Introduction: The Warehouse Group Limited is founded in 1982 by Stephen Tindall, currently involving in three trading operations warehouse

stores, warehouse stationary, noel leeming. The warehouse group is one of the largest discounted retailer store operating in New Zealand. The Warehouse is mainly a markdown store same as Walmart operating in the USA, however The Warehouse group is selling more general brand as compared other department stores such as KMART. The company was also operating in Australia since 2005 after that it was sold to Australian discount retail. The Warehouse Group Limited is operating 92 Warehouse stores, 59 Warehouse Stationery, 75 Noel Leeming stores all over in New Zealand. The company had more than 10000 employees and $1.7 billion turnover in F12. i
(The Warehouse Group 2013 Interim Results, 2013) (the warehouse group, 2013)

The warehouse groups marketing approach is focusing on two main brand statements. First where quality is affordable and second where everyone gets a bargain. Moreover this is strengthen by money back guarantee
(the warehouse SDR case study, n.d.)

Page | 1

Background: The warehouse group is operating successfully in New Zealand from last three decades. In 1982, the first store was opened at Wairau road Auckland by Stephen Tindall. Stephen Tindalls incredible entrepreneurial skills and team commitment with the employees showed us that everything is possible New Zealand was a very different country in 1982, there were many restrictions on the imports so consumers in New Zealand didnt have much alternatives and the products available were mostly quite expensive. Moreover, shopping for new Zealanders was going to large established stores in cities or towns such as Haywrights and George Courts. Stephen Tindall and his team members came with a unique approach; The Warehouse approach, the warehouse was made of concrete floors, basic sheds, racks and bins located in the suburbs. The Warehouse was selling things that were never sold before in New Zealand such as rattan blinds, banana loungers and soccer ball radios etc. Furthermore, the first warehouse was filling and selling things that the other stores were not able to sell and when the sales took off, Stephan and his team members started looking for new suppliers and products from all over the world so that they could offer real deals to the consumers with target focus on maintaining low cost and reinvestment of profit to assure prices stay low and the company started growing and developing in different and successful. The desire for growth resulted a successful retail store chain with 92 stores today from 2 stores in the beginning (1982). Milestones in warehouse background: 1) First store started in Takapuna, Auckland in 1982. 2) Warehouse stationary started operating in 1991 and sales more than $100million. 3) The warehouse listed in NZSE10 index and sales exceeds $ 1 billion in 2000 4) Warehouse Extra opened in 2007 5) The Warehouse group take over famous electronics retailer The Noel Leeming Group for $65 million in 2012 (History, 2013) (The Warehouse Group, 2013)

Page | 2

Current situation: The warehouse group limited and its subsidiaries are now working as a retail chain in New Zealand with 92 generic merchandised store, 59 stationary stores and 92 electronics and home appliance stores. In New Zealand retail sector, the group is working in three market segments as described above. The operating segments are being managed by different management teams with own infrastructure and stores and the operating segments reports internally to the board of directors. Last year, the warehouse group bought the noel leeming group for $65 million, which have resulted significant increase in total sales and profits of the group. According to the interim reports by the warehouse group have earned $106.3 million net profit after taxes as compared to $54 million last year, it is the significant increase of 96.7% Moreover the group sales has also increased to $ 110,91,74 million from $937,94,1 last year. Which is near about 18.3% as compared to the first half of last year.
(unaudited results, the warehouse group, 2013)

Furthermore, the warehouse group is also looking forward in to become a major key player in online market as well. The warehouse have recently bought majority stakes in Torpedo7. Torpedo7 is selling outdoor products in New Zealand through the websites such as daily deals with famous website 1-dayee, 1-day and for shoes and clothing by urban daddy. This decision of buying majority stakes in Torpedo7 is the step towards increasing online presence and offers. The warehouse group is also going to open new warehouse near the Hamilton city airport that will be mainly an online store for Torpedo7s operation
(Warehouse buys majority stake in Torpedo7, 2013)

As we can see from the above statements that the warehouse group is becoming more initiative toward the growth of the company and market competition.

