Another recession success story against the odds, Waitrose is a sterling example of the partnership model that continues to drive the fortunes of the of the John Lewis group. Waitrose’s profit-sharing plan – where employees, rather than shareholders, benefit from the company’s good financial performance – stands as a tangible commitment to the recognition that the staffs owns the company.
A strong corporate culture helps to explain Waitrose’s strength in the recession. As a quality supermarket providing relatively high-priced goods, the firm stands to suffer in tough economic times. But Waitrose recalibrated its brand around a new, low-cost, private label essentials range, which has sold strongly.
Moreover, with a bold vision that aims to be first in quality, first in customer service, first in ethics and the environment, Waitrose is currently growing faster than its competitors.
Judie Lannon, editor of The Marketing Society’s quarterly journal, Market Leader, was reporting on our Annual Conference for Warc.