Resource Audit of Waitrose Supermarkets

Matthew Stewart

Page 1
Introduction

The John Lewis Partnership is a top ten UK retail business incorporating 26 John Lewis Department
Stores and 197 Waitrose Supermarkets; in addition, it has a significant online shopping presence
through Johnlewis.com, WaitroseDeliver, and Ocado, of which the partnership owns approximately
20%. Further divisions of the Partnership include a direct services company (Greenbee: selling
insurance, tickets and travel), a textiles manufacturer and a 4,000 acre farm. In the year to April
2008, total turnover was £6.8 billion.

In contrast to a typical PLC, where traditionally the key goal is to maximise shareholder value, the
Partnership is:

‘dedicated to the happiness of staff through their worthwhile secure and satisfying employment in a
successful business’ John Lewis Partnership Annual Report and Accounts 2008, p1.

In all, the Partnership employs approximately 70,000 “Partners” who collectively own the business
through shares held in trust for their benefit, where benefit is held to be “the sharing of gain,
knowledge and power” (John Spedan Lewis, cited by Street, 2005).

Gain: In 2008 each partner was awarded with a bonus of 20% of their annual salary: the highest in
recent years.

Knowledge: The Partnership has very transparent corporate communication and it is part of the
management’s responsibility to inform partners of the company’s activities and performance.

Power: Partnership executives are accountable to a network of elected councils, formed of partners
from all areas of the business. The councils have recently voted to reduce the qualifying period for
their non-contributory final salary pension scheme from five to three years (Finch, 2008). The council
ultimately has the power to remove the Partnership’s Chairman from office.

In providing partners with these benefits see Fig 1, the Partnership seeks to secure commitment
from its members and believes that: Figure 1. ( Source JLP CSR 2008)

“the commitment of partners to the business is a

unique source of competitive advantage which
has underpinned more than 75 years of
profitable growth and a reputation amongst
customers and suppliers unparalleled in the UK
Retail industry” John Lewis Partnership Annual
Report and Accounts 2008, p1

Regardless of the area of the business, value,

choice, service and honesty, are seen to be
crucial to the Partnership’s success. In 2007 and
2008 Waitrose and John Lewis were the top two
retail companies in Vedict’s Customer
Satisfaction Index. (Verdict, 2008)

Page 2
John Lewis and Waitrose share ideology, corporate structure and a number of central departments,
but they retain their own identities by independently operating in what could generally be described
as the “department store” and “supermarket” sectors of the retail market. The definition of these
sectors is, however becoming increasingly blurred as supermarkets in particular, diversify in to many
non-food areas previously the preserve of the specialists and the department stores. This has been
driven by Tesco and Aldi in particular (Johnson et al 2006) and is demonstrated in the four Waitrose
“food and Home” branches, which in addition to their usual assortment also sell a wide range of
John Lewis’s bestselling homeware, electrical and electronics lines. To complicate things further, a
food hall has recently opened in John Lewis’s flagship Oxford Street branch, selling a wide range of
Waitrose’s premium lines.

According to Johnson et al (2006), Physical, financial, human and intellectual resources form the
Foundations of strategic capability. This paper will seek, through the use of the PESTEL, Porter’s Five
Forces and SWOT analysis to assess the resources of Waitrose and identify which, if any, give
Waitrose a strategic advantage in the Supermarket sector.

Waitrose and John Lewis are inextricably linked within the “John Lewis Partnership”, and so this
paper will refer to “Partnership” when statements pertain to both divisions and “Waitrose” where a
statement is unique to Waitrose only.

PESTEL

Within the Macro environment it is likely that today’s unprecedented economic climate will impact
on every influence within the PESTEL framework. In his most recent Treasury Committee statement
(25th November 2008), Mervyn King, The Governor of the Bank of England stated:

“In the past two months, a remarkable set of events has transformed the outlook for the UK and
global economies”

The same grim statement summarises the events as:

“the most serious financial crisis since the outbreak of the Great War.... The flow of lending to
households and businesses has been severely disrupted. Confidence has been badly affected....
there was a significant fall off in demand coming into the fourth quarter.... the UK economy
probably entered a recession in the second half of 2008... unemployment has been rising at its
fastest rate for seventeen years.,,, Oil prices have collapsed by around two thirds since the
summer, and the price of metals on world markets has halved.” King, 2008

Political:
The fallout from the financial crisis has led to significant changes in government policy. In the six
months to December 2008 the UK government has effectively nationalised a number of large
banks, reduced stamp duty on house sales, reduced interest rates to their lowest point in 57
years and reduced VAT by 2% (bbc.co.uk). Each measure represents an attempt to prop up the
failing economy.

