all that anger, ----average is not very good,for years WOW was a market leader people laughed at COLES, for years BBC was the leader on the eastern seaboard then they stood on WES toes thinking they could go head to head with a company that had its birthplace literally in Farmers money from day one it had to be well managed because money is hard to come by in primary industry Western Farmers Cooperative gave farmers money a home.
Woolworths lost their way "cheapest prices" beaten by Coles when Wesfarmers began managing giving staff a sense of ownership and promoting price discovery for customers, specials provided by suppliers well below regular price a formula used to great advantage in Bunnings and who championed this method Sidney Myer with his clearance sales promoting Myer and selling seasonal remnants at fantastic discounts yes Woolworths have lost their way but I believe they are moving back to the philosphy they started with
There is nothing new its all strategy and Woolworths put their money in loyalty schemes, " you can only earn loyalty " personally if I have a choice I do not participate a deal should be there for everyone.
Aldi and Costco will not destroy Woolworths or Coles they just take some market share in an ever growing market, if anyone should be concerned it is WES shareholders , WOW share price has been trashed Australia was not ready for Masters to much to soon---perhaps ego has made a contribution but from all I have seen as a Coles/Woolworths consumer they are changing improving the competitive offering of price and quality and they have a good chance of regaining customer support, they will need to keep a strong focus on those qualities that helped them grow since 1924 within 3 years paying 50% of profit as dividend to shareholders who financed the expansion thats where Woolworths have failed and WES by maintaining or growing profit and market share through competitive business practice to honour their committment to shareholders and customers who are often the same person.
yes like Buffett said "buy a business an idiot can run because sooner or later one will"that I guess is" lost focus by management "who see themselves as more important than the customer/shareholder.
Sidney Myer was a remarkable man innovative and never forgot the reason for his stores success "the customer"----yes still hold WOW believe its a turnaround
WOW Price at posting:
$24.90 Sentiment: Hold Disclosure: Held
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