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The Partnership Bonus...
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"So if the employees of Waitrose and John Lewis are enjoying 14% bonuses why isn't that money being used to drive prices down to the end consumer? We can't hammer fat cat bankers for taking bonuses yet give 20,000 workers in supermarkets a pat on the back whilst people are struggling to pay for basic food items." have you seen the prices in waitrose & john lewis ? if you can afford to shop there on a consistent basis, i don't think you're worrying about where your next pound is coming from. very valid point all the same though wishy | |||
"So if the employees of Waitrose and John Lewis are enjoying 14% bonuses why isn't that money being used to drive prices down to the end consumer? We can't hammer fat cat bankers for taking bonuses yet give 20,000 workers in supermarkets a pat on the back whilst people are struggling to pay for basic food items." You can always shop at Lidl | |||
"So if the employees of Waitrose and John Lewis are enjoying 14% bonuses why isn't that money being used to drive prices down to the end consumer? We can't hammer fat cat bankers for taking bonuses yet give 20,000 workers in supermarkets a pat on the back whilst people are struggling to pay for basic food items." There are bigger Supermarkets who currently have better buying power than Waitrose, how often do they lower their prices? In the last year we has started our own price match scheme; and this is what does it. Waitrose has always been seen as the 'Expensive Supermarket', a phrase we want to get rid of and in matching prices of the 'Big' chains it makes them think "Hang on, now the 'expensive supermarket' is the same price as us. We best lower our prices". And if you cut the price of the branded products (Heinz, Andrex, etc) then you have to lower your own brand products to as you can't call something 'Value' or 'Basic' if its near the same price as the branded one! Not all of the profit goes into the bonus, a large chunk of it goes towards developing more sites. This will not only improve our market share of retail, but lowers the other supermarkets share. Which will in turn force them to lower their prices to get more customers in the door. And with more sites and turnover our buying power will improve, meaning we can keep with the 'Price Match' scheme continuingly driving down the cost of basic food. Waitrose didn't make as much profit as last year. Yes due to the recession, but because of investing and building relationships to be up there with the larger chains. We could have been greedy and taken 18% again, but with the cost of living as it is in the moment we'd eventually drive our customers away. With the rewards comes the responsibilities. | |||
"So if the employees of Waitrose and John Lewis are enjoying 14% bonuses why isn't that money being used to drive prices down to the end consumer? We can't hammer fat cat bankers for taking bonuses yet give 20,000 workers in supermarkets a pat on the back whilst people are struggling to pay for basic food items. There are bigger Supermarkets who currently have better buying power than Waitrose, how often do they lower their prices? In the last year we has started our own price match scheme; and this is what does it. Waitrose has always been seen as the 'Expensive Supermarket', a phrase we want to get rid of and in matching prices of the 'Big' chains it makes them think "Hang on, now the 'expensive supermarket' is the same price as us. We best lower our prices". And if you cut the price of the branded products (Heinz, Andrex, etc) then you have to lower your own brand products to as you can't call something 'Value' or 'Basic' if its near the same price as the branded one! Not all of the profit goes into the bonus, a large chunk of it goes towards developing more sites. This will not only improve our market share of retail, but lowers the other supermarkets share. Which will in turn force them to lower their prices to get more customers in the door. And with more sites and turnover our buying power will improve, meaning we can keep with the 'Price Match' scheme continuingly driving down the cost of basic food. Waitrose didn't make as much profit as last year. Yes due to the recession, but because of investing and building relationships to be up there with the larger chains. We could have been greedy and taken 18% again, but with the cost of living as it is in the moment we'd eventually drive our customers away. With the rewards comes the responsibilities." Very well put,now can you tell me which aisle is the red pepper pesto on ? | |||
"So if the employees of Waitrose and John Lewis are enjoying 14% bonuses why isn't that money being used to drive prices down to the end consumer? We can't hammer fat cat bankers for taking bonuses yet give 20,000 workers in supermarkets a pat on the back whilst people are struggling to pay for basic food items. There are bigger Supermarkets who currently have better buying power than Waitrose, how often do they lower their prices? In the last year we has started our own price match scheme; and this is what does it. Waitrose has always been seen as the 'Expensive Supermarket', a phrase we want to get rid of and in matching prices of the 'Big' chains it makes them think "Hang on, now the 'expensive supermarket' is the same price as us. We best lower our prices". And if you cut the price of the branded products (Heinz, Andrex, etc) then you