Larry Rosen, CEO of the iconic menswear retailer Harry Rosen, recently shared some of the company's secrets of success at a presentation at the Rotman School of Management at the University of Toronto.

Rosen says, “Our customers are people who make a difference in our society and we like to make a difference with them”. Making that difference goes well beyond selling high-end menswear. The difference ultimately comes down to the customer experience. Harry Rosen’s doesn't just sell apparel; they “help a man portray a confident image in every aspect of his life”. While many companies claim to put the customer first, Harry Rosen lives this promise in every aspect of its business.

Rosen proudly touts the extraordinary customer relationship skills of his father, the company’s founder and namesake, who he calls a “consummate entrepreneur”. In reflecting on the company’s successful track record over the past 57 years, Rosen highlighted three key elements:

1. Focus on what you know - With the exception of a brief foray into women's wear in the 1990s, Harry Rosen has focused on one thing - MEN. They know their target customer inside out and have positioned themselves as trusted advisors in the field with thoughtful assortments, edgy advertising and a beautifully designed Harry magazine.

2. Invest in people - Unlike most retailers, Rosen’s Sales Associates are able to earn a living wage. As a result, people stay with the organization for the long haul and build deep relationships and truly become trusted advisors to their clients. This focus on people was also evident in how leadership was transitioned to the next generation. First, the family continually engages the counsel of expert advisors to ensure objectivity in such matters. In addition, there is a strict requirement that any family members aspiring to executive positions must not only have academic credentials (MBA), but also earn their stripes in numerous aspects of the business.

3. Focus on the long term - The leadership at Harry Rosen is comfortable with taking short-term hits if they believe doing so is in the best interests of their clients. They recognize the value of their customers over their lifetime, not on a monthly, quarterly or even annual basis. As evidence, Rosen shared the company’s focus on maintaining their average client age at 39. Short-term profitability would be enhanced by riding the wave of a mature customer base; however, Harry Rosen resists the lure of short term profits and invests consistently in staying relevant to younger men. This secures the company’s leading position in the high-end menswear market for the next generation.

These three guiding principles have created a brand that commands a 40+ percent share of a coveted market season after season, and contains valuable guidance for business leaders in any service-oriented business.