John Lewis - Never Knowingly Having Retail Experience.

[Bilbo]

Panic setting in? But another woman promoted.

Telegraph 

Free link.

https://archive.ph/2023.02.27-222622/https://www.telegraph.co.uk/business/2023/02/27/john-lewis-sacks-head-department-stores-battle-ms/

 

[Bornagain]

3 minutes ago, Bilbo said:

Panic setting in? But another woman promoted.

Telegraph 

Free link.

https://archive.ph/2023.02.27-222622/https://www.telegraph.co.uk/business/2023/02/27/john-lewis-sacks-head-department-stores-battle-ms/

 

Rearranging the deck chairs will not stop the ship sinking.

 

Edited February 28, 2023 by Bornagain

[Iamcynical]

2 minutes ago, Bornagain said:

Rearranging the deck chairs will not stop the ship sinking.

 

The high street is doomed.  More so once all cities and towns introduce their own versions of London's ulez.  All the empty retail space will be converted to high density accomodation for the vast numbers of people living on benefits.  Student accommodation will also be used for this purpose, once the higher education bubble finally bursts.  City centres will become no go zones for people who value their personal safety, particularly after dark.

[spygirl]

2 hours ago, Bilbo said:

Panic setting in? But another woman promoted.

Telegraph 

Free link.

https://archive.ph/2023.02.27-222622/https://www.telegraph.co.uk/business/2023/02/27/john-lewis-sacks-head-department-stores-battle-ms/

 

Dont know ... quicky look.

Wicks has worked for Bain & Company.[2] In 1993, she left Bain to become finance director at Courtaulds Textiles.[4] Wicks later worked for a business education company before moving to consultancy firm AlixPartners.[2] Wicks was later hired by The Co-operative Group as interim chief operating officer.[5] The move was challenged as a potential conflict of interest, as Wick had done some work for The Co-operative Group whilst at AlixPartners. She had been paid £8,000 a day for the work. Wicks denied the conflict-of-interest allegation.[5][6] When Wicks joined the Co-operative Group, the company's future was uncertain.[7] At The Co-operative Group, Wicks earned over one million pounds a year.[8] In 2017, Wicks was appointed deputy chief executive officer of The Co-operative Group in a restructure following Richard Pennycook's resignation as CEO.[9] Wicks was an advocate of The Co-operative Group setting up a programme to employ victims of modern slavery, giving them a four-week paid work experience placement.[10] In 2019, whilst Wicks was deputy CEO, Co-op Insurance was merged with Markerstudy Group at a cost of £185 million.[11]

In June 2020, Wicks was announced as the new head of John Lewis & Partners, a British department store which is part of the John Lewis Partnership group.[2][12] The role has been separated from the previous joint role of head of John Lewis and Waitrose.[12] Wicks took up the position in August 2020,[2][13] and succeeded Paula Nickolds as head of John Lewis & Partners.[2] At the time of her appointment, she was one of five women on the board of the John Lewis Partnership.[2] Wicks left John Lewis & Partners in February 2023.[14]

https://www.insidermedia.com/publications/north-west-business-insider/north-west-business-insider-august-2018/we-are-the-market-leaders-but-we-are-disrupting-the-market

Wicks joined The Co-op in 2014 on an interim basis from business consultancy AlixPartners, where she co-founded its European operations in 2003. In April 2016 she joined as permanent chief operating officer and in March 2017 was appointed deputy chief executive. She is still chair of Alixpartners’ UK turnaround and restructuring business.

Wicks says: “I did that for 13 years and had an opportunity to get involved with The Co-op. I had a demanding but enjoyable six months restructuring the bank and leading the advisory groups on all of that then kissed goodbye and said thank you very much.”

But when the Co-op Bank saga took a turn for the worse, Wicks was parachuted in.

She says: “In June 2013, when it all went terribly wrong, I got a call from the finance director and chief operating officer, saying ‘can you come and help please’. I did that for six months, recapitalised the bank, went on holiday. I then got a phone call saying ‘can you be interim chief operating officer’. I came back in April 2014 and did whatever was needed to get the business in the best shape it could possibly be. So I was finance, health and safety, internal audit, HR...”

