A conversation with Amy Stone
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In December 2011, Amy Stone joined Save-A-Lot as vice president of strategy and marketing to lead the St. Louis-based chains strategic planning, market intelligence and new-format-development activities. She is responsible for developing the \"strategic vision and roadmap through which Save-A-Lot will profitably grow its network of 1,300 stores,\" the retailer noted on its website. Before joining Save-A-Lot, Stone led a $500 million performance improvement program on behalf of BPs Refining & Marketing business.
Private Label -> Store Brands asked Stone about whats been going on in her companys store brand program – and the store brand industry overall.
Private Label -> Store Brands: What are the most exciting store brand categories right now, and what makes them so exciting?
Amy Stone: I am excited about developing more robust ethnic products in the future. Working with suppliers to generate ... authentic taste profiles and to validate target consumer acceptance for products means that we have to change some of our product development processes to ensure qualified palates are involved. It is also challenging for us to think more broadly about sources for ethnic products. Our ability to convert multicultural households to private label acceptance is critical to driving growth during the next decade.
PLSB: Which categories arent getting the attention they deserve in terms of product development?
Stone: Id say higher marketing and innovation costs have historically limited private label development in the alcoholic beverage and general merchandise categories. Thats changing now, but we still have a way to go before capturing the categories upside.
PLSB: What is your all-time favorite store brand product?
Amy Stone: On Sundays, my husband and I have a ritual of reading the news with coffee and Save-A-Lots Hazelnutter chocolate hazelnut spread on toast. That is my favorite product because it reminds me of home.
PLSB: What is your fondest memory in your career so far?
Stone: When I was working on a project for BP, I spent a week in the old Silk Route city of Baku, Azerbaijan. Spending time with the local Azeri workforce to help improve their operation was beyond enlightening. Azerbaijan had just emerged from Soviet rule, and I found it challenging to translate Western business principles for folks who had recently been working in a communist structure. While in the country, I was able to visit some microcredit projects run in the Caucasus mountains by a nonprofit I support. The memory of drinking tea in a remote mountain village with refugees from the conflict between Azerbaijan and Armenia is very special to me.
PLSB: Who is your greatest hero, and what makes him or her such an inspiration?
Stone: My father for his integrity and commitment. My mother for her kindness and pioneering spirit.
PLSB: How would you sum up your work philosophy?
Stone: Work hard, play hard.
PLSB: If you hadnt gone into retail, what career would you have chosen?
Stone: Thats a funny question for me because I have worked in several industries – Ive chosen a number of careers already! If asked what I would like [to] achieve before I retire, [I would say I want] to get involved with the National Geographic Society in some way. Travel, nature and history are [topics I enjoy] in my spare time.