Page | 3

Marketing audit

1) Marketing environment audit: Macro-environment a) Demographic environment: There have been many changes in the demographic market environment of New Zealand in past three decades. Consumers our becoming more brand conscious and look for high quality brands in retail stores, however, this is the biggest factor effecting the Warehouse group, because group dont have many quality suppliers most of the product are third class quality product. However, the warehouse group is now improving quality and trying to bond with quality suppliers in all the products categories. As we can see, the warehouse group have recently bought Noel Leeming group so that they can provide more quality in home appliance and electronics to the customers at a better price.
(Warehouse turns up the volume, 2012)

b) Economic environment: In the last few year, unemployment rate has significantly increased in New Zealand, it has also resulted decreased in the income level of the people so the middle class looks for the quality as well as low price products. So , the warehouse group is providing products at a low price but however to maintain quality and low price together becomes an issue for the group, and to deal with it the warehouse is expanding within the market as a big buyer so that they can come up with better deals to the consumers. (new-zealand unemployment-rate, 2013) c) Environmental: Over the last three years the warehouse group is regularly participating in activities to support communities and environment. For supporting the environment, they regularly collects the data related to carbon waste, plastic bags issued, electricity used, fuel and motor vehicles used And then every year they try to reduce the levels of natural resources being used by the company. Moreover, every year warehouse group release a community and environment report with the annual reports to show the stakeholder, their contribution towards the environment friendly activities.(communities and environment, 2013) (society and environment
reports, 2010) Page | 4

d) Technological: The warehouse group is operating in the market from last three decades with cost leadership strategy, and to maintain that low cost strategy, they always need to minimise their expenses. Which resulted basic technology use in the company. However, we have seen that from last 2-3 year warehouse is now trying to be more competitive by adopting latest technology in terms of trading, advertising, online operations, etc. Moreover, the takeover of Noel leeming group and buying majority stakes in Torpido7 (expert in online selling websites) are the steps towards a future technological changes in the company. (Warehouse buys majority stake in Torpedo7, 2013)

E) Political: As any other retail store, the warehouse group is also based on the concept; buying in bulk and then selling and most of the products sold in the warehouse are imported. In future, any changes in the import export of goods or any restriction on imports can affect the companies working. So the warehouse group should also promote local suppliers to be in safe side.

F) Culture: Since 1982, warehouse group has developed the culture of providing goods to the consumers at an affordable price and to keep that culture they always been looking for big suppliers and better deals But warehouse group is always been compromising on the quality of goods, which has affected the culture of the organisation very much. However, the current activities of the company may solve these issues in the coming few years. (The warehouse SDR case study, n.d.)

Page | 5

Task environment a) Markets: the retail markets in New Zealand is growing day by day. In last eight years the retails sales grew near about $16.1billion (31%, around 4.5% annually), which makes market environment quite profitable for the companies. Moreover, electronic and home appliances segment are the biggest segments in the markets.(the retail markets in New Zealand, 2011-2012)

b) Customers: customers has been always the key focus for the warehouse group, as we can analyse from the core purpose of putting our customer first and supporting communities and environment. Moreover, to support their core purpose warehouse group regularly analyse the markets trends and try to deliver the service customers want. However, warehouse group is still struggling for proving quality and branded goods in the stores.
(the warehouse core purpose, 2013)

c) Competitors: the warehouse groups major competitors in New Zealand retail sector involves Kmart (discount department store), Briscoes group (home ware and sports store chain), Super cheap auto (automotive products) and Farmers (low scale department stores). The main competitive advantage the warehouse group has over all the competitors is the cost leadership.
(The Warehouse Group Competition, 2013)

d) Distribution and dealers: the warehouse group discounted retail store with 226 store in total to distribute products to the end users. Moreover, the warehouse group is also using online selling for distribution of products all over the New Zealand since 2009, which has strengthen the distribution system.

e) Suppliers: the supplier group of the warehouse group includes local and overseas suppliers. Most of the supplies comes from overseas so any fluctuations in transportation costs or any restriction on imports can effects the supply very much.
Page | 6

f) Facilitators and marketing companies: the warehouse group is a group of merchandised stores, which means most of the companies deliver products directly to all the stores. Warehouse group doesnt pay for the transportations facilities. Moreover, marketing is also part of the business they market have their own marketing management teams for managing the goodwill in the markets.