 

Id haard that the ALixpartners were workign with coop when it fucked up massively.

 

[Hail the Tripod]

On 02/01/2023 at 10:50, Battenberg said:

They seem to be gobbling up quite a few businesses.

I notice they’re doing more and more brand consignment style offerings on their website. Lots of collaborations with brands they don’t stock in their stores that are most like shipped from the manufacturer rather than themselves. No worries about purchasing stock, they probably all link in via API’s to other systems and advertise what’s available without having to give it  another thought. 

The manufacturers will have one central stock system that they link to large companies, catalogues etc. it’s definitely more noticeable now. Even B &Q are selling kettles. It’s just moved on from businesses having multi channel stock management systems to manufactures and wholesalers having one massive multi channel stock management system for those businesses to connect with.

Brands are basically saying, you don’t have to buy and hold our stock anymore you just have to advertise it on you’re extremely busy and we’ll known website and we’ll ship any purchases. 

Amazon have been doing it awhile. It’s inevitable every competitor of scale will have to mimic that model.

[Battenberg]

1 hour ago, Hail the Tripod said:

Amazon have been doing it awhile. It’s inevitable every competitor of scale will have to mimic that model.

I saw something on Amazon recently that I used to sell. They were selling it cheaper than I could buy it at wholesale plus I had an extra 10% discount on top. My old competitors must be going nuts. £35 rrp, selling them for £13.50 with my discount, £15 without. Glad I’m out of it.

Edited February 28, 2023 by Battenberg

[Bilbo]

Update just appointed a turnaround specialist.

Male but not white of course.

Daily Telegraph free link.

https://archive.ph/2023.03.15-131558/https://www.telegraph.co.uk/business/2023/03/15/john-lewis-hires-turnaround-expert-race-revive-fortunes/

 

 

 

 

 

 

 

 

[Battenberg]

1 hour ago, Bilbo said:

Update just appointed a turnaround specialist.

Male but not white of course.

Daily Telegraph free link.

https://archive.ph/2023.03.15-131558/https://www.telegraph.co.uk/business/2023/03/15/john-lewis-hires-turnaround-expert-race-revive-fortunes/

 

 

 

 

 

 

 

 

I’ve no doubt he’ll come in, make some radical changes, get paid a shitload of money and leave after 2-3 years once his ideas haven’t panned out. That seems to be the way it works in retail. These ships have already taken on too much water. JL has little to offer the consumer now. Put a fork in it, it’s done.

[spygirl]

3 hours ago, Bilbo said:

Update just appointed a turnaround specialist.

Male but not white of course.

Daily Telegraph free link.

https://archive.ph/2023.03.15-131558/https://www.telegraph.co.uk/business/2023/03/15/john-lewis-hires-turnaround-expert-race-revive-fortunes/

 

 

 

 

 

 

 

 

I dont read this as a turnaorund - 

John Lewis appoints first chief executive in bid to stop financial slide

Former Hovis boss Nish Kankiwala takes on newly created role as partnership struggles with rising costs and losses

https://www.ft.com/content/c8780173-1b3f-44d9-b37a-f6e067aed272

UK retail group John Lewis has appointed former Hovis boss Nish Kankiwala as its first chief executive, as the group shakes up management to deal with rising costs and losses.

Kankiwala, who is a former PepsiCo and Burger King executive, will take on the newly created role of CEO, while Dame Sharon White will remain as chair.

The appointment comes as the employee-owned partnership struggles to remain profitable, partly because of high costs and falling sales at its Waitrose supermarket chain.

Its rival Marks and Spencer is catching up in online grocery shopping, while Next is a fierce competitor in clothing.

John Lewis is two years into a five-year plan to invest in its stores and online, cut costs and diversify into other business areas such as financial services and real estate to compensate for shrinking margins in its core retail business.

 

Basically, they brought someone in to do the the jobs the woman was meant to be doing i.e. running hte compnay and makign decisions.

