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What if a company were so treasured and trusted that people literally took to the streets - by the thousands - to save it? That company is Market Basket, a popular New England supermarket chain.After long-time CEO Arthur T. Demoulas was ousted by his cousin Arthur S. Demoulas, the company's managers and rank-and-file workers struck back. Risking their own livelihoods to restore the job of their beloved boss they walked out, but they didn't walk far. At huge protest rallies, they were joined by loyal customers - leaving stores empty. Suppliers and vendors stopped deliveries - rendering shelves bare. Politicians were forced to take sides. The national media and experts were stunned by the unprecedented defense of an executive. All openly challenged the Market Basket board of directors to make things right. And, in the end, they prevailed.With its arresting firsthand accounts from the streets and executive suites,
We Are Market Basket is as inspiring as it is instructive. What is it about Market Basket and its leader that provokes such ferocious loyalty? How does a company spread across three states maintain a culture that embraces everyone - from cashier to customer - as family? Can a company really become an industry leader by prioritizing stakeholders over shareholders?Set against a backdrop of bad blood and corporate greed,
We Are Market Basket is, above all, a page-turner that chronicles the epic rise, fall, and redemption of this iconic and uniquely American company.
List of contents
CONTENTS
Acknowledgments ix
Prologue xii
PART O N E 1
1. "You've Never Met a Family Like This” 5
2. "They Caught the Supermarket Revolution” 13
3. "Learn the Business, Young Man” 29
PART TWO 41
4. "People First, Groceries Second” 43
5. "Blood Makes You Related, But Loyalty
Makes You Family” 55
6. "You Do Whatever It Takes to Get the Job Done” 69
7. "We're Not Normal” 79
PART T H R E E 89
8. "A Predetermined Assault” 91
9. "All In” 103
10. "Shut It Down” 117
11. "Stick Your Neck Out” 125
12. "Market Basket Strong” 137
13. "The Final Straw” 149
14. "Hostages” 159
15. "I Am in Awe of What You Have All Accomplished” 169
PART FOUR 177
16. Challenges Ahead 181
17. Lessons 189
Epilogue 201
Authors' Note 205
Appendices 207
Appendix A: Arthur T. Spars with Arthur S.
and Gerrard Levins in 2012 207
Appendix B: Arthur S. Spars with William Shea
at Board Meeting in 2003 209
Appendix C: More Sparring at
Board Meeting, June 25, 2003 211
Appendix D: Who Is Market Basket? 214
Notes 215
Index 225
About the author
DANIEL KORSCHUN is an Assistant Professor of Marketing at Drexel University's LeBow College of Business and a Fellow at the Center for Corporate Reputation Management.GRANT WELKER covered the Market Basket story from the start as a reporter for the Lowell Sun.
Summary
On June 23, 2014, the long-time CEO of a popular New England supermarket chain was ousted by his board of directors, led by his cousin. What transpired over the next two months is an inspiring tale of epic loyalty to a man who had impacted his community far beyond that of providing groceries.In We Are Market Basket, readers will learn more than simply the story of the strike heard round the world. How did a single CEO garner so much respect from his company’s managers and rank-and-file workers that they walked out of the stores and protested? How did the ousting of an executive result in customers leaving the stores and joining protest rallies? Politicians were forced to take sides, and media were left stunned at the unprecedented and united show of support for this lone businessman. What was so special about this CEO and how he ran his business that provoked such ferocious loyalty? How does a company spread across three states maintain a culture that embraces everyone--from cashier to customer--as family? Can a company really become an industry leader by prioritizing stakeholders over shareholders? With its arresting firsthand accounts from the streets and executive suites, We Are Market Basket is as inspiring as it is instructive as it chronicles the epic rise, fall, and redemption of an iconic and uniquely American company.