Page 3
In April 2008, The government reduced corporation tax from 30% to 28% (JLP Annual Report
2008) and although this will assist Waitrose in the short term, many observers have suggested
that taxation will have to increase again to fund the current levels of government borrowing
(The independent, Kirkup, J).

In 2007 John Lewis and Her Majesty’s Revenue and Customs agreed a scheme to allow partners
to receive their bonus tax free, provided it was invested in the scheme for five years. This
followed government policy changes in 2000 which meant that the bonus no longer received
preferential treatment. (Rowley, 2007)

Planning Policy Statement 6: Planning for Town Centres, prioritises the retail development of
town centres above out of town development. This aligns closely with the Waitrose model (JLP
Annual Report, 2008) and could prove useful especially as “more towns see Waitrose as a prize”
according to Stuart Hampson, cited by Duff (2005).

The next election must happen before summer 2010, and many expect a change of government.
This adds further uncertainty to the mix.

Economic
The tumultuous change in the economic environment spells recession. The likely impact that the
government’s recent actions will have on the extent of the recession is still unknown, and it is
therefore difficult to predict the extent to which Waitrose will be affected.

Fig 2. Shows that in the 18 weeks to 29 November, sales at Waitrose were up slightly year on
year. It should be noted however, that Waitrose has opened a number of new branches in the
previous year, so once these are removed it is likely that sales/ft2 would be down on last year.
Indeed some commentators (The Times, The Independent) have suggested that Waitrose,
sometimes referred to as the upmarket “Grocer for the Middle Classes” (Walker 2006) may be
losing market share to Aldi and Asda, generally considered to be budget supermarkets. It is
possible; however that falling mortgage rates and lower fuel costs will eventually reverse this
trend as disposable income (among those not made redundant) rises.

Waitrose has responded to the recession by investing £30 million in price cuts, and the heavy
promotion of its “As good as going out” range, in the hope that customers will substitute eating
in with going out. Sales of the range are reported to be up 33% (JLP Interim Report)

In recent months, there has been a significant fall in the price of many commodities including basic
foodstuffs and fuel. This should aid Waitrose and Ocado’s ability to drop prices further, through
lower direct and distribution costs.

The “Credit Crunch” has effectively made it more difficult for individuals and businesses to raise
loans. This is likely affect the Partnership’s drive for growth through new branches, as many retail
developments have been put on hold by their developer (Hipwell, 2008) either because of lack of

Page 4
funding, lower rental values or perceived increases in risk.

Fig 2. (Source: www.johnlewispartnership.co.uk)

Sociocultural
AB and C1 consumers account for 60% of spend in Waitrose compared with a market average of 47%
and Waitrose’s customer age profile is skewed towards the 45-64 group (Scottish food and Drink
2006). In the long term, therefore, Waitrose could be expected to benefit from the UK’s aging
population and tendency towards economic development.

With increasing awareness of sustainability issues, recent years have seen significant growth in the
organic and fair trade foods. Although Waitrose only has an overall market share of 3.9%, its share in
the organic market stands at 18% and fair trade 8.6%. In the wake of the financial crisis, however,
48% of organic shoppers claim they will reduce or even give up buying organic food (telegraph). This
may reduce the incentive to shop in Waitrose in favour of cheaper competitors with a less significant
organic range.

Technology
The key technological concern to supermarkets is the continued growth of internet shopping:
internet shopping growth is ten times higher than the traditional market according to Thompson,
2008. Including sales through Ocado, Waitrose currently holds 20% of the online grocery market
share. The recently extended five year contract between Waitrose and Ocado is geared to allow
Ocado to concentrate its efforts within the M25, where it is the market leader, and to allow
WaitroseDeliver to concentrate on other areas (Smith, 2008)

Page 5
Environment
The Government has set clear targets for the reduction of CO2 emissions, and these will have a
significant impact on the supermarket industry. The Partnership has stated its commitment to
achieving its own targets in line with the government, and is seeking to accurately measure its
progress. (JLP Annual Report 2008).

The Partnership has a number of policies aimed at ensuring environmental sustainability, in

particular it is leading the industry in the implementation of “green IT” (Ilet, 2008) and has
developed a framework for the sustainable construction of its new stores in association with “Forum
for the Future” to ensure that its new stores meet the BREAAM “excellent” status (JLP CSR 2008) The
Partnership has won numerous awards for its approach to CSR (JLP CSR 2008).

