Page 22 - Cross-Border Magazine Nr.3

~ GRIN ~

globalization is a relatively new means of growing retail ily require input from various parties. By building a formal
market share. However, even the most mature retailers still global governance committee, you can help to remove func-
have a great deal to learn. As a prudent global leader within tional and geographical silos and make certain that all aspects
your organization, you must study and learn from your peers’ of the corporation are accounted for throughout the decision
successes and failures. Industry groups like The GRIN can making process.
help to facilitate mutually beneficial conversations between
retailers in various countries, allowing regionally knowledge- • Utilize local resources to validate external data. When you’re
able practitioners to trade local best practices and discuss unfamiliar with local culture and customs, it’s difficult to de-
common roadblocks. termine the contextual validity of external recommendations.
Before acting on any new information, be sure to validate
• Create a corporate governance committee. As a global data with trusted vendors or local heroes. ••
organization, all strategy and business decisions will necessar-

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