Gary M. Stern, for Investor's Business Daily, reports on Brentwood, Tenn., based Tractor Supply -- the biggest rural retailer in the U.S., with 976 stores in 44 states. Tractor Supply has made a special effort to recruit staffers "with expertise in four areas: farming, ranching, horses and welding. Why welding? If they know welding, odds are that they've mastered nearly everything else in home repair," according to Stern. Tractor Supply, whose revenue rose to $3.2 billion in 2009 and is on track to hit $3.5 billion in 2010, believes that specialized workers are a competitive edge.
James Wright, CEO of Tractor Supply, says creating a reservoir of staff knowledge helps retain both customers and employees. "Only with longevity of staff can we build deep category expertise," he said to Stern. Hiring interviews and job descriptions are extensive. Retail staff turnover has gone from 100% to 35% annually. On the store manager side, it's fallen from 43% to 15%. Tractor Supply is planning on opening 75 to 80 stores in 2011. (Read more)
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