About the Book
In LE DEAL, Murphy presents an in-depth case study of how he and his partners at McArthurGlen built a billion-dollar business in less than eight years. The story begins in 1992, when Murphy landed in Paris with wife and baby in tow, and risked every penny he had by pledging his house and bank accounts to borrow the funds necessary to launch a revolutionary concept in Europe – upscale, designer outlet centers. In his mind, this was a win-win situation for all. In addition to helping up-market brands such as Polo, Armani and Versace sell leftover, end-of-season stock, the outlet centers would be located outside of major cities, so as not to compete with the traditional downtown retailers. The centers would then attract several million shopping visits per year to the small towns in which they were situated, and would provide thousands of jobs in the process.
What Murphy did not count on were the incredible obstacles he needed to overcome in his quest for success, including facing down the budding anti-globalization forces (read: “anti-American”) just then gaining momentum. Most people would have given up right at the very start: just days after moving to France, the newly installed prime minister declared a moratorium on all new retail development. Murphy’s venture seemed to be snuffed out before he even started.
But Murphy refused to quit. He and his partners chose the historic town of Troyes for the first outlet center. When the town fathers there blessed a certain site for his project, he discovered it meant buying strips of land from thirty-six different owners, each with a separate agenda and often-conflicting demands. He then spent a harrowing year circumventing political subterfuge and blackmail attempts in his efforts to secure the local approvals required.
Two years into the project, with an investment of tens of millions of dollars at stake and with his personal assets on the line, the permit was finally granted. Relieved and delighted, Murphy was ready to break ground when French politics on a national level interceded. For reasons having to do with Jacques Chirac’s desire to win the impending presidential election, the prime minister’s office decided to appeal the regional zoning approval. Murphy fought the challenge, and the office of the prime minister, all the way to the French Supreme Court – and won. But it turns out, there were other surprises in store.
The challenges weren’t confined to France. In Germany, Murphy’s company was the victim of a ruthless political ambush by the soon-to-be Chancellor of Germany, Gerhard Schroeder. In Italy, Murphy was the target of menacing overtures of a wanna-be partner. Conversely, in the United Kingdom, he and his partners were eventually welcomed, personally, by nearly the entire Royal Family. When Her Majesty, Queen Elizabeth II visited a McArthurGlen center it nearly ended in a royal embarrassment of epic proportions.
Murphy’s drive and entrepreneurial spirit shine through on every page of LE DEAL. Despite challenges, threats, and attempted blackmail, he and his partners launched eleven successful outlet centers, containing 1500 stores, across Europe. Murphy learned to appreciate the history, people, and customs of a dozen countries, while figuring out how to grapple with the zoning laws, governments, and restrictions imposed by each. More importantly, his company created nearly 8,000 jobs and attracted 40 million shopping visits per year. In the end, Murphy and his colleagues launched more than a new company, they created an entirely new industry. With incisive details about business as well as everyday life in Europe, Murphy’s LE DEAL is a spirited tour de force of vision, guts, and determination. [Read Excerpt]
LE DEAL
How A Young American, In Business,
In Love, And In Over His Head,
Kick-Started A Multibillion Dollar Industry In Europe
By J. Byrne Murphy
Publisher: St. Martin’s Press
Publication Date: August 2008
Price: $24.95, ISBN: 0-312-35903-9
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