Legal
The Competition Commission recently reported that some supermarkets were restricting entry
into some localised markets by holding land banks that could otherwise be utilised by a
competitor. The Competition Commission recommended the implementation of a new planning
policy which will favour new entrants to the local market. In addition they would insist on the
release of the supermarket’s land banks in areas identified as a problem. (Competition
Commission, 2008) As a smaller operator in the grocery market this legislation could provide
new opportunities for growth for Waitrose as new sites become available.

Porter’s Five Forces

Competitive rivalry
The UK supermarket sector is fiercely competitive, led by the “big four”: Tesco, Asda, Sainsbury’s and
Morrisons, who in 2007 accounted for approximately 65% of the market (see fig.3). Tesco is the
market leader in the UK and also has a significant presence abroad. Tesco has come under attack for
its aggressive tactics for growth, including land banking as mentioned above.

Sainsbury’s has traditionally been Tesco’s main competitor, but major investment in Asda from its
US owner Wallmart has enabled Asda to overtake Sainsbury in recent years. The take-over of
Safeway by Morrisons, following an investigation by the Competition Commission enabled Morrisons
join the other big players in 2003 (Competition Commission, 2003, Cope, 2003).

Waitrose is seen as operating at the premium end of the supermarket with Marks and Spencer.
Waitrose has recently indicated that it will target the convenience store market, following successes
by Tesco, Sainsbury’s and Marks and Spencer. (Thompson, 2008)

Page 6
Fig 3. (Source: Competition Commission, 2008)

Barriers to entry
The UK Supermarket sector is well developed, and has a small number of successful companies who
account for the vast majority of the total market. Each of the major players has strong brand
recognition, with smaller well respected and well known British companies such as Waitrose, M&S,
and the foreign Aldi and Netto specialising in the premium and value ends of the market
respectively.

Coupled with the significant investment required to set up and market a supermarket, along with
the significant economies of scale and aggressive tactics employed by the existing companies, the
barriers to entry are very high.

Threat of Substitutes
The key substitution effect in the industry is the move from shopping in stores to shopping online.
With the exception of Ocado, all of the major online supermarkets are operated by bricks and
mortar supermarkets. It is questionable whether Ocado could have succeeded without the support
of Waitrose, but as Ocado grows it becomes more feasible that it could eventually become
independent. This may explain the continued growth of WaitroseDeliver in tandem with Ocado.

Buyer Power
Buyer power is particularly high in the supermarket industry, largely because the market is very
competitive and people are increasingly mobile. With the impending recession it is increasingly likely
that customers will follow the supermarket offering best value. Waitrose has a particular reputation
for strong customer loyalty, and it is possible that it’s niche for quality and service may improve
customer loyalty, but with it’s reputation for quality comes a reputation for being expensive, which

Page 7
may cause problems in a recession.

Supplier Power
Supplier power is low, because of limited differentiation, particularly in dry goods, where products
can be almost generic. This has led to loss leader marketing of essential lines such as bread in order
to try and differentiate by price. Waitrose has typically tried to differentiate through quality and
ethics in order to appeal to its premium market segment.

Strengths, Weaknesses, Opportunities and Threats: SWOT

Strengths

Reputation: Waitrose and the John Lewis Partnership as a whole have an excellent reputation both
with customers and suppliers. Waitrose has shared the top two positions in the Verdict Customer
Satisfaction Index with John Lewis for a number of years. Waitrose has avoided the controversy
surrounding price fixing that has afflicted the larger supermarkets (Competition Commission) and
with its “Supporting British Farmers” campaign has exploited its position. Indeed the National
Farmers Union has declared it “is delighted that the supermarket (Waitrose) has recognised the
importance of paying sustainable prices to farmers” (NFU). Its close alignment with John Lewis
Department stores strengthens its reputation further.
Its ability to do things differently, do them well and market them right is valuable in differentiating
its stores from the competition.

