EVEN though these are troubling times for many traditional high street institutions, Yorkshire supermarket giant Morrisons has shown that there is a way back to growth after recording its best sales performance for nearly a decade.
A combination of competitive prices – and much improved customer service – vindicates the strategy that is being pursued by chief executive David Potts who was tasked with reversing the retailer’s slide in fortunes when it appeared, on occasion, to betray the values of its founder Sir Ken Morrison.
Customer loyalty can no longer be taken for granted – consumers want value for money and will shop around for the best deals – and Morrisons appears to recognise this more than most.
For, while its surge in sales did coincide with a nine per cent rise in underlying profits to £193m, it does have a retail strategy in place which will yield long-term dividends. And not all major stores can say that with confidence.