Ideagen Radio
Ideagen Radio
2025 Global Leadership Summit: Sharon Price-John on Leading Build-A-Bear Through Retail Disruption and Innovation
Discover the remarkable journey of Sharon Price-John, CEO of Build-A-Bear Workshop, as she guides us through the company's transformation during some of the most challenging times in retail history. What does it take to steer a beloved brand through the "mall apocalypse" and a global pandemic while staying true to its core mission? Sharon shares her insights, revealing how Build-A-Bear evolved into a globally recognized brand with nearly 600 locations and a diversified intellectual property portfolio, making it more resilient than ever. Get an exclusive look at the upcoming 30th-anniversary celebration and find out how the company plans to continue spreading joy across the globe.
Join us as we unpack Sharon's essential leadership lessons, offering a masterclass in authenticity and trust. Her career is a testament to the power of decisive action, even when faced with uncertainty. Discover how her leadership style fosters emotional connections and maintains the timeless appeal of teddy bears, ensuring Build-A-Bear remains relevant across generations. Whether you're a business enthusiast or simply a fan of the cuddly companions that have captured hearts worldwide, this episode promises a wealth of inspiration and actionable insights.
#Build-A-Bear #ideagen #GLS2025
View Sharon's LinkedIn here: https://www.linkedin.com/in/sharon-price-john-26239820/
View more from Build-A-Bear here: https://www.buildabear.com/ https://www.ideagenglobal.com/2025globalleadershipsummit
Watch the entire 2025 Global Leadership Summit here: https://www.ideagenglobal.com/2025globalleadershipsummit
Welcome to IdeaGen TV today. Always an honor, always an incredible privilege to be with my good friend, sharon Price-John, ceo of Build-A-Bear. Sharon welcome.
Speaker 2:Thank you, so nice to be here, george.
Speaker 1:You know, it's always a great day when you're able to speak to Sharon Price-John, because you're the embodiment of what we talk about when we refer to leadership and I like to say leadership defined as if, when you're flipping through the dictionary and you look up leadership, there you are. You're the embodiment of that. So I'm just ecstatic to have you on IdeaGen TV today with us, Sharon.
Speaker 2:Thank you, George. That's a very generous compliment, but we do like making teddy bears.
Speaker 1:I love it. I love it, I love it. So for our global audience that perhaps so many know you, but for those that maybe aren't as quite familiar with what you're doing, would you kindly describe what you're doing and what you're currently working on?
Speaker 2:Yeah. So Build-A-Bear Workshop is over 25 years old now. We're actually starting to work on our 30th anniversary plans. So we were founded in 1997 by an amazing entrepreneur, maxine Clark, and over the course of those 30 years, you know, a lot has changed in retail. It was an early, experiential retail company but it had to evolve. We had to evolve to be broader from a consumer perspective to you know, think through what was going on from a retail perspective as the malls shifted and consumer shopping habits changed.
Speaker 2:As we became multi-generational, we explored and extended the brand into new addressable markets. And we went through a pretty rough road is when I was brought in to be a turnaround person. But after that we had to navigate through COVID, like so many others, and ultimately we're now a very, very strong brand on a global basis. We've returned a strong profitability, very clean balance sheet. Our stock price has significantly improved Down. At COVID we were in the dollar range and now we're in the high 30s or low 40s and we have almost 600 locations in more than 20 countries and around a half a billion dollars at revenue.
Speaker 1:You know, sharon, I'm just, you know, awestruck at what you've accomplished and you know, collectively, and you're planning the 30th anniversary.
Speaker 2:you've accomplished and you know collectively and you're planning the 30th anniversary. I mean a little early, but we have a lot of really fun ideas and we want a good runway to be able to do that. So that'll be in 2027, but you know it's be here before you know it.
Speaker 1:It sure will, and it's just so. I mean, I just think you bring so much happiness to the world with Build-A-Bear and I can see how much fun you're having which it's contagious, right. And so you've successfully led Build-A-Bear Build-A-Bear Workshop through major disruptions like the mall apocalypse and COVID, and on and on, like the mall apocalypse and COVID, and on and on. How did you stay rooted in the company's mission of adding a little bit more heart to life and how did that influence your decision making through those challenging times?
