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This study examines the relationship between emotional intelligence (EQ) and transformational leadership in the context of a UK‐based retailing organisation and examines whether a relationship exists between store manager performance and EQ profiles. It identifies a discrepancy between the organisation’s idealized leader success criteria and the average profiles derived from its current cohort of store managers. The results show a strong connection between the theory of EQ and transformational leadership: however, differences between the idealised and actual EQ scores were mainly located in transactional capabilities. The study also questions the requirement for transformational leader qualities at all stages of an organisation’s life cycle.