first choice.'' CAMPUS PUB. No wonder. Jackson had established herself as a superstar since joining Gap Inc. in 1995. In one gutsy move, she persuaded Banana Republic's parent to open large, expensive flagship stores in key markets to sell the Banana Republic lifestyle. Banana Republic grew rapidly under her leadership, jumping from an estimated $750 million in sales to $1.5 billion in four years. That included reviving the chain's lapsed catalog. ''She has taken [Banana Republic] from a niche brand to a mega-brand,'' says Gap Executive Vice-President Ronald R. Beegle. In 1998, Jackson took over Gap's Direct division, which included managing its Internet sites. The daughter of a Colorado architect, Jackson stumbled into retailing. While working her way through Harvard Business School, she caught the attention of a department store CEO who was attending an executive program. He frequented the campus pub, managed by Jackson and three male partners. Jackson was there first thing in the morning as the short-order cook, and she was back at night as the bartender. Anyone so tireless should be in retailing, he told her. Jackson was persuaded to give up her plan to go into packaged goods, and joined Federated's vaunted management training program. She later did stints at Saks Fifth Avenue ( SKS), Walt Disney ( DIS), and Victoria's Secret. A mother of two who now travels to Arkansas almost every other week, Jackson hasn't changed much from those early days. She'll need that energy and quick mind as she attempts to extend the largest bricks-and-mortar brand onto the Web. Says Russell Stravitz, who hired her at Federated's Bullock's unit in Los Angeles: ''The world is watching, and the pressure is on.'' By Wendy Zellner in Menlo Park, Calif. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ BACK TO TOP |
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RELATED ITEMS Will Walmart.com Get It Right This Time? TABLE: If at First You Don't Succeed: Wal-Mart's New Web Strategy TABLE: For Now, Walmart.com Barely Registers Why Banana Republic's Star Jumped to Wal-Mart RESUME: Jeanne P. Jackson INTERACT E-Mail to Business Week Online | |||
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