Speaker 2:That's a really great question, and I think what's so interesting is when companies face challenges and all companies do A lot of them are internal. Sometimes they're self-inflicted, but oftentimes they're driven by things that are happening outside of your control. But in either of those cases, it's important to understand what your core competencies are, your core value and your core values, because that will often lead you to the answer. Because that will often lead you to the answer At the end of the day, when we were struggling back in 2013, and then again during the retail apocalypse and then finally during COVID, it was that mission statement that to understand that it was ultimately the brand, was where all our value was. It wasn't in the fact that we could, where we sourced product or how we made this, or that it was a teddy bear, or that we were more efficient than somebody else, or that we came up with experiential retail. It was the fact that we were a brand that was grounded in making memories and that, over the 250 million little heart ceremonies that we've had which, if unfamiliar, is a process that you go through, wish on in our bear bailsers take you through this concept of going through different, the sort of a very physical, as I say, memorable, indelible part of who we are. That moment is so important to kids that we're literally woven into the fabric of family's lore, and it's that equity that gave us permission to think about Build-A-Bear Workshop as a place.
Speaker 2:But Build-A-Bear is a brand.
Speaker 2:Build-a-bear is bigger than the place, and so that insight of taking the idea of we were a retailer that almost accidentally built the brand and pivoting it to become a branded intellectual property company that is in the business of monetizing that equity in not just vertical retail, but also in franchising and third party retail and online with collectibles, with giftables, with outbound licensing and categories outside of our core competency, and even entertainment, has been the North Star for us, and so the process of diversifying our revenue stream and thinking about a broader consumer base Thinking about a broader consumer base now 40% of our consumers are adults and teens.
Speaker 2:As an example, we ended up being much more resilient when the tough times came, and a specific example of that would be if we had not built out a robust e-com business during COVID, although we did shut down 85, 90% of our revenue generating arm, which is our retail arm, in a 48 hour business, 48 hour time period, rather, we wouldn't have had any revenue coming in if we hadn't built out that e-commerce with a different kind of mindset. So it was the fundamentals of one returning to profitability, obviously, and creating efficient processes. But the recognition that the Build-A-Bear workshop was not just a place, that it was a feeling, and the concept of then building out a business model that allowed you to monetize that equity in multiple ways against multiple consumers in multiple places, was what ultimately gave us a route to survive some of these more difficult times.
Speaker 1:Such an incredible insight and perspective into the company and it's just remarkable and that goes back to my intro of you, sharon in terms of the leadership. I mean your leadership is helping to shape that vision and as you prepare for that 30th anniversary, it's just, you know, again I'm awestruck by the direction of the company and where everything is going, it's just so exciting. The direction of the company and where everything is going, it's just so exciting. And so, on that note, how do you foster this sense of shared purpose among your employees, from corporate headquarters to retail stores, and then ensure that every team member feels connected to the company's mission?
Speaker 2:One of the things that is so beneficial to having a brand like this is the. The consumer vision that we hold of making sure that this that the teddy bear, the, the furry friend and that moment and memory is is forever, is something that we also think about when we think about our bear builders and our associates. So this mission statement that you mentioned of adding a little more heart to life, we take it very seriously and, again, it's not just consumer facing. We think about that with our partners, with our vendors and, of course, again with the people that work for Build-A-Bear every day. That particular relationship with both this brand and with each other is very important. You create, you build trust over the course of time, with that as a mantra. But that is also a critical part of when we faced a few moments that were incredibly tenuous on whether we would exist or not in the near future. Right, so when I first came, I came in as a change agent for the company because we needed to return to profitability. We'd been contracting for eight years and we'd lost almost $50 million in the prior year before I started in 2012. So I started in 2013 and I needed to find a way to communicate effectively to the broader Build-A-Bear family that we did need to change, but I didn't want to lose the heart of the company.
Speaker 2:A lot of times with founder-led companies there's a very strong corporate culture and there were a lot of things that were good about that culture but clearly some things on the business side that were challenged about that culture. I needed to be a little more precise in how I pulled that apart, but in a very poignant speech. I remember when I needed to bring people along with me on a future strategic tent poles and approach to the change that I felt that we could make. It really was a question to the broader Build-A-Bear community of is the world a better place with Build-A-Bear or without Build-A-Bear? Because if we continue to act and operate exactly the way we're operating, that is a viable outcome, that there won't be a Build-A-Bear. So if you believe that the world is a better place with Build-A-Bear, I'm asking you to try to make some of these business centric changes with me. I'm open to ideas but we must evolve and it was that emotional tie to the brand that I think gave people the impetus and, I think, the bravery to take that step forward.
