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Why Tractor Supply Is One of the Most Interesting Retailers On the Planet | Odd Lots
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August 24, 2023
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44:34Now PlayingTractor Supply Co. has grown from a small mail order business set up in the 1930s into the biggest farm and ranch retailer operating in the US. Along the way, its share price has soared from around $1 in the 1990s to well over $200 today. The company has managed to tap into a wave of enthusiasm for hobby farming, pet care and rural living, with its revenues jumping 70% between 2019 and 2022. So what accounts for the success of Tractor Supply, such that analysts have referred to it as "one of the most interesting retailers on the planet"? And can it keep up the rapid growth? In this episode we speak with Bryant University Trustee Professor of Management Michael Roberto, who just published a Harvard Business School case study on the company.
Intro -- 0:00
How Harvard Business School cases are created — 4:20
Who is the target customer of Tractor Supply? — 7:02
The “judo strategy” of business competition — 10:06
The origins and history of the company — 12:22
Tractor’s unique approach to customer service and hiring — 13:46
How the company embraced e-commerce — 18:38
What is a “chicken swap”? — 21:37
What Tractor Supply and Trader Joe’s have in common — 24:20
Can the pandemic home improvement boom continue? — 28:20
Tractor Supply’s foray into sporting goods — 33:50
Why it’s so hard for retailers to pivot to new store formats — 36:17
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Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets.
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