 

[Panther]

41 minutes ago, spygirl said:

Basically, they brought someone in to do the the jobs the woman was meant to be doing

That's what it looks like. He takes on the role of chief doing things officer while she remains as 'chair', whatever that means. No doubt there will be lots of 'governance' issues for her to cause busy herself with now that the roles are split.

Edited March 15, 2023 by Panther

[One percent]

1 minute ago, Panther said:

That's what it looks like. She remains as 'chair' whatever that means.

They’ve moved her to the furniture section?  

[Panther]

Just now, One percent said:

They’ve moved her to the furniture section?  

Might as well.

[dgul]

1 hour ago, spygirl said:

I dont read this as a turnaorund - 

John Lewis appoints first chief executive in bid to stop financial slide

Former Hovis boss Nish Kankiwala takes on newly created role as partnership struggles with rising costs and losses

https://www.ft.com/content/c8780173-1b3f-44d9-b37a-f6e067aed272

UK retail group John Lewis has appointed former Hovis boss Nish Kankiwala as its first chief executive, as the group shakes up management to deal with rising costs and losses.

Kankiwala, who is a former PepsiCo and Burger King executive, will take on the newly created role of CEO, while Dame Sharon White will remain as chair.

The appointment comes as the employee-owned partnership struggles to remain profitable, partly because of high costs and falling sales at its Waitrose supermarket chain.

Its rival Marks and Spencer is catching up in online grocery shopping, while Next is a fierce competitor in clothing.

John Lewis is two years into a five-year plan to invest in its stores and online, cut costs and diversify into other business areas such as financial services and real estate to compensate for shrinking margins in its core retail business.

 

Basically, they brought someone in to do the the jobs the woman was meant to be doing i.e. running hte compnay and makign decisions.

 

Of course!  The thing that has been holding the company back is too few senior managers!

Perhaps they could get another person in -- that would pretty much guarantee that they'd turn the company around.

[spygirl]

1 hour ago, Panther said:

That's what it looks like. He takes on the role of chief doing things officer while she remains as 'chair', whatever that means. No doubt there will be lots of 'governance' issues for her to cause busy herself with now that the roles are split.

Why didnt she hire a black woman?

Shes only diverse when shes singing....

[Ash4781b]

5 hours ago, Bilbo said:

Update just appointed a turnaround specialist.

Male but not white of course.

Daily Telegraph free link.

https://archive.ph/2023.03.15-131558/https://www.telegraph.co.uk/business/2023/03/15/john-lewis-hires-turnaround-expert-race-revive-fortunes/

 

 

 

 

 

 

 

 

Oh looking at that it looks like Waitrose is loosing customers. Not sure where they are going? 
M&S food?

[leggers]

1 hour ago, Ash4781b said:

Oh looking at that it looks like Waitrose is loosing customers. Not sure where they are going? 
M&S food?

Losing customers because their prices are getting just ridiculous. Mystery solved.

Many, many instances of product in Waitrose that you can get the exact same one elsewhere for 10%+ less.

[Bedrag Justesen]

4 hours ago, leggers said:

Losing customers because their prices are getting just ridiculous. Mystery solved.

Many, many instances of product in Waitrose that you can get the exact same one elsewhere for 10%+ less.

Boomers no longer have free coffee and The Guardian while they spend £200 so they rock up at LIDL instead.

[spygirl]

Ahh....

John Lewis loss widens on dwindling sales and failure to cut costs

Arjun Neil Alim in London

John Lewis’ full-year loss has widened as sales fell and the UK retailer failed to cut costs, prompting the partnership to waive its staff bonus for the second time in its history.

Its pre-tax loss, including property writedowns, of £234mn in the year to January 28 deepened its £27mn loss of the previous year. Sales fell 2 per cent to £12bn, of which supermarket Waitrose accounted for £7bn, down 3 per cent.

The loss, the second biggest in the retailer’s history after 2020, poses a challenge for incoming chief executive Nish Kankiwala in the face of a restructuring plan.

Inflation increased costs by £180mn, chair Dame Sharon White said in a letter to partners.

[Battenberg]

Oh dear.

