Savvy’s Post

Big news from John Lewis & Partners today as they bring a new version of Never Knowingly Undersold to shoppers - with price and value high up on the shoppers agenda it should be a welcome return for department shoppers to be reassured on price - have you missed it ? See my comments BBC News today 👇 #departmentstores #retail #pricing

When John Lewis & Partners moved away from the 'never knowingly undersold' pledge in 2022, the reason reported via BBC News was that it was becoming less relevant in a world of online shopping. Now in Autumn 2024, with new MD Peter Ruis in place since January, it's returning (albeit for branded products only). Interestingly, he has stated that the promise was not fit for purpose at the time, with "staff relying on pencils, spreadsheets, and trips to other shops to keep track of rivals' prices." After some tech improvements, including AI, the pledge has become workable again. The pledge is what set John Lewis apart from its direct competitors in the past, so it was a shame when the pledge was ended. It just goes to show that even the most successful of promotions and products need constant tech investment to stay relevant. Well done John Lewis, it's a great pledge and it took guts to bring it back - so many leaders would have thought "we got rid of it, so we can't go back there" out of pride. #technology #innovation #future #BusinessStrategy #DigitalTransformation https://lnkd.in/dwSDUjKK

The Comeback We’ve All Been Waiting For: John Lewis Bounces Back! John Lewis has been a part of the British retail landscape for over a century, representing more than just a store — it's a place that connects with our national identity. Many of us have fond memories of visiting their stores, particularly around the holiday season, where it symbolises trust, quality, and a warm, familiar experience. That’s why the news of their turnaround starting to work, resonates with us all. It's a brand we collectively root for. The numbers are starting to go in the right direction for John Lewis (90% reduction in losses), but this revitalisation is not just about numbers. John Lewis is getting back to its roots, putting customers first with the relaunch of its 100-year-old price promise. By reinstating the “Never Knowingly Undersold” pledge — now extended to online sales and modernised with AI — it’s a clear signal: they’ve listened to their customers. This move shows the power of refocusing on what matters most: trust and service. In a time when we are surrounded by disruptive competition, a reminder that putting customers at the heart of business decisions is not just nostalgic — it's necessary for longevity. As they gear up for peak trading, with over 500,000 new customers joining in the first half of the year, John Lewis is showing that embracing tradition, while innovating, is a winning strategy. At its heart, this turnaround tells us something bigger: in times of uncertainty, the companies that succeed are the ones that stay true to their identity but aren’t afraid to innovate. We all want to see them do well, not just because of what they sell, but because of what they stand for. Source: https://lnkd.in/e-4ck3rd #JohnLewis #CustomerFirst #RetailResilience #Turnaround #K2BusinessPartners

NOSTALGIC RETAIL SERIES: #7 - ZAYRE Brothers Max and Morris Feldberg founded a company in Boston in 1919 to supply undergarments to department stores. When sales began to decline, they ventured out to create a new discount department store. The first Zayre location opened in Hyannis in 1956. Zayre which was a transformation from the Jewish saying “Zehr fgut” which means very good, grew into one of the largest retail chains in the country with almost 1,200 locations nationwide. In the '70s, Zayre tried to buy Marshalls but failed. Their answer was to create a Marshalls clone, TJ Maxx, in 1977. Yes....TJ Maxx❗ In the mid 1980’s profits began to decline which eventually led to Zayre filing for Chapter 11 bankruptcy in 1988. The department store chain was then sold to Ames and by 1990 Zayre ceased to exist. Ames, kept the exterior similar to the style of the shuttered Zayre locations. Ames filed for bankruptcy protection in 2001 and their remaining stores were closed shortly after. Zayre’s one-time subsidiary TJX (TJMaxx, Marshalls, and HomeGoods) is thriving. Missed any in the series? Click here: https://bit.ly/3U8etfa #nostalgicretail #retail #shopping #brands #retailrealestate