Structure: The corporate structure of the John Lewis Partnership is unique for a company of its size
in the UK, and its emphasis on its employees earns it much admiration in the press, Collins, 2007,
remarked:

“This business would seem to be a model for others, but there’s nothing like it on the high street. To
build a big retail business today needs extraordinary nerve, lots of capital and huge energy. It’s hard
to imagine Philip Green, say, deciding to give Topshop to the workforce rather than leaving the
empire to Tina. Even if he did, the temptation to cash it all in might prove impossible for his former
shopgirls to resist.” (http://www.spectator.co.uk/print/the-magazine/business/202996/the-new-senior-
partner-sets-out-his-stall.thtml)

The Partnerships reputation is often seen as a function of its unique structure, and this goes against
much economic literature, where shareholder gain is seen as the primary motivation for a company
and that extending worker participation with group rewards could reduce motivation and lead to a
loss of central control. (Bradley et al)
The ownership model, according to the JLP Chairman, enables ‘the superior product and service
which flows from partners’ involvement in their own business.’ JLP Annual Report, 2008, p15

The close alignment with the JLP corporate structure and John Lewis Department stores has meant
that intellectual resources at board level are particularly strong, given Waitrose’s size as an
individual entity.

Page 8
Ethics: Ethical treatment of suppliers, customers, staff and the local environment have been at the
core of the JLP culture for many years. There has been an acknowledged growth in the importance
of the “Triple bottom Line” in business in recent years, and whilst many companies seek to present
their ethics well in their CSR, they do not always practice as well as they preach (Balch). As
customers are likely to become increasingly concerned about sustainability in the future JLP is well
placed to win the trust of new customers as well its existing loyal base.

Weaknesses

Scale: Waitrose is a relative minnow when compared to the big four supermarket groups. In the past
this has made it difficult to find sites suitable for expansion (as highlighted by the Competition
Commission). Waitrose’s size will also have limited the economies of scale available to it. Waitrose is
not yet a fully national supermarket chain, and its background is firmly seated in the Home Counties,
although it has begun to open new stores in the North and a new distribution centre has recently
opened in Bardon, Leicestershire.

Price: Waitrose is typically seen to be more expensive than all of its competitors (with the exception
of M&S) and this has been highlighted in many articles in the wake of the “credit crunch”(Hickman,
Hawkes) , despite the claims of Waitrose management:
“we cannot be complacent and have invested nearly £30m in ensuring prices on everyday lines are as
competitive as Sainsbury's and Tesco - and cheaper than the discounters in some areas - but without
compromising the quality of our products” Price, 2008 (www.guardian.co.uk)

The perception of being expensive is often supported by “Shopping Basket Surveys” carried out by
the ONS: In September they reported that Waitrose was 18 % more expensive than Asda and 15%
more expensive than Tesco (Hickman, 2008).

Not being able to compete with Tesco and Asda on price alone is not necessarily a weakness,
providing it is able to compete effectively on quality and service. The apparent contradiction of
Waitrose management and regular surveys on the matter of price could, however, harm the
reputation of Waitrose as an “honest trader”.

Opportunities

New branches: The opportunity to extend Waitrose’s reach beyond its traditional market in the
South East is a real one, particularly in light of the Competition Commissions report, and the
preferential treatment that smaller chains such as Waitrose may receive through the new planning
regime. In response to this, Waitrose have begun to roll out a new smaller format “market town”
branch, which aims to utilise more local produce on its shelves, (Barkham) In addition to city centre
“convenience stores”.

The Waitrose demographic also provides further opportunities for growth.

Internet: Internet shopping is the fastest growing area of retailing, and Waitrose is well placed to

Page 9
take advantage of this with its partner, Ocado and its own Waitrose Deliver service.
Overseas: Waitrose has entered a licensing deal with Spinneys in Dubai, which will see the
established Spinneys supermarket brand rebranded as Waitrose. Many Middle Eastern cities now
have huge Ex-patriot populations, and this could prove a useful diversification, particularly when the
UK economy is suffering. (Singh)

Increased differentiation through quality and service: While many of its competitors become
increasingly price competitive, there may be opportunities for Waitrose to differentiate itself from
them further, by strengthening potential customers expectations of the Waitrose shopping
experience. With falling fuel prices and mortgages, disposable incomes may already have started to
rise again for many people.

Threats
Economic uncertainty: The John Lewis Partnership has an “upmarket” reputation, and given that the
trend in the economy for the past 50 years has been for increased wealth, “upmarket “could have
been considered a solid area for growth in the mid to long term during that entire period.

Recent events in the economy have been unprecedented, and there is now a level of uncertainty
that hasn’t been felt for generations. It is too early yet if the government’s actions will yield results,
but in the short term it looks as if Waitrose may suffer at the hands of cheaper competitors.

Such uncertainty is the chief threat because it is very difficult to plan for. Should Waitrose drop its
prices and threaten its valuable “premium” brand, or develop and market its reputation for quality
and service and hope that the economy doesn’t get too bad to sustain its higher prices?