Speaker 1:That's incredible, yeah, and that bravery is evident in your preparations now again for the 30th anniversary of Build-A-Bear. Any company that makes it to 30 years and beyond is obviously doing something right and obviously has tremendous leadership. So you're the exemplification of that. And so, speaking of that, build-a-bear Workshop has undergone a financial turnaround under your leadership, while you've been able to maintain this laser focus on purpose. Focus on purpose. Sharon, how do you strike this balance between driving that critical profitable growth and staying true to the values of the Build-A-Bear Workshop brand?
Speaker 2:So, first of all, we have a fabulous team of leaders that reported to me and by reporting to me I mean that's not even the right way to explain it. It's very much an iterative relationship, that you know. We forge the future together on where we're heading strategically and tactically, on where we're heading strategically and tactically, and we've built a lot of trust over the course of time. But one of the core tenets that holds us together is the belief that you don't really have to trade off between building the business side as building and utilizing the value side. There is a path where we do our very best to do both and we have a filter that we use. That's called it's a heart and then a circle and a square.
Speaker 2:It is like we think of things first as everything through a consumer centric brand, building, data driven matrix. And if it's, even if it passes all of those goals, then it's going to be a good thing to do for the company and the data piece is the outside edge to do for the company and the data piece is the outside edge. You'll lose a concept if it doesn't ultimately have a viable ROI or it doesn't deliver on the objectives that were set up for this idea or this concept or this promotion or whatever it is, but you never get to that point of doing the math until or unless it is both consumer centric and brand building, so that that all we don't go from the data and we go from the heart out, and so you're almost automatically filtering out things that would be in in in an argument with the values of the company before you get to the data calculation. Does that make sense?
Speaker 1:It makes absolute sense, absolute sense, and so I want to shift a bit over to your candid leadership style, which has been highlighted in your book Stories in Heart and on Undercover Boss, which is awesome. How does Sharon, how does authenticity and leadership contribute to building critical trust and engagement within an organization like Build-A-Bear Workshop?
Speaker 2:Now that's a hard question because I know there's a tremendous amount of information and data and research that sort of proves that this authentic you know, an authentic approach to leadership is more impactful than not. But I think the key is that you really have to be authentic. I don't know how you plan and coach yourself into being authentic, but along with that comes just working on, I believe, a little bit of comfort and candidness and you don't know all the answers, you don't have to be right all the time and the willingness to engage and talk to people and utilize other people's ideas. And that is a good start If you you know there's a humanness that doesn't have to be complete vulnerability. I'm not sure that that's the answer.
Speaker 2:I think there's a lot of discussions about that today, but I don't know that that's the right word, because I think it is important for people to look at leaders as strong and resilient, so I think there's some aspects of that that makes sense. But just that willingness to be candid and ask questions and be wrong and admit it goes a long, long way. And there have been multiple times when the trust that I built with that strong leadership team that I mentioned, or with the store leadership and the leadership up and down the chain here in the organization have been an absolute, critical part of us moving the business forward in both the smallest and the largest ways.
Speaker 1:And even though that was a tough question, your answer was actually very simple it goes back to the leadership. It all goes back to the leadership and, in this case, your leadership, sharon. And so, as we look at your diverse career across advertising, toy brands and now Build-A-Bear Workshop, what are the most important lessons, sharon? What are those most important lessons that you've learned about leading, as you like to say, with purpose, and how have those lessons shaped your incredible leadership philosophy?
Speaker 2:I think I'll just riff on that last question a little bit, George, in that when we shut down for COVID and everything went virtual and, as I mentioned, literally in a 48-hour period, you have to in a crisis, you have to shift your management style and we're typically a lot more collaborative. We have long horizon, we try to get really good information and make that decision on that same filter that I was sharing with you. Is it consumer-centric? I mean, does it have data behind it? Does this fit the consumer? Is this brand building? Is it data-driven?
Speaker 2:But in a crisis, you have to shift to a management style that's typically known as command and control. It takes a lot of trust in a command and control crisis situation where no one's working with perfect information. Things are changing on a daily, hourly basis at a regional, municipality level on how to operate, where lives are literally at stake and the future of the company is at stake and in our case, our stock price had gone to a dollar and you are trying to make these decisions and get the organization to move with both speed and alacrity into an area that no one's ever ever stepped into. There is no other answer that is even potentially feasible that they were able to do that and we were able to come together and able to operate quickly and effectively, for no other reason than trust that they trusted that this leadership team and I would do our very best to make the very best decisions weighing a thousand inputs, and that at some juncture, in these environments, it is more important to move and make a decision versus freeze. So, even if that decision could be moderately incorrect, just getting us to take that next step and take advantage of the situation where it was leaning in our direction or avoid pitfalls when it was not to the best of our ability, I think is what caused us to set up a pathway to not just survive but thrive, and that is sheer trust-based.