Part II market strategy audit

Business mission: According to the companys mission statements, the warehouse groups mission is where people comes first and quality is affordable. Moreover the management approach of putting customers first has resulted rapid growth for the warehouse group. However, the sentence in mission about quality at affordable price is still being compromised. (about-us stephen-tindall, 2013)

Marketing objectives and goal: The warehouse groups main marketing objectives is growth. Growth is terms of sales, profits, market share and the business. From the beginning of the warehouse group it is promoting overall Value for the money is the key driver for all the marketing activities. Moreover, the warehouse group wants to be customer focused and diversified group of trading and retail companies that leverage their core competencies.

Strategy: according to the interim result and strategy update by the warehouse group on 8 march 2013. The strategy for the group will be becoming a multifunctional business unit. Moreover, remaining customer focused, people cantered and store focused. Furthermore, increasing core competencies of figuring out New Zealand customers preferences.
(the warehouse group interm results, 2013)

Page | 7

Marketing organization audit: a) Formal structure: The formal structure of warehouse group is flat hierarchy structure at top its the board of directors. Which is followed by chairman and deputy chairman than all the business units of warehouse group has their own management and they become responsible to their decisions. Moreover, the strategic decisions such as related marketing, operations, research and development and manufacturing are taken by mainly chairman (Graham Evans) and deputy chairman (Keith Smith) after approval from board of directors. b) Functional efficiency: as we can see in the current interim reports the relationship between sales and marketing are always been very best for the company, products management system works with no wastage target in account. Moreover, sales predictions are done on the basis of current strategy and demand of products. c) Interface efficiency: all the interface activities such as marketing, manufacturing, R & D, accounting, finance and legal are dependent on each other so company always look for increasing the interface efficiency. However, the warehouse group is struggling to main the low cost and quality in the products Marketing system audit Marketing information system: marketing research has always played vital role is warehouse group strategies. They always take feedback from the customers and suppliers. The key focus is always about customers so data is collect from in store and out store to strengthen the information system. Marketing planning: marketing planning is an integral part of marketing system, in warehouse group the marketing planning is based on the current resources available. The current takeover of noel leeming group was also part of marketing planning which has resulted rapid increase in the sales volume of the group. Marketing control systems: for the purpose of better control over sales, profits and planning, the warehouse group analyse their market position quarterly and the results our printed as interim reports, related to profits, sales, expenses etc.

Page | 8

Market productivity audit:

Profitability analysis: the company is dealing in three different segments and all the segments are growing at 2-5% rate. Which gives company a very profitable position in the market, moreover company is try to expand its operations to other business segments such electronics and online selling as we can see from the recent activities of the company. Cost effective analysis: the warehouse group is providing product at a very low cost from last three decades. For keeping the prices low, group has very limited expenditure on the marketing is very limited and marketing activities are chosen on the basis of less marketing contribution required.

Marketing function audit:

Products: the warehouse group is dealing with more than 90000 product lines and the purpose is to provide customers a wide range of products with a bargain.
(The Warehouse SDR Case-Study, n.d.)

