I was surprised however when I heard today that Woolworths is not only alive and well but it's share price is up and it is making bigger profits during the economic downturn. It turns out that in Australia, the Woolies brand is alive and well.
On the day that the UK was stated as the worst-positioned leading country for the current economic crisis, I guess we only have to look to Woolworths for an example of where the UK Government has failed where others have succeeded.
Oh yeah, and Australia is in surplus too. Imagine that.
4 comments:
I think the rather uncomfortable truth is that the financial sector is integral to our economy whilst the weaker retialers are not which means that ultimately saving white collar jobs will happen wheras saving some of the lowest paid people in our society may not.
In saying that we could take a moral rather than economic case and try and save a massive range of businesses.
From what I remember of Woolies in Australia, it is quite a different store from what we had here, in that it is a large supermarket, almost a hypermarket, where food is the main reason people shop there. But they can also buy clothes, houslehold stuff etc.
Woolworths here didn't know what it was recently, pound store, clothes and toys for kids, household goods, music and DVDs?
The stock was never consistent, apart from sweets and toys, the stores were run down and badly designed.
It was almost bound to fail. You could see that even before the credit crunch. I don't think you can blame the government for Woolworth's own managerial decisions and failures.
As pointed out by Rapunzel, and in my series of posts about Woolworths, the Woolworths in Australia has never had anything to do with Woolworths in the UK, except for sharing a name. From what I understand, Woolworths in Australia is more like a supermarket than the UK business. Given that no major British supermarkets have recently gone under, I think it's a bit harsh to blame the government for this one.
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