have to lower your own brand products to as you can't call something 'Value' or 'Basic' if its near the same price as the branded one! Not all of the profit goes into the bonus, a large chunk of it goes towards developing more sites. This will not only improve our market share of retail, but lowers the other supermarkets share. Which will in turn force them to lower their prices to get more customers in the door. And with more sites and turnover our buying power will improve, meaning we can keep with the 'Price Match' scheme continuingly driving down the cost of basic food. Waitrose didn't make as much profit as last year. Yes due to the recession, but because of investing and building relationships to be up there with the larger chains. We could have been greedy and taken 18% again, but with the cost of living as it is in the moment we'd eventually drive our customers away. With the rewards comes the responsibilities. +1 a very good explanation, after all...everyone's in business to make money"  | |||
"Not all of the profit goes into the bonus, a large chunk of it goes towards developing more sites. This will not only improve our market share of retail, but lowers the other supermarkets share." Nice idea in principal, but yet again I see the smaller or independent retailers suffering a loss of market share than the big boys, especially as they will simply shift their business model to more 'local' or 'express' stores as opposed to the superstore. In addition, where you mention site development, what does that entail ? I have seen more of Waitrose of late, agreed, but more in the format of petrol station forecourt style outlets or taking up floorspace within existing businesses, such as a foodhall in Boots. Generally, products in these stores are priced slightly higher than in superstores as people aren't as price aware when buying a couple of bits as opposed to doing a weekly shop - therefore the return on an item is likely to be higher. (I am not singling Waitrose out here, as most of the big retailers try this). | |||
"So if the employees of Waitrose and John Lewis are enjoying 14% bonuses why isn't that money being used to drive prices down to the end consumer? We can't hammer fat cat bankers for taking bonuses yet give 20,000 workers in supermarkets a pat on the back whilst people are struggling to pay for basic food items." I worked for Waitrose and can assure you that the workers there depend on the bonus, which is still paid proportionately. The wage on the shop floor is better thsn other supermarkets, but not by much! They say the bonus makes up for the crap wages. And if they have worked their asses off for it, at least its not top down profit share, like the banks. | |||
"Very well put,now can you tell me which aisle is the red pepper pesto on ?" Fresh or in a jar?
" Nice idea in principal, but yet again I see the smaller or independent retailers suffering a loss of market share than the big boys, especially as they will simply shift their business model to more 'local' or 'express' stores as opposed to the superstore. In addition, where you mention site development, what does that entail ? I have seen more of Waitrose of late, agreed, but more in the format of petrol station forecourt style outlets or taking up floorspace within existing businesses, such as a foodhall in Boots. Generally, products in these stores are priced slightly higher than in superstores as people aren't as price aware when buying a couple of bits as opposed to doing a weekly shop - therefore the return on an item is likely to be higher. (I am not singling Waitrose out here, as most of the big retailers try this). " I see what you are saying; my dad owns a cornershop and we have a Tesco superstore 3 miles away, aswell as my Waitrose. In the recent years another Tesco Superstore opened up 1 mile away, however my dads shop hasn't really suffered from it. Yes more people are inclined to do their 'big shop' at a superstore, but he still gets the regulars come in for their essentials. Maybe he's the exception to the rule, but can't say he has lost a noticable market share due to the big boys. When i say site development i mean things like the recent Bracknell overhaul. Its our HQ and main distribution centre, and was recently extended into a bigger warehouse with more loading bays so more lorries can go to more stores. Yeah the petrol stations/locals are generally more expensive, but its like online shopping compared to instore. For instance you can spend £12.99 for a CD in HMV etc and have it right there and then, or go to Play.com and pay £9.99 and wait up to a week for it. You simply pay extra for the convenience. This is probably why my dads placed has survived, but its not just about that. He opens christmas day. Albeit only for a few hours, but its the level of customer service that keeps business up. "I worked for Waitrose and can assure you that the workers there depend on the bonus, which is still paid proportionately. The wage on the shop floor is better thsn other supermarkets, but not by much! They say the bonus makes up for the crap wages. And if they have worked their asses off for it, at least its not top down profit share, like the banks." Agreed. Some people here depend on the bonus, Eg for house/car insurance, holiday fund etc. That way all their big yearly payouts are at the same time. But thats down to them. Problem at current is the pay is based on the market rate, where as it should be based on the cost of living instead. | |||
