Some interesting points about how Sainsbury's DNA is evident in all of their advertising, past and present. Their core ethics still represent those of the brand in it's beginnings 140 years ago.
- Their customer seeks "Value without compromise" and Justin feels it is necessary to speak to their customers in a language that they understand whilst continuing to innovate the product they offer. Particularly in times of economic crisis.
- The sign above their 1969 Dury Lane store read "Quality Perfect. Prices Lower" and they try to continue these values today whilst remaining ethically and environmentally responsible.
- The key message was that retailers need to stick to their values and not lose sight of what their customer's expectations are.
A panel discussion followed featuring Justin King, John Lovering (Chairman of Debenhams) and Phil Wrigley (Executive Chairman of New Look). Many interesting points came out of the discussion.
- Offering value is not a short term solutions.
- It was suggested that perhaps the majority of businesses who have collapsed over the last 10 years had a view to serve yesterday's customer.
- With it being "25%" more expensive today for British retailers buying from suppliers and with the strength of the Euro, New Look have intentions to expand globally.
- Retailers aiming to survive the recession must "Kill or be killed".
- The encouragement of staff through leadership and enthusiasm is vital in order to retain a vision of the future for your company.