Eh, I don't buy that. I got suited up after speaking with two DMs and three SMs that have taken over large troubled stores or flagship locations.
I've personally seen two flagship stores where Store Managers dress up and it encourages the staff to actually groom themselves at the very least. It also discourages robberies and customer issues - folks are less likely to cause an incident or scam the store if you're wearing a suit. It's like an authority thing. Plus, my new store gets regularly hit by corporate brass and nothing stands out than a Store Manager that shaves and can dress himself.
The store I'm taking over is an old warhorse, but needs a LOT of work. The lighting is abysmal, security is ridiculously poor, the service is mediocre and the staff has been beaten down by a lack of direction and management turnover. An injection of professionalism and an energetic attitude will hopefully bring a shock to the system. I will be counting on my keyholder staff a lot to maintain store operations as I lean heavily on supervisors to improve the store aesthetic. If they don't - I will.