Waitrose Supermarket during the Covid-19 Pandemic

Waitrose Supermarket during Covid 19 Pandemic
Name
Instructor
Institution
Course
Date
Table of Contents 1.0 Introduction. 3 2.0 Results. 4 3.0 Discussion. 7 4.0 Conclusion and Recommendations. 11 5.0 References. 12
1.0 Introduction
On a regional and international basis, many organizations saw a tremendous wave of change when the global pandemic struck in 2020. The impact of the pandemic, on the other hand, varies depending on the industry. Many major corporations have put in place necessary measures to prevent the firm from becoming a victim of the pandemic and have made a swift shift in their strategy to business implementation to keep the company afloat (Srivastava, 2022). The long-term viability of any corporate firm, particularly in the time of pandemic is primarily determined by the tactics used to either minimize or prevent the looming risk that could jeopardize the company's viability. The management's view of the problem determines this action or response. According to Sharma et al., (2020), adopting innovative technology in product or marketing, employing multichannel, implementing customer-focused value propositions, integrating socioeconomic operations, and rewriting organizational policy in the market context are just a few of the strategic management solutions. This research aims at investigating how Waitrose supermarket has been able to respond to the Covid-19 pandemic.
2.0 Results
Waitrose Limited was one of the companies severely impacted by the Covid-19 epidemic. In the United Kingdom, Waitrose is a supermarket. The owner is John Lewis Partnership, a British retailer, and is part of its food unit. The store has experienced an enormous expansion in the UK market in recent years. By July 2009, it had about 330 outlets across the United Kingdom, likely to grow over time (O'Higgins, 2018). Waitrose is the UK's sixth-largest grocery retailer, with a current market share of roughly 4.61 percent. The business sets itself apart from its opponents by offering high-quality meals and outstanding customer service. Consumers, especially the middle class, are ready to pay a premium for high-quality meals and services. Although the firm is considered to be expensive, customers continue to select it due to its high quality.
Waitrose's sales increased 10% to £7.6 billion while operating earnings increased by 8% to £1.1 billion. The supermarket also witnessed a significant shift to internet sales, accounting for 20% of total sales, up from 5% before the epidemic. In John Lewis department store the sales fell about 4% to just over £4 billion, with operational incomes dropping at about 25%. In contrast, online sales rose to 73 percent, almost offsetting 20 weeks of shop closures over the year. The unit store's online sales now account for three-quarters of its total sales, up 42% before the pandemic (O’Higgins, 2018). A rush for technology to assist home working and schooling aided sales. On the other hand, fashion and cosmetics sales plummeted as demand for work wear and social-event clothes fell due to the lockdown limitations.
Table 1
Year
2018
2019
2020
2021
Online sales (%)
35
47
62
78
The table above clearly indicates that most of the Waitrose customers have shifted to online shopping due to Covid 19 pandemic.
Furthermore, Waitrose supermarket has created special shopping time for the elderly and the most vulnerable members of the society while formulating a new arrangement in their stores
3.0 Discussion
According to Nosratabadi et al. (2019), sustainable business strategy can be defined as incorporating commercial, environmental, and societal objectives into an organization’s goals, actions, and planning to produce long-term value for the organization and help the company have a good and sustainable impact on the environment.Consequently, it's critical to look at how businesses are managing to stay afloat in the face of the global pandemic. According to Bove and Benoit, (2020), several international corporations, including Amazon, Tesla, supermarkets, and numerous large tech firms, succeeded when the Covid-19 plague struck in 2020. How did these firms traverse over the periods, what steps did some take, and how much did organizational culture influence their decision-making during the pandemic in terms of company sustainability?
Changes in consumer purchasing behavior due to national lockdowns and movement restrictions have resulted in a considerable migration of Waitrose supermarket operations into online settings. Waitrose Limited have had to entirely employ all accessible digital technology, acquire fresh skills, and obtain knowledge to function in new digitally oriented contexts to accomplish this transformation (Flynn et al., 2020). While some previous study has focused on business model shifts during pandemics, it has failed to analyze the strategy that the organization's management implemented to ensure business viability.
With Covid 19 spreading throughout practically all continents, the Covid 19 pandemic has substantially impacted the UK economy, leading to a negative effect on Waitrose Limited's sales volume, cash flow, and consumer and client allegiance. It has also caused a shift in work patterns, with Waitrose Limited deciding for remote working for its staffs, resulting in lower workloads. Waitrose Limited successfully implemented several new procedures to deal with the coronavirus problem to successfully respond to the covid 19 pandemic. Waitrose responded to COVID-19 epidemic with a flurry of new precautions, including stricter limitations on all food items, prol...