Speaker 2:You cannot get to that point of crisis and not have created trust and expect your team to do what you're asking them to do in the moment with no backup, no research, there's no planning, there's no book to follow for this. There's not been a manual created for how to work a company through COVID. There is now, but there wasn't then. So that that trust is absolutely critical and it's a different kind of you just have a different type of relationship that they know that you're in it for them in a multitude of ways and I so value my team for this and that trickled through the system. It wasn't just me to them that wouldn't work. It was that they had built that same relationship with the next level and, to the degree that I can, that I had tried to do that as well. So they were willing to take those these steps again, that that pushed us into a direction that ultimately was a great outcome for the company.
Speaker 1:You know, Sharon, that that is, that those insights, that perspective is so, so incredible to hear, especially as, as we've seen. You know, leaders lead during COVID. You're one of them, and so how you made it through and what lessons learned are absolutely vital for the world to hear. And so Build-A-Bear Workshop is a brand that evokes very strong emotional connections. We all know that it's one of the most iconic brands and, as you said, approaching your 30th anniversary, I mean that's incredible. And so how do you ensure that the company stays relevant across generations while you maintain these critical core values?
Speaker 2:maintain these critical core values. One of the amazing things that we have is that a teddy bear is universal and it's been around. You know, teddy bears have been around for a long time and it's, I think, that we're learning that there's's no age, you know, ending for a teddy bear. Um, particularly in today's world, um, there's, and as we have created, and a relationship with millions of consumers who made their very special build-a-bear early, early in life. As I noted, that's an indelible, lasting memory, and so that halo effect stays with our brand, and what we've done is work in a, I think, very specific, strategic way to carry those consumers with us as they grow older too, not only to make sure that they which consumers often do as they grow up and have their own kids. They want to introduce their favorite brands to their children at the right time we are certainly one of those brands but that we're also filling a purpose and a need as they grow older for them, and we've done that through really fun co-branding with other legacy brands, whether it's Harry Potter or Pokemon, or even Deadpool Bear or Matrix Bear and some of these things that are a little more focused on the mature consumer.
Speaker 2:We created our own microsite called the Bear Cave, where you have to be age gated to get in a little bit cooler, a little bit darker stuff, that just it's such a fun place to kind of celebrate what is the emerging trend called kidulting, and we're right in the in the crosshairs of the adulting trend with some of these licensed products that people love and they now you know this is proven that it's quite psychologically comforting to still sleep with your favorite stuffed animal.
Speaker 2:So we love that and we would never say anything bad about that. I think it's fabulous. But we have so many opportunities to continue to evolve the brand again, like I said, in different categories, but even in our core offering, over the course of time through partnerships and purposes. And so not only is it just our seasons whether Valentine's is a really big season for us, a holiday clearly is as well Christmas holiday but we serve purposes, whether it's a third of our sales being associated with a birthday or a birthday party or a big portion of ourselves being in a celebration of a graduation. We're really about marking special moments in time, and you can do that in the stuffed animal that you choose what you stuff it with, putting your own sound in there, your own personal message in there and it's just the most wonderful gift.
Speaker 1:And so I think we've recognized that Build-A-Bear plays many more roles in the lives of families and people than just that plushie when you're a little kid people than just that plushie when you're a little kid I just love that description Condulting and all of the rest of the perspectives that you just shared, sharon, are profound and profound because you've helped to shape and build this company into what it is today, and where it's going is so incredibly exciting. We've reached the end of our interview, but it's just the beginning. It's just the beginning because we will continue to highlight, to share and to stay in close contact with you because you are indeed my friend leading the way, because you are leadership defined. Leading the way, because you are leadership defined.
Speaker 2:Sharon Price, john, ceo of Build-A-Bear what is your call to action for our global audience? I believe that if you keep redefining the problem as an opportunity and go back to your core values and your core competencies, a lot of times the solution emerges. And if you can do it, even in like a situation like COVID, where we finally said we're not calling these the COVID calls anymore, we're calling them the success calls. What can we see in this moment of not having to operate stores that can unlock value for us and focusing on our e-commerce business and that adult business that allowed us to emerge successful? It can be a really great learning lesson.
Speaker 1:Incredible. Sharon Price-John, ceo, build a Bear Workshop. Thank you so very much for your inspiration. Thank you for sharing these incredible insights and thank you, most importantly, for leading the way.
Speaker 2:Thank you, George.
Speaker 1:Thank you.