Return Of The Delivery Boy by Jonathan Owen
From Market Matter October 09
Last month saw some interesting ‘positioning’ by John Lewis plc, one of the UK’s most-respected retailers. JL has always been considered a safe bet for investors because of a reputation for cautious management and middle- England customers. Although sales fell 2.9 % in its department stores due to the ‘challenging economy’, its groceries arm, Waitrose, reported a 7.4% rise, largely due to online sales. The company said it anticipates a ‘slow, drawn-out economic recovery’ but went ahead to buy the rights to ‘Duchy Originals’, the organic bakery business of the Prince of Wales and to renew a five-year contract with home delivery service Ocado.
