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The Los Angeles Lakers were playing at the Staples Center just across the plaza. Stevie Wonder was performing in the nearby Nokia Theatre. But the best show in Los Angeles this day was the kickoff of BEDTalks, the informative and inspirational series of talks presented by Mattress Firm Holding Corp. during its four-day annual national leadership conference.
The opening was like the start of a Hollywood blockbuster.
There was a feeling of excitement in the Diamond Ballroom at the JW Marriott as the meeting got under way. Some 1,400 Mattress Firm field and corporate leaders and company vendors filled the room, stirring anxiously. Dramatic music played as scenes from outer space flashed on the huge screens spread across the room. The pounding music created a buzz in the room. When the glittering MFRM stock name flashed into view, the audience erupted into cheers, which grew louder when CEO Steve Stagner took the stage.
He presented a thoughtful and articulate overview of the challenges and opportunities facing Mattress Firm, the nation’s No. 1 mattress specialty retailer by a wide margin. This year, he said, the company must focus on three tasks: Concentrate, consolidate and collaborate.
Mattress Firm must be internally focused, concentrating on building its people, processes, promotions and products, Stagner said, adding that the company intends to take a breather from acquisitions to make sure it maintains its internal focus.
The consolidation will be driven by an internal focus as well, as repetitive practices and processes are integrated to support the company’s strategic plans. A shared services model will support the multi-brand approach, and the collaboration needs to take place with the company’s employees, and with its vendors — “the building blocks to everything we have accomplished.”
Stagner underscored the importance of collaboration by noting what faces those who don’t collaborate: “We will invite them to work for someone else.” The audience cheered.
Also taking the stage that day was Dale Carlsen, the man who acted against his father’s advice to open his first sleep shop 30 years ago.
His original goal, he admitted, was to open 10 stores. Now, as Mattress Firm’s newly minted president and chief strategy officer, he oversees a company of more than 2,000 stores.
Like Stagner, Carlsen spoke with passion, talking about the importance of helping the less fortunate in the world, especially the children in foster care that have been a special focus of Sleep Train, the company he built from the ground up.
Addressing the opportunities ahead for the MFRM family of brands, Carlsen said: “We have 90% of the talent in this industry. We have strong values and a clear vision. There is nothing that can stop us.”
The audience erupted into applause.
The list of great speakers at the meeting was a long one, too long for me to list them in this space. But it was clear, from the dozens of talks I heard that week, that Mattress Firm has a roster deep in talented leaders who are filled with passion for their work and who seek to inspire excellence in their colleagues as they deliver great customer service.
“Improving lives one relationship at a time” is the company’s overarching purpose. That is a noble mission, one the company is well positioned to execute in the many markets it serves.
