Woolworths Accounting Policy Essay

1395 words - 6 pages

Growth Plans
Woolworths' current business growth plan is built on four key strategic priorities.
1. Extend leadership in food and liquor
2. Act on our portfolio to maximise shareholder value
3. Maintain our track record of building new growth businesses
4. Put in place the enablers for a new era of growth

A Changing Business

Retailing never stands still - that’s what makes it so exciting and dynamic. Right now we’re in a period of substantial change as customers seek greater value and have more choices at their fingertips than ever before. Customers are now firmly in the driving seat of our business and their decisions and shopping behaviour are changing the way we operate.

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Listening

We talk to our customers all the time. And we do a lot of research to find out what they think of our stores and to learn more about what we can do differently. More than ever before, we are using this information to make decisions and changes that will improve our customers’ shopping experience.

Acting

Customer Talkback is a new initiative where we hold customer focus groups around the country. Customers get the chance to give frank feedback direct to their store team and we get a better understanding of what they like and what we can do better. Often, it’s the small, easy changes that can make the biggest differences to customers and we’re only too happy to make them happen.

A few changes we are already implementing are better bag packing and larger bags at self serve checkouts, more half sized trolleys, an up to date store directory in every aisle and better seasonality information for fresh food.

Learning

People often ask us what we do with the information we obtain from our Everyday Rewards Program. We put it to very good use by making our stores and our ranges more relevant for our customers. We now have a much better understanding of how customers actually shop and can use this information to improve what we do, make more space for new products and stock the right range of products in the right stores at the right time. For example, we had always ranged our stationary by brand and quality but data told us that customers actually bought stationary based on colour – by making a simple change to group stationary by colour, we vastly improved the layout of this category for customers.

Exciting store innovations

Fresh Sushi Bars

Woolworths is bringing all the theatre of a sushi restaurant to a supermarket near you. You can now pick up fresh handmade sushi from in store expert chefs, the perfect healthy choice for lunch, dinner or even parties.

Fish, Bag and Bake

Fish, Bag and Bake is a fantastic in-store development that is encouraging Australia’s fish loving consumers to feel confident cooking seafood at home. Simply pick your fish fillet from our seafood counter, choose a tasty sauce for no extra cost and we’ll seal it in a bag ready for you to just put straight in the oven. Voila – no mess, no fuss, restaurant quality seafood at home.

MSA Beef & Lamb

Woolworths was the first national supermarket to stock Meat Standards Australia (MSA) beef and lamb. This means the meat has been specially graded and certified to guarantee its eating quality. Look for the label to get the most juicy, tender Aussie beef and lamb every time.

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Woolworths has posted over $1.8 billion in sales for the last half of 2013, their strongest sales growth since 2011. This puts Woolworths on top as Australia’s fastest growing food and liquor retailer. Several moves, particularly a change in marketing strategy, contributed to this impressive increase in business.
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