33_35_muk.qxp_New Grid 29/10/2018 08:19 Page 33
Face To Face: Theo Paphitis
An Audience With...
The King Of Retail Below: Theo Paphitis was the keynote speaker at Autumn Fair in September.
Former ‘dragon’ Theo Paphitis has spent his career building and buying businesses, spanning retail, property, finance and consumer goods. So how does he view the current retail landscape and what advice would he give to entrepreneurs both on the high street and online? PG&H was in the front row at Autumn Fair to hear Theo share his words of wisdom. Mention the name Theo Paphitis, and most people will immediately recall the eight years that Theo spent as the astute, amiable ‘dragon’ on the Dragons' Den TV series. He invested in numerous small businesses, helping fledgling entrepreneurs to develop their businesses in a wide variety of industries. In 2012, he left the show to concentrate on his expanding retail empire where has revived the fortunes of notable high street names such as La Senza and Contessa Lingerie. (“The one that got away was Woolworths,” he revealed, “but it was better dead than alive.”). Today he is the owner and driving force behind Ryman, Robert Dyas and Boux Avenue, among many other businesses. His story is all the more remarkable because he left school at 16 with no qualifications due to his dyslexia. He got
fired from his (second) job as a filing clerk for Lloyds of London, subsequently buying a copy of the Evening Standard to take a look at the small job advertisements at the back of the newspaper. “I applied for and got a job working for Watches of Switzerland, and that’s where I discovered
Small Business Champion “I’ve always had a massive interest in small businesses because I started out with a small business myself,” Theo explains. “In fact, I still think of myself as running a small business. When I started out, I used to go into my office on Sunday evenings and sit at my desk and plan for Monday. How could I attract more business? Today, you can do everything on the web, but you have to be disciplined and structured. If you want to compete, you have to spend money on marketing. You also have to be prepared to think about and plan every tiny detail which will help you to succeed.”
my passion for retail,” he smiled. “Retail is brilliant because it teaches you all sorts of things - about logistics, design, visuals, products, accounts and finance. It covers everything. In fact, if you are a retailer you are truly a business person because you have to learn it all.” So what’s been the secret of Theo’s outstanding business success in retail? “What I most love about it is that it is so much about interaction with people. Retail is about the people you work with as much as your customers,” he stated. “It’s about making sure that they do the job you want them to do and that they have job satisfaction. If you get this right then they will look after your customers. Therefore incentivise your staff and spend time with them. I certainly do. Next comes understanding your customer. Once you’ve achieved that you can then think about the products.” So where does his inspiration come from? “I have never had an original idea,” he admits. “My inspiration comes from seeing things all around me and from travelling. My advice to people about developing ideas is to go out, to open their eyes and to have a good look around. Don’t sit in the bath waiting for a eureka moment, you’ll shrivel up!” His view of the current business landscape is that it’s “very tough and Progressive Gifts & Home Worldwide
33