Waitrose | Verdict Company Briefing
Waitrose – the grocery arm of the John Lewis Partnership – has a more upmarket positioning than its mainstream rivals. While it is rarely the cheapest supermarket in terms of simple price comparisons, its strategy is to offer value-for-money and honest pricing. Its proposition is focused on product quality, ethical trading and an outstanding level of customer service.
- Benchmark your performance in food & grocery with detailed key performance indicators across sales and space data for Waitrose
- As a wholesaler or supplier, identify the unique potential of Waitrose as a new retail partner by understanding its specialist range strategy
- Understand Waitrose expansion strategies and what format and locations the retailer will focus on next
Waitrose aims to transform itself from a niche operator targeting well off and discerning customers into a truly nationwide grocery player with a much more massmarket appeal. In the longer run, it aims to more than double its market share to 10.0%.
Sales via Waitrose.com are growing rapidly, with a 50.0% rise in H1 of 2012/13, albeit from a small base. However, it has only recently begun to offer deliveries inside the M25. It now delivers across most of the UK. It will review its partnership with Ocado in 2017 when the current agreement expires.
Waitrose opened its first stores in the Middle East in 2008. We expect further gradual expansion of the brand in the Gulf region but the business remains of minor importance relative to the UK. While Waitrose may be dipping its toe in international retailing, we believe its strategic focus will remain in the UK for the foreseeable future.
- How will Waitrose reach its goal of more than doubling its market share?
- How are price communication messages aligning with Waitrose' core values?
- How will Waitrose' expansion online impact its relationship with Ocado?
Table of contents
Boosted by growth from convenience and online;
Tightens up value message with price matching on brands in Tesco;
Needs to sustain new product development;
Extends food specialist appeal with online TV channel;
Margins a strategic question as Waitrose aims for massmarket.
Margins a strategic question as Waitrose aims at massmarket
Recent key events
Wider distribution and improving price image
Proposition and customer profile
Communicates price message more strongly
Bumper loyalty growth keeps Waitrose top of ranks
Current trading H1
Operating margin sacrificed for growth
Rapid space growth set to continue
Sector performance – food & grocery
Benefits from market polarisation
Innovation and improved value image sustain share growth
Verdict company briefing
Market size calculation
Sales density calculation
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Table: Waitrose company information 2012
Table: Waitrose retail proposition 2012
Table: Waitrose UK key operating statistics 2008–13e
Table: Waitrose trading record trading record 2003–2013e
Table: Waitrose store portfolio 2003–13e
Table: Waitrose food & grocery and non-food space allocation 2010 & 2012
Table: Waitrose food & grocery and non-food space allocation (cont'd) 2010 & 2012
Table: Waitrose estimated sales mix 2012
Figure: Waitrose fascia 2012
Figure: little Waitrose Knightsbridge opened September 2012
Figure: Waitrose Brand Price Match 2012
Figure: Visitor share 2008–12
Figure: Visitor share by demographic group 2012
Figure: Loyalty 2008–12
Figure: Waitrose UK sales (ex VAT) and growth to January 2008–13e
Figure: Waitrose operating profit to January 2007–12
Figure: Waitrose food & grocery and non-food space allocation summary 2010 & 2012
Figure: Waitrose space allocation percentage point changes 2012 on 2010
Figure: Waitrose food & grocery sales (ex VAT) in calendar years 2008 – 13e
Figure: Waitrose food & grocery sales density to January 2008–13e
Figure: Waitrose share of total market held by food & grocery retailers 2008 – 13e
Figure: Waitrose share of market in food & grocery products 2008–13e
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