Price: Companys main price objective is always keeping price low and giving customer products at an affordable price. The warehouse group always try seek the best bargains for the customers from the suppliers, because cost is the first advantage they always had from beginning. Distribution: the distribution is done with the help of all the stores in three segments. The purpose of distribution is always delivering best products to the customers. Marketing communications: the warehouse groups advertising objective is to increase sales and attract the customers to the store. The main media warehouse group use for advertising is mailing flyers to all the nearby houses. Which is quite effective and less costly. Moreover, marketing communication is more strengthen by online red alerts one day deals and television advertisements.
Page | 9

Sales force: currently there are more than 9000 employees working with warehouse group. Some portion of all these employees work as sales force to derive sales inside or outside the store. Which is skilled and professional in the sales with customer focused attitude in mind.

SWOT analysis of the warehouse group: SWOT analysis is a very important report while analysing companys current situation, because it help the stakeholders to find out the strength, weakness, opportunity and threats. In the following paragraph, I will be discussing all the components from taking the current situation of the warehouse group in account.

Strength: after the takeover of Noel Leeming group and buying majority stakes in Torpido7, the warehouse group has very powerful position in the marketing. They are able to bargain with the suppliers and become more competitive in market with their current resources.

Weakness: the warehouse group is always been seen as a basic store with poor quality of the products. There had been recalls on the products that are sold exclusively. Which has resulted poor brand image of the group in consumers perception. The poor brand image is the main weakness group is facing and it can also affect other operating segments of the group (The Warehouse Group Criticism, 2013) Opportunities: from the current situation warehouse has achieve strong position that creates opportunities such as better deals with suppliers, can enter to other market segments as well, giving more business to the group, strong position in local market and opens door for going global with the strong back support from New Zealand market. Moreover, Noel Leeming group opportunity is that they can leverage to the warehouse scale to reduce cost. (Noel-leeming acquisition presentation,
2013)

Page | 10

Threats: the threats for the business can the main competitors in the different operating segments, for example Dicksmith, JB hi-fi, Harvey-Norman for Noel Leeming group these competitors are holding 75% market share in the same segment. Moreover, global brands such as Walmart, Target, Bestbuy, etc. the largest retail brands working worldwide can also enter into New Zealand market.
(Warehouse turns-up the volume, 2012)

1) Porters generic business level strategies: After analysing the warehouse groups current position, I found out that there current business strategies revolves around porters three generic business strategies. In the following paragraph I will explain why warehouse group takeover noel leeming group from the porters three business level strategies.

(Three Generic Competitive Strategies, 2005)

Cost leadership strategy: the warehouse group is using cost leadership strategy from the beginning of the company since 1982. Which have resulted extremely fast growth in the company. In recent years, the change in consumers preferences for
Page | 11

the quality products has resulted steady growth for the group at the growth has decreased to 2% to 5% per annum in all the segments. So, the takeover of Noel Leeming group is an attempt to expand companies operations and becoming a large buyer for the suppliers, by becoming a large buyers company can achieve economies of scale and get better deals from the suppliers in terms of price and quality of the goods. This strategic movement can support companys cost leadership strategy and the mission of where people comes first and quality is affordable.

Differentiation strategy: the warehouse is using cost leadership strategy as the part of their differentiation strategy as well. Moreover, the money back guarantee is also playing vital role in differentiation strategy. It is, because warehouse is the only store which allows customers to return products for any reasons. There is just restriction on some products such as underwear. The policy applies to any product purchased from the store with in the last 12 months.
(customer-services and returns-policy, 2013)

However, this strategy is the key aspect of the warehouse, for the other two operational segments, the differentiation strategies includes; customer service, store infrastructure, best price guarantee. Focus strategy: The current takeover of Noel Leeming group is also the part of the focus strategy of the business. The takeover will help the warehouse group to get presence in the consumer electronics and home appliances, because Noel Leeming is a specialist retailer in this segment and warehouse has been always struggling with consumer electronics and home appliances segment. Moreover, the takeover of Noel Leeming group will also support the transformation of warehouse group to become preeminent in New Zealands non-food retail business.
(Noel leeming acquisition, 2013)

Page | 12

2) Ansoffs Growth Matrix: Ansoffs growth matrix is one the strategies used for the growth of the company. After analysing the current situation of the warehouse group the Ansoffs Growth matrix matches very effectively to the current situation. As discussed earlier, the warehouse group is a growth oriented company, and they always try to find new areas of development and expanding the current operations.

