Walt Disney Company announced last month that in an effort to reverse the ill fortunes of its 340 U.S. and European retail stores they would undergo a transformation. What was perhaps even more interesting was the fact that they enlisted the help of Apple's prophetic leader and Disney board member Steve Jobs. Jobs was reportedly brought into the project more than a year ago to lend vision and design sense to a concept that Disney is now calling Imagination Park.

While Jobs certainly didn't do the heavy lifting on the project, he's credited with urging Disney to "dream bigger." Rather than simply renovating the stores, he opened Apple's retail playbook for Disney to study, transferring many of the mechanics of Apple stores over to the new Disney concept. Not surprisingly, his influence yielded a decidedly experiential direction for the new store concept.

While we mere mortals could never dream of engaging the help of someone like Steve Jobs, there are some valuable lessons that we can take from this — lessons that are transferable to any retail operation.

1. Product knowledge isn't everything: If Steve Jobs can't name all seven dwarves, it doesn't matter. What he clearly understands is experiential retailing and that's what Disney is relying on to breathe life into its stores. The world really doesn't need another Mickey Mouse t-shirt, but it certainly needs new and exciting retail experiences. So, don't get hung up on product. Always be on the lookout for great ideas and innovations outside your own product category.

2. Even great companies get stuck: You'd assume that if anyone could stage a store experience it would be Disney, but even they needed outside coaching. Don't feel bad if you hit the odd creative rut in your business and don't be afraid to ask for help. Call in people you respect from a wide range of professional and personal backgrounds and keep an open mind. You may not agree with everything they have to say, but you also might pick up an idea that transforms your business.

3. Experiences are tough to copy: Whether it's a Tinkerbell tiara or snow tires, your product can be knocked off or substituted. Experiences, on the other hand, are not only difficult to replicate, but also they allow you to command a premium for that very same product or service. Choosing what to sell is the easy part — designing the experience through which you sell it is where the true payoff lies.

4. Retail should be fun: If kids don't have fun in a Disney store it's conspicuous, but shouldn't we look at all retail the same way? Why shouldn't I have fun in my local shoe store too? The truth is, most shopping is merely tolerable but in a world where consumers can get whatever they want without leaving the house, we need to bring the joy back to shopping. Find a way to make your store fun.

5. Innovate in downturns: In tough economic conditions, most businesses put a moratorium on progress and innovation. This is precisely why smart businesses don't. Such times are not only opportunities to open up competitive distance, but your innovations stand a better chance of being noticed in a quieter market. I'm not suggesting you break the bank, but don't stand still.

Perhaps by applying these lessons to our own businesses, we can all dream a little bigger.

Doug Stephens is president of Retail Prophet Consulting, whose clients have included Walmart, Lowe's, Home Depot, Loblaw and others.