Money Supply: The Partnership had its sights set on rapid expansion. Its plans may be thwarted to
some extent by the impact of the Credit Crunch and the availability of loans for development.

Conclusion – Unique Resources and Competitive Advantage

Waitrose is part of a corporation unlike any other in the UK. Its guiding principle, that it is there for
the benefit of the employees, sets it apart from the usual business models, and certainly from its
competitors.
Although Waitrose remains a fairly small entity within the supermarket sector, it has a reputation for
quality and service far exceeding that of its competitors, and it is not difficult to surmise that this is
at least in part the result of its unique corporate structure and the impact this has on the motivation
and attitude of its employees.
The reputation for quality and service clearly differentiates Waitrose from the big four supermarket
chains and appears to give Waitrose some upward flexibility in its pricing.
The Waitrose demographic, perhaps alongside that of M&S also sets it apart from the bigger players,
which are more typically associated with families. The ageing population is certain to shift more
people in to Waitrose’s favour.

Much of Waitrose’s success can be aligned with its reputation as a premium brand. The key concern

Page
10
for Waitrose in the near future is likely to be maintaining a premium brand in very uncertain times.

Reference List

Balch, O. 2004, ‘Companies' ethical reports branded ineffective’ The Guardian, Tuesday November 2
2004 13.54 GMT available at:
http://www.guardian.co.uk/business/2004/nov/02/ethicalbusiness.money

Barkham , P, ‘New food culture or a new threat? Waitrose targets market towns’ The Guardian,
Saturday May 17 2008 available at:
http://www.guardian.co.uk/business/2008/may/17/johnlewis.supermarkets

bbc.co.uk, 2008. ‘Timeline: Global credit crunch : A quick guide to the origins of the global financial
crisis’, 05/12/2008 available at: http://news.bbc.co.uk/1/hi/business/7521250.stm

Collins, N. 2007 ‘A new deal at John Lewis The new senior partner sets out his stall’ The Spectator,
26th September 2007. Available at http://www.spectator.co.uk/print/the-
magazine/business/202996/the-new-senior-partner-sets-out-his-stall.thtml

Competition Commission 2003, ‘Morrisons gets green light for safeway bid’, London

Competition Commission, ‘Market investigation into the supply of groceries in the UK’, Final Report,
published 30.04.08, p6. Available at http://www.competition-
commission.org.uk/rep_pub/reports/2008/538grocery.htm

Cope, N. 2003 ‘Morrison bid for Safeway gets boost from regulator’, The Independent on Sunday
Wednesday, 25 June 2003. Available at http://www.independent.co.uk/news/business/news/morrison-
bid-for-safeway-gets-boost-from-regulator-541772.html

Duff, M. 2005, ‘Waitrose's unique offering appeals to discerning U.K. consumers’, DSN Retailing
Today, Jan 10, 2005. Available at: http://findarticles.com/p/articles/mi_m0FNP/is_/ai_n8695216

Finch, J ‘John Lewis votes to improve final salary pension scheme’, The Guardian, Friday June 27
2008 available at: http://www.guardian.co.uk/business/2008/jun/27/johnlewis.retail

John Lewis Partnership Annual Report and Accounts 2008, London, available at:
http://www.johnlewispartnership.co.uk/Download.aspx?ResourceId=32559

Food Business Review, ‘Waitrose: expansion not convenient for competitors’ 10th July 2008

http://www.food-business-review.com/article_feature.asp?guid=8ACF706B-0EB7-45C5-B173-
9163F68C1C0A

Hampson, S. 2007, ‘Balance and partnership in retail planning’, International Journal of Retail and
Distribution Management’, Vol.25, No. 8, p630-625

Hawkes, S. ‘Forsaking Waitrose for Aldi’, The Times August 13, 2008
http://business.timesonline.co.uk/tol/business/economics/article4518307.ece

Hickman, M. 2008, ‘The Big Question: What do supermarkets' claimed price cuts really amount to?’
The Independent, Thursday, 18 September 2008 available at:
http://www.independent.co.uk/news/business/analysis-and-features/the-big-question-what-do-
supermarkets-claimed-price-cuts-really-amount-to-934138.html

Hipwell, D. ‘Retail development pipeline sees record decline says CBRE’ Property week 05.12.08

Page
11
available at: http://www.propertyweek.com/story.asp?sectioncode=297&storycode=3129392&c=1

