Woolworths Supermarkets Assignment Help
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Woolworths is the leading supermarket chain owned by Woolworths Group. The headquarter is in Melbourne; the organization was founded in 1924, almost 95 years back and exponentially grown in operations. It holds a monopoly in Australia and a duopoly with Coles Supermarkets as it controls 80% and above of the entire market. Moreover, what certainly allows it to rule in the supermarket world is its efficient dealing in packaged foods, fruits, meat and vegetables (groceries)– but also in household products, magazines, health and beauty products and pet supplies.
They are closely working with Australian farmers and growers and source 96% of fresh products. The innovative retailer being in a digitized world has initiated an online store which allows the end users to conveniently order various products with ease with excellent and reliable services. Currently, In Australia it has more than 1,024 over 115,000 employees in stores, support offices and distribution centres to provide customers with excellent service and convenience. In the year 2019, the mart generated over AUD 39 Billion; overall revenue. Also, the organization in the year 2019 had 981 supermarkets and 43 metros convenience stores in different regions of Australia.
The five founders of Woolworths Group, originally known as “Woolworths Limited”, are George Creed, Percy Christmas, Ernest Williams, Stanley Chatterton, Cecil Scott Waine on September 22, 1924. In Sydney, the organization opened its first store named as “Woolworths Stupendous Bargain Basement”. Earlier, at this time there were only 29 shareholders who didn’t hold any such interest and didn’t adopt any strategy for its further growth. With overall trading operations and passing time, the shareholders bought more capital. The dividend company paid increased 10 times within the third year of operation.
Officially, the organization became a ‘chain’ in 1927, and the second store opened in Brisbane. Then in 1929, the other store opened in New Zealand and within a 6-year period of business operation, the other 16 stores were opened in Western Australia, New South Wales and Queensland. Woolworths successful operations allowed it to open up a self-service store and expand their grocery range in 1955, in Sydney.
Concerning acquisition, the Woolworths acquired Tasmanian grocery brands in 1982 which are Purity and Roelf Vos. Additionally, in 1985, Safeway Inc; an American supermarket giant was also acquired by Woolworths along with the naming rights. Safeway had over 126 stores across Victory, Queensland, and New South Wales during the time of acquisition. By 2017, it feasibly rebranded all Safeway stores. Woolworths Supermarket operates within the same domain in Australia and New Zealand has grown meaningfully larger in the context of overall operations obtaining a sizable portion of the marketspace.
In order to manage large scale of operations, the organization possesses a well-established Board Committee, Group Executive Committee and Board of Directors who look towards management of different key operations in a coordinated manner. It holds effective and strong HR practices. Further, operating standards, necessary procedures and policies set up are adhered by all team members. After Wesfarmers, in Australia it is the second largest company in context of revenue. The parent company Woolworths Group possesses a number of subsidiaries with over 200,000 employees and in hotel and gambling, general merchandise, liquor and finance. Currently, Brad Banducci and Gordon Cairns are CEO and Chairman the Group. The organization has been able to generate an overall revenue of AUD 55.669 Billion due to extensive operations in a wide-ranging subsidiary. The company is at their best to grow and adopt the strategy to be the leading one with the three top most competitors present like Coles, ALDI Einkauf and IGA.
Looking for an assignment help that requires coming up with a future strategy that Woolworth will use?
The Woolworths Supermarket has been focusing on six different strategic objectives to attain suitability in the long run. The SWOT and Pestle Analysis has been a seamless guideline to use development strategy. The organization goals have been to create better value for all external and internal stakeholders linked with various operations. The main strategic objective aims to form sustainable and profitable customer relationships just in order to retain and attract the customer in long term. It accounts for moving towards connected retail to enhance the customer in-store journey of which will eventually form customer loyalty in an optimal manner. Additionally, by incorporating necessary measures Woolworths has the aim to sustain a position in the retail industry which will be great in supporting business activities in the long run. The organization also has the objective of integrating lean operating models across various core platforms in an optimal manner and creating significant differentiation across various key operations.
The organization holds a strategic aim to unlock value in the portfolio by unceasingly driving efficiencies and synergies across various groups. Other than these, the organization tends to entrench good business journeys all over various business attributes. This will support in obtaining the primary vision and mission of being known as the most responsible retailers globally and concurrently contributing towards the community’s betterment.
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