(Ansoff Growth Matrix PowerPoint Diagrams & Charts, 2011-2013)

Market penetration: the warehouse group is looking forward to achieve growth in the current major market segments such as electronics and home appliances. However, the main problems they are facing in those market segments is with supplies. the warehouse group is providing products with very basic quality. Which affects the preception of the branded suppliers that if they sell through warehouse store it may effect their brand image.so, the current takeover of Noel Leeming group will play a impertand role in market penetration. For example: if apple doesnt want to supply to warehouse stores than they will also loose Noel Leeming stores,which is holding near about 25% of market share in cunsumer electronics and home appliances.(Warehouse turns up the volume, 2012)

Page | 13

Market development: the warehouse group is also focusing on the marketing development of the company. Recent purchase of Torpido7 can be seen as the indicator of the marketing development. Where group is going to sell the same products as in the store but with the help online selling experts (Torpido7) warehouse group can enter into new market successfully, because warehouse group is try to successful in online selling market since 2009, but they our unable to become a key player.
(Warehouse buys majority stake in Torpedo7, 2013)

Product development: from the takeover Noel leeming and Torpido7 the warehouse wants to strengthen the product development process in the same marketing segments. The company may get new and branded suppliers with the buying power of group and sell in the same segments. Diversification: as I have already discussed earlier company may come up with the new products from the new suppliers. Moreover, with help on Torpido7 company may enter into new markets.

3) Porters five forces and the warehouse group:

(Porter's five forces, 2012) Page | 14

Threats of substitutes: the warehouse group have reduced the threats of substitute products in the market, because with the help of takeover, they are able to achieve economies of scale and able to provide quality products in the stores at an affordable price.

Customer power: the warehouse group is providing products at an affordable price since 1982, they are giving bargains to kiwi from the beginning. So, according to me the buying group does not hold enough power to effect the company directly. Moreover, most of the buyers are individual buyers. Buyer power only exists where buyer is large group of people.

Threats of new entrance: the warehouse group have gained a very powerful position in the market, moreover the cost leadership strategy, diversification in many segments and powerful financial support makes it very difficult for new competitors to enter in the market. Furthermore, the existing competitors in all three operating segments may also find it very difficult in the market to survive against the group.

Supplier power: as we have discussed earlier about the takeover of Noel Leeming and Torpido7 it was all about becoming a large buyer group for the suppliers. It is because, by being a large buyer group the warehouse group can eliminate the suppliers power to bargain and the warehouse group will be able to bargain with the suppliers as a large buyer group.

Marketing competitors: as the result of becoming a powerful buyer. The warehouse group will be able to get supplies in all the operating segments at low cost and this will help the company to compete in all the market segments in a better way.

Page | 15

4. Porters value chain analysis: The value chain is a value generating activities to separate the business system so that a firm can develop a competitive advantage and create shareholder value to have better understand of activities. Michael porter introduced a value chain model that contains a sequence of activities found to be common to be a wide range of firms. (value-chain, 2002-2010) The goal of these activities is to provide customer a level of value that exceeds the cost of activities, thereby resulting in a profit margin. The primary value chain activities of the warehouse group: The warehouse group being one of the New Zealands largest retailers has the suppliers from multinational companies and domestic companies including about 1000 non-trade suppliers. The Warehouse group know that customers have more choice than ever and have higher expectation on product they are buying. Therefore they have ranges of product including apparel, technology and now emerging with noel lemming to bring the latest technology and home appliances at best price. The company supports the environment and hence the purchase for plastic bags has helped in declining the use of bags.

