Word: low-cost
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...result the company shouldered $10 million in debt. Today Peter Kim, 33, is CEO of a debt-free, $15 million-a-year business. In 1999 he launched Drunknmunky, an Asian-influenced men's street-wear line that pulls in the bulk of the company's revenue. Battling low-cost production from competitors in China and elsewhere, Kim decided to pursue the higher profit margins in design and retail. "That's where I believe the industry is going: either you're a brand or you're dirt cheap," he says...
...Most students are already familiar with the low-budget agency STA Travel, which has hundreds of branches worldwide. In addition to booking flights and travel packages, the website (sta.com) lists top hostels and budget hotels, and offers discounts for STA members. Hosteling International (hihostels.com) has ratings, discounts and general information?it also sells "communication packages" with 24-hour travel assistance, low-cost long-distance calls and free e-mail accounts that students can access over the phone. There's no excuse for not calling...
...carve out savings, Arpey says he shamelessly borrowed ideas from competitors. He reversed his predecessor's policy of expanding legroom, adding seats in one-fourth of the fleet so American could cut fares even further. Emulating low-cost carrier Southwest, American is simplifying its fleet, from 14 types of planes to six by September. Picking up on an idea from TWA, which American bought in 2001, pilots suggested taxiing on one engine instead of two to save fuel. Not all the changes were bloodless. The company's 10,500 pilots agreed to the biggest layoff in airline history...
Keeping business travelers happy is crucial to American's future. Once the darling of such premium-paying customers, who liked the airline's service along with being able to rack up frequent-flyer miles on transcontinental flights, American has lost some even to the likes of JetBlue, a low-cost alternative with amenities like seat-back TVs. "The business traveler used to be American's bread and butter, but the butter is a little thinner these days," admits executive vice president Dan Garton. But American's elite clientele will see improvements this summer--a low-carb, high-protein breakfast...
...burden weighs on profitability, though Congress recently allowed American to defer some payments to underfunded pensions for two years. This year management has put $319 million away for pensions and will spend an additional $300 million on retirees' medical benefits--an expense its younger competitors don't have. These low-cost carriers "pay people a lot less, and they don't provide good benefits," says Arpey. "I do believe people in big public companies should retire with benefits, but we've got to find...