Waitrose boss Mark Price outlines its development

Before the financial crisis of 2008 – 2009 hit, Waitrose had relied on increasing average item prices to fuel growth in value sales, said md Mark Price, who presented at the summit.

However, the tactic masked slow and steady declines in store footfall and became unsustainable when the crash hit, Price said.

As a consequence, it had to rethink its strategy, he added. “We were beginning to see customers’ appetite for omni-channel shopping, but were in danger of being outflanked.”​

Waitrose’s response had included introducing convenience stores and outlets at service stations and boosting its product development and online sales.

The retailer’s launch of its Waitrose Cellar dedicated wine website in May underlined its commitment to internet retailing as a “vital part”​ of its success, Price said.

Exports, too, formed an important aspect of its future plans, he added. “We now sell ranges in 50 regions around the world and on planes and trains.”​