Here are some interesting stories from the world of retail for Wednesday, September 25: 💳 The US Department of Justice has sued Visa, accusing one of the world’s largest payment networks of antitrust violations that affect “the price of nearly everything”. 📉 Consumer confidence tumbled in September, marking the sharpest drop in more than three years as Americans grow increasingly concerned about economic conditions – particularly the labor market. 🌟 Shares of Walmart were headed back into record territory on Tuesday, as Truist turned bullish on the discount retailer amid accelerating market-share gains - noting Walmart is taking market share from almost everyone. 🥑 A new president will take over Stop & Shop next week. Massachusetts native Roger Wheeler, chief commercial officer for Stop & Shop’s owner, Ahold Delhaize USA, will assume the post on September 30th. 👗 Rent The Runway is returning to America’s largest mall - Mall of America - with another exclusive sample sale for the fall and winter seasons. The pop-up style shop will open in early October and run into the new year. 🍌 American consumers may soon have to do without some popular fruits, including bananas as fruit aisles could be empty and prices may soar if 45,000 dockworkers threatening to strike end up walking off the job. 👨🏻⚖️ The general counsel of the US’s top labor watchdog is seeking an order demanding that Trader Joe's’s recognize and bargain with the union, Trader Joe’s United 🚙 Shares of AutoZone were driven lower Tuesday, after the auto-parts retailer reported fiscal fourth-quarter earnings and sales that rose, but not enough to meet expectations, as US results continued to underperform. 📺 Qurate Retail Group announced Rosalia Bucaro has joined HSN as chief merchandising officer, reporting directly to HSN President Stacy Bowe. Bucaro succeeds Rob Robillard, who left the company earlier this year. 🥦 The CEOs of Kroger and Albertsons took the stand Monday in the Washington state trial over their proposed merger, arguing that the $25 billion deal is justified by powerful competition from Walmart, Costco and Amazon. 🏗️ Walmart has partnered with Colorado-based 3D concrete printing construction company Alquist 3D this summer to build an almost 8,000-square-foot addition to its store in Athens, Tennessee. 🫒 Olive Garden's menu failed to keep customers coming back this summer, with sales wilting. Now, the company plans to bring back some dishes it discontinued during the pandemic to convince diners to return. 🧼 Grove Collaborative and growth equity firm Volition Capital announced a $15 million private investment, which Grove said would be used to help pay off the remaining $30 million of its outstanding term debt facility. 🥤 The Coca-Cola Company announced it is discontinuing production of its Spiced flavor just months after it was introduced to consumers. #retail #retailnews #economy #DailyRetailNews

It’s been another rough year at U.S. department stores so far, at least for those making their financial filings public. Several of them — public and private — have embarked on turnarounds or are contemplating changes that could be a final test of a challenged retail model. #departmentstores #retailstrategy #turnaroundstrategy #retailsales

The Federal Trade Commission has filed a lawsuit to halt Kroger's $24.6 billion acquisition of Albertsons, citing anticompetitive concerns. The lawsuit alleges higher food prices and lower wages for workers. Plans to sell stores in certain states are deemed insufficient by the FTC, which seeks to prevent the deal's closure on antitrust grounds. Nine states support the FTC's case. The FTC warns of potential #grocery price hikes, while Kroger and Albertsons argue for consumer benefits and competition with larger retailers. The outcome awaits court deliberation. #RetailStat subscribers get our full analysts' insights at https://shorturl.at/gjoNW #FTC #Antitrust #RetailMergers #RetailNews

Superdry PLC (LSE:SDRY) on Monday confirmed recent press speculation that it is working with advisors to explore the “feasibility of various material cost saving options”. But the branded goods retailer did not comment on reports by Sky News that the company is weighing a radical restructuring that could involve significant numbers of store closures and job cuts amid weak sales. On Saturday, Sky said the company and its advisers at PricewaterhouseCoopers are working on plans that could lead to a company voluntary arrangement or restructuring plan. Both are insolvency mechanisms enabling businesses to reduce their liabilities to creditors. Sky said this could be aimed at closing underperforming shops, with a commensurate impact on jobs, and forcing through rent cuts with landlords. More at #Proactive #ProactiveInvestors #superdry #retail http://ow.ly/tUca105cYnl

🌟 Exciting News in Mexican Retail! 🌟 Never too late to share this exciting news, TJX Companies, the powerhouse behind TJ Maxx, HomeGoods, and Marshalls, is expanding into Mexico through a dynamic partnership with Grupo Axo! 🇲🇽 Key Highlights: 🔹 Strategic Partnership: This collaboration will see TJX and Grupo Axo operating and expanding Axo’s off-price store business, including over 200 locations such as Promoda, Reduced, and Urban Store. In this joint venture, TJX will own 49%, while Grupo Axo will hold 51%. 🔹 Growth Potential: With Axo’s extensive experience of 30 years in the Mexican market and TJX’s prowess as an international, off-price retailer, this partnership is poised to deliver exceptional value to consumers in Mexico. 🔹 Global Expansion: This move underscores TJX's commitment to reaching new markets and reinforces the global appeal of off-price retail amidst economic uncertainties. TJX plans to add over 1,300 new stores across the U.S., Canada, Europe, and Australia in the coming years, with immediate plans including 10 new stores in Canada, 15 in Europe, and five in Australia just this year. 🔹 Consumer Value: TJX continues to offer great value to fashion and value-conscious consumers. This expansion into Mexico aligns perfectly with the growing trend of consumers seeking budget-friendly yet stylish options worldwide. Kudos to TJX and Grupo Axo for this strategic vision. Can’t wait to see how this unfolds and impacts the retail landscape in Mexico!!! 🇲🇽 #retailexpansion #Retail #RetailRealEstate #Mexico #RetailNews #TJXExpansion #MexicoMarket #GrowthStrategy #RetailInnovation #GlobalExpansion #TJX #GrupoAxo #MexicoMarket #RetailGrowth #DigitalMarketing #ConsumerValue Feel free to comment and share your thoughts! https://lnkd.in/gCuBifsv

🚨 The Body Shop is facing financial difficulties, with reports suggesting it may enter administration in the UK. This move could impact many stores and employees, reflecting the challenges within the retail sector. The situation develops shortly after new ownership took over, highlighting the uncertainties in the market. #TheBodyShop #RetailCrisis #BusinessNews #blackcamel