CONVERSATIONS: RETAILER PHIL SCOTTI ON LESSONS FROM A LIFETIME IN MENSWEAR

MR: Could you briefly summarize your journey in men’s retailing?
Scotti: In high school, I worked part-time at a specialty department store on Long Island. While studying marketing in college, I took a job at a men’s clothing store in upstate New York, which reinforced my passion for retailing.
In 1977, I opened several fashion chains with my father-in-law in and around Richmond and Norfolk. In the mid-80s, I was the licensee for Eagle Clothes with seven storefronts. In the 90s, I was VP of operations for S&K Famous Brands, a job I held for 15 years. In 2007, I opened a value-priced chain, Philip Michael Fashion for Men, with my wife and two sons.

Who were your mentors along the way? What did you learn from them?
First and foremost, there was Marvin Blumenfeld, president of a consultancy that helped retailers reinvigorate and/or sell their stores. I learned so much about retailing from Marvin. He taught me about store layouts: how to look at the selling floor though the eyes of the customer. He taught me the power of advertising. He believed that “If you’re going to open a business, shout it, shout it loud, and shout it often…”
Other lessons over the years:
*You need to be in the store and put in the time.
*Guys who dress better, feel better. The right suit builds self-esteem.
*Men with confidence don’t come in with their wives.
*Online competition is less problematic in men’s than in women’s. Men don’t have the patience women do to send clothes back if they don’t like the fabric or fit. They’re looking for in-person service and expertise.
*Tough times make better business owners. The Covid years taught me to stick to a budget–a floating budget to keep expenses under control.

Your greatest accomplishment over the years and your greatest mistake?
My greatest accomplishment has always been watching the retailers I’ve mentored succeed in their career goals. I’m also proud that I’ve been able to do charity work, including visiting local schools to teach young people how to dress for interviews.

My biggest mistake (when recruited by S&K) was a bit of arrogance. I thought I knew everything and wasn’t open enough to fresh ideas. Nor was I well enough prepared for the importance of operations. No one in our business can afford to be cocky, no matter how much you think you know.

How would you deal with Trump’s tariffs were you still in retail today?
I’d re-do all budgets and review frequently. Most clothing sellers are on commission so payroll might decrease but gross profit margins must be maintained. With a likely decline in tailored clothing sales, most retailers will have to raise prices and buy cautiously. They should examine age of inventory regularly and take markdowns that mean something.

What’s your next phase?
I’m doing some consulting and keeping active here in Virginia Beach by going to the gym, walking three miles a day, and fishing. My wife and I look forward to doing some traveling, perhaps a cruise or two. We’re thinking Italy, Spain, Alaska… I feel very fortunate.

Congratulations to Phil on expertly tailoring his career in the men’s apparel industry.

Phil was an early influence in my life—I had the opportunity to work with him at my father’s store in Monticello, NY, during the early days. I watched firsthand as he grew along with the business, which eventually expanded to 250 retail locations.

More than 50 years later, it was an honor to work with Phil again during the sale of his stores. It’s a testament to the power of long-lasting relationships in this industry—ones that truly stand the test of time.

P.S. My dad is turning 98 this year, and we still find ourselves talking about the men’s apparel business. Some passions never fade.

Bobby Blumenfeld
Managing Partner
Blumenfeld Financial Group
bobby@blumenfeldgroup.com

(917) 865-8088