These activities are supported by: The infrastructure of firm: The warehouse group includes its eight main executives including Mark Powell (C.E.O), Graham Evans (chairman of board), Eduard Van Arkel(director), Janine Smith(director), Stephen Tindall(director), James Ogden (Director) and Keith Smith(Deputy Chairman). After the failure of TUI-an inventory data base, the company upgraded the system to TUI2 which gave a good outcome. This system runs tracking sales, ordering and companys inventory and also manages the stock, stores and distribution centre. They also have a scan do for the customers to ensure all the items all priced clearly. Human resource management: The warehouse group aim to attract and retain the best people and create the environment where they are encouraged and supported. Some of the ways how warehouse support their team:

Page | 16

Induction: they make sure that all their new team members are provided with comprehensive induction to their jobs and the warehouse. Buddies: they team up their new team members with someone else who can show them the ropes. Careers: Warehouse believes in building a career to their staffs rather than simply job. Many team members have started as part-time at store and worked their way in satisfying long term career. Training and opportunities development: a regular review is done with the managers to identify and discuss the opportunities. Future potential: Warehouse has a talent identification programme designed to look at way to identify the high potential people within the team to move them through organisation quickly. Rewards: There are some great rewards for employees at warehouse. Recognition and financial rewards are given to the best employees. Technology development: the warehouse is trading electronically which means the transfer of agreed message from one computer system to another without the human intervention. They have now launched red alerts offering not only popular brands but also the amazing prices. Procurement: Most of the suppliers of warehouse are from 60 different countries. Supplier ranges from large multinational corporations to small domestic manufacturers.

Page | 17

Findings and critical factors for the takeovers future success

1) The warehouse group is one of the largest retail brands in New Zealand since 1982, the purpose of the company had always been giving value of money to customers.

2) In recent years, the warehouse group has observed change in the markets and to be more competitive in the market, they bought Noel Leeming group. Noel Leeming group was underperforming in marketing from last few years, which made it easy for Warehouse group to take over it.

3) After buying Noel leeming group, the Warehouse group has decided to shut down bond n bond stores, which was the part of Noel leeming group and some the stores has merged with Noel Leeming stores.

4) The warehouse group observed that Bond and Bond is also a successful brand in the market and shutting down its operations completely will be a very poor decision for the brand image of the business. So, they bought Torpido7 (specialist online seller) to maintain BondnBonds operations online. Overall that works as a perfect strategy for cost saving. Because the products that will sold online through Bondnbond that our delivered from Noel Leeming group. Furthermore, the online selling from BondnBond is very cost effective for the company. The company is using one store to manage two key brands in the market. 5) The takeover of Noel Leeming group can be seen as a successful movement towards the transformation of the warehouse stores. As explained earlier, warehouse stores is in a transformation stage of the current basic stores to hyper stores in New Zealand and this step is to support this activity. Moreover, in the coming few years the markets will become more complex and more competitive in nature and the strong position gained from the takeover will help the company to retain in markets.
Page | 18

Conclusion: In conclusion, I can say that the takeover of Noel leeming group was a strategic movement towards the future prospective. The company has not only expanded its business operating environment but also has taken step towards becoming an iconic brand retail chain of stores in the New Zealand. Moreover, all the operating business segments such as Warehouse store, Warehouse stationary and Noel Leeming has benefitted from each other with this takeover for example: the Warehouse stores will be able to provide better quality products at affordable price and electronics and home appliances has always been a struggling segment for Warehouse store this takeover will result improvements in that segment. Furthermore, Noel leeming was an underperforming business from last 2-3 years. This takeover has decreased their losses and Noel leeming can also reduce cost by transforming into Warehouse scale. In the end, Warehouse stationary can also product wide range of electronics in their stores and as a whole group this takeover build a strong retail chain of stores.