‘John Lewis Partnership Annual Report and Accounts 2008’, London, Available at:
http://www.johnlewispartnership.co.uk/Download.aspx?ResourceId=32559

John Lewis Partnership Interim Report 2008, London, available at:

http://www.johnlewispartnership.co.uk/Download.aspx?ResourceId=40732

John Lewis Corporate Social Responsibility (CSR) Report 2008, London, available at:
http://www.johnlewispartnership.co.uk/Download.aspx?ResourceId=41214a

Johnson, G. Scholes, K. Whittington, R. 2006 ‘Exploring Corporate Strategy: Text and Cases’ p380

Kirkup, J. ‘Alistair Darling to signal future tax rises to pay for Government's borrowing’ The Telegraph
22 Nov 2008 http://www.telegraph.co.uk/finance/financetopics/budget/3498998/Alistair-Darling-to-
signal-future-tax-rises-to-pay-for-Governments-borrowing.html

Morgan, K. Marsden, T, Murdoch, J. 2008 ‘Worlds of Food: Place, Power, and Provenance in the
Food Chain’ pp183-185

National Farmers Union, ‘NFU salutes Waitrose for beef and lamb price deals’ Press Release
available at: http://www.nfuonline.com/x23542.xml

OPDM, ‘Planning Policy Statement 6: Planning for Town Centres’, 2005,, London, p5-6

Price, M. 2008, ‘Choices change, but customers still seek quality’ The Observer, Sunday November
30 2008 available at: http://www.guardian.co.uk/business/2008/nov/30/waitrose-supermarkets-
recession-innovation-business

Scottish Food and Drink “Waitrose Profile” available at:

http://www.scottishfoodanddrink.com/uploads/25588/Waitrose%20Profile.pdf

Seth, A. Randal, G. 1999 ‘The Grocers: The Rise and Rise of the Supermarket Chains’ pp152-154

Singh, S. 2008, ‘Waitrose launches in Dubai’ Marketing Week, 09-Jan-08. available at:
http://www.marketingweek.co.uk/cgi-bin/item.cgi?id=59144&u=pg_dtl_art_news&m=pg_hdr_art

Smith, C. ‘Gissing: Waitrose and Ocado are not rivals‘, thegrocer.co.uk, 14/11/2008. available at:
http://www.thegrocer.co.uk/articles.aspx?page=articles&ID=194935

Street, A. 2005, “Releasing profits to partners at John Lewis Partnership”, Strategic HR Review, Vol.
5, Issue. 47. Page: 12 – 13

Telegraph ‘Credit crunch hits sales of organic food’, 24th November 2008, available at
http://www.telegraph.co.uk/finance/financetopics/recession/3506720/Credit-crunch-hits-sales-of-
organic-food.html

The Independent ‘A nation in danger of drowning in a sea of debt’ Saturday, 29 November 2008.
Available at: http://www.independent.co.uk/opinion/leading-articles/leading-article-a-nation-in-danger-
of-drowning-in-a-sea-of-debt-1040268.html

The Independent ‘Credit crisis: Now here comes the recession... ‘, Wednesday, 15 October 2008,
http://www.independent.co.uk/news/business/analysis-and-features/credit-crisis-now-here-comes-the-
recession-961421.html

Page
12
Thomas, J. 2008 ‘Brand Health Check: John Lewis’ Marketing Magazine 16-Sep-08 p25

Thompson, J. 2008 ‘Crunch, what crunch? UK's shoppers are still spending’ The Independent,
Wednesday, 4 June 2008. Available at: http://www.independent.co.uk/news/business/news/crunch-
what-crunch-uks-shoppers-are-still-spending-but-do-it-online-839698.html

Thompson, J. 2008 ‘Waitrose to open convenience stores in pursuit of £27bn market‘ The
Independent: Wednesday, 9 July http://www.independent.co.uk/news/business/news/waitrose-to-
open-convenience-stores-in-pursuit-of-16327bn-market-863051.html

Verdict research: ‘John Lewis is top of the shops; A clean sweep for the Partnership as department
store group is voted UK's favourite retailer and Waitrose comes in second’ Publication: M2 Presswire
Publication Date: 10-JAN-08 available at http://www.accessmylibrary.com/coms2/summary_0286-
33689288_ITM?email=sm267@gre.ac.uk&library=

Walker, D. ‘Store of expertise’ The Guardian, Wednesday February 8 2006

http://www.guardian.co.uk/society/2006/feb/08/guardiansocietysupplement3

Page
13