John Lewis Partnership staff will NOT receive any bonus this year as retailer's losses balloon and boss hints at further job cuts

John Lewis Partnership made a loss of £234m in the 12 months to 28 January 

Reduction is workforce needed, chairman Sharon White said today 

Cost saving plan upped from £300m to £900m by 2026, White says 

https://www.thisismoney.co.uk/money/markets/article-11866933/John-Lewis-Partnership-bonus-axed-losses-balloon.html

Edited March 16, 2023 by Battenberg

[Panther]

4 minutes ago, spygirl said:

Inflation increased costs by £180mn, chair Dame Sharon White said in a letter to partners.

Did inflation increase sales Sharon?

[LC1]

5 minutes ago, Battenberg said:

Oh dear.

John Lewis Partnership staff will NOT receive any bonus this year as retailer's losses balloon and boss hints at further job cuts

John Lewis Partnership made a loss of £234m in the 12 months to 28 January 

Reduction is workforce needed, chairman Sharon White said today 

Cost saving plan upped from £300m to £900m by 2026, White says 

https://www.thisismoney.co.uk/money/markets/article-11866933/John-Lewis-Partnership-bonus-axed-losses-balloon.html

I don't shop at JL much at all, but I thought their reputation was based on quality, has this dropped off a cliff recently?

I'm having to return some relatively expensive school shoes I bought for my son because they completely fell apart within a couple of months. Shockingly bad. If that's the road they've gone down then it's no wonder people are staying away in droves. 

Edited March 16, 2023 by LC1
speeling

[MrPin]

I think the magic of department stores has departed. As a yoof, straight out of school, I worked for one. Allders in Croydon. It went bust in 2014.

[Frank Hovis]

That's one hell of a write down - £113m this year and it looks like similar last year.

I suggest that they have put through over £200m of impairments on Waitrose properties because they are readying Waitrose for sale or listing and want these impairments out of the way so that they can book a big profit on the sale / listing.

 

 

All in all, this has made for a tough set of results. We made a loss² of £78m. When you add in exceptional costs - the biggest one being a write down in the value of Waitrose stores - the loss³ was £234m.

Exceptional items
During the year, we took the difficult decision to close two Waitrose branches and also reduce the space at
both our Bracknell and London offices. We paid our Partners a onetime cost of living payment of £500 per
Partner (pro-rated), amounting to £27m. Additionally, we have recorded a net impairment charge for the year
of £113m against the value of our store estate. This is a non-cash accounting adjustment reflecting the
performance in Waitrose. Together, these have totalled a net charge of £156m (2022: £161m charge)

 

https://www.johnlewispartnership.co.uk/financials/financial-results.html

[spygirl]

44 minutes ago, Battenberg said:

Oh dear.

John Lewis Partnership staff will NOT receive any bonus this year as retailer's losses balloon and boss hints at further job cuts

John Lewis Partnership made a loss of £234m in the 12 months to 28 January 

Reduction is workforce needed, chairman Sharon White said today 

Cost saving plan upped from £300m to £900m by 2026, White says 

https://www.thisismoney.co.uk/money/markets/article-11866933/John-Lewis-Partnership-bonus-axed-losses-balloon.html

When I go to Aldi its always under 40s, mainly blokes, running from til to shelf.

Theres only a handful of them too, literally.

When I go to Waitorose, its manly over 45s (sometime well over 50s) fat arsed wimmin who stand with there product trolleys, blocking the aisle, chatting.

It really is that obvious/different/poles apart.

The Waitrose has a feel of public sector wimmin playing at shops.

The sloth like speed of the wimmin is something to behold.

 

 

[spygirl]

41 minutes ago, MrPin said:

I think the magic of department stores has departed. As a yoof, straight out of school, I worked for one. Allders in Croydon. It went bust in 2014.

Mass department stores, yes.

Youll not find several in town, or find them in two horse towns - I remember being surpised by a Beales (long shut) in Mucknell.

But one or two deprtment stores in larger towns will surive.

Better have. or Il no longer be abel to tke mutha to Browns in yawk  for dinner.