References
about-us stephen-tindall. (2013). Retrieved from www.thewarehouse.co.nz: http://www.thewarehouse.co.nz/red/content/homepage/about-us/stephen-tindall Ansoff Growth Matrix PowerPoint Diagrams & Charts. (2011-2013). Retrieved from www.smiletemplates.com: http://www.smiletemplates.com/powerpoint-diagramscharts/ansoff-growth-matrix/02474/ communities and environment. (2013). Retrieved from www.thewarehouse.co.nz: http://www.thewarehouse.co.nz/red/content/homepage/communities-and-environment customer-services and returns-policy. (2013). Retrieved from www.thewarehouse.co.nz: http://www.thewarehouse.co.nz/red/content/homepage/customer-services/returns-policy History. (2013). Retrieved from www.thewarehouse.co.nz: http://www.thewarehouse.co.nz/red/content/homepage/about-us/history new-zealand unemployment-rate. (2013). Retrieved from www.tradingeconomics.com: http://www.tradingeconomics.com/new-zealand/unemployment-rate

Page | 19

Noel leeming acquisition. (2013). Retrieved from www.thewarehouse.co.nz: http://www.thewarehouse.co.nz/is-bin/intershop.static/WFS/TWL-Site/TWLB2C/en_NZ/content/Investors/Press%20Centre/noel-leeming-acquisition-presentation.pdf Noel-leeming acquisition presentation. (2013). Retrieved from www.thewarehouse.co.nz: http://www.thewarehouse.co.nz/is-bin/intershop.static/WFS/TWL-Site/TWLB2C/en_NZ/content/Investors/Press%20Centre/noel-leeming-acquisition-presentation.pdf Porter's five forces. (2012, augest). Retrieved from www.resultsresults.co.uk: http://www.resultsresults.co.uk/blog/?Tag=3%20Environments%20Model society and environment reports. (2010). Retrieved from www.thewarehouse.co.nz: http://www.thewarehouse.co.nz/is-bin/intershop.static/WFS/TWL-Site/TWLB2C/en_NZ/content/Society%20and%20Environment/Reports/candereport2010.pdf the retail markets in New Zealand. (2011-2012). Retrieved from www.retail.org.nz: http://www.retail.org.nz/downloads/2011-12%20Retail%20Market%20in%20NZ%20April%202012%20Final%20version.pdf the warehouse core purpose. (2013). Retrieved from www.thewarehouse.co.nz: https://www.thewarehouse.co.nz/red/content/homepage/about-us/core-purpose the warehouse group. (2013, april). Retrieved from en.wikipedia.org: http://en.wikipedia.org/wiki/The_Warehouse_Group The Warehouse Group 2013 Interim Results. (2013). Retrieved from www.nzx.com: https://www.nzx.com/companies/WHS/announcements/233911 The Warehouse Group Competition. (2013). Retrieved from en.wikipedia.org: http://en.wikipedia.org/wiki/The_Warehouse_Group#Competition The Warehouse Group Criticism. (2013). Retrieved from en.wikipedia.org: http://en.wikipedia.org/wiki/The_Warehouse_Group#Criticism the warehouse group interm results. (2013). Retrieved from www.nzx.com: https://www.nzx.com/files/attachments/172151.pdf the warehouse SDR case study. (n.d.). Retrieved from /www.sbc.org.nz: http://www.sbc.org.nz/__data/assets/pdf_file/0005/55589/The-Warehouse-SDR-CaseStudy.pdf unaudited results, the warehouse group. (2013, january). Retrieved from www.nzx.com/: https://www.nzx.com/files/attachments/172150.pdf value-chain. (2002-2010). Retrieved from www.netmba.com: http://www.netmba.com/strategy/value-chain/ Warehouse buys majority stake in Torpedo7. (2013, march). Retrieved from www.stuff.co.nz: http://www.stuff.co.nz/waikato-times/business/8377820/Warehouse-buys-majority-stakein-Torpedo7 Warehouse turns-up the volume. (2012, december). Retrieved from www.stuff.co.nz: http://www.stuff.co.nz/business/industries/8083106/Warehouse-turns-up-the-volume Page | 20

Page | 21