Hot Topic

Hot Topic

The hot topic of the day is why I would choose Hot Topic for this essay. Though they are not on the cutting edge of technology, they are on the cutting edge of music and pop culture. Trends in music and fashion are always in a constant state of evolution. Remaining competitive in a mall environment requires radical and creative thinking. Hot Topic has done just that in the specialty retail industry.

The first store was opened in 1988 and they have grown to 690 locations throughout the United States. The majority of these are located in shopping malls. Their employee base is over 7,000 of which 80% are under the age of 25, including 17% minorities and 63% women. They have been recognized by Forbes and Fortune, as well as other awards. Annual Revenue is around 750 million and they have been traded on NASDAG since 1996. They also have a large web base, www.hottopic.com, offering a convenient and expanded shopping experience to its customers.

Three sources of their achievement came from Forbes, Fortune, and the Great Place to Work Institute. Forbes magazine has a ranking for the top 200 best small companies. Hot Topic made the top 20 four years running, 2001-2004. Fortune has a similar ranking but for the top 100 best companies to work for, which they also made for the years 2003-2006. They commented that what made Hot Topic so great was that employees were allowed to express themselves. They also noted that in 2006, 401 new positions opened and Hot Topic received 200,000 applicants. Hot Topic has also been given the camaraderie award in 2005 by the Great Place to Work Institute.

None of this would be possible without their unique and diverse workforce. Excellent communication and innovative skills are a factor that sets them apart from the competition. So let’s take a closer look at how Hot Topic is making it in this turbulent and changing industry.

Innovation

“Uniqueness and diversity is celebrated throughout the company, in turn creating a culture...