I have watched Whittard's for many years as I have seen them as very much a direct competitior to my business as tea and coffee specialists. In the early days they were a tight outfit with a well presented quality product line.
Over the years though the focus has increasingly been on presentation and not enough time I believe spent on content. Surely if you are a specialist in this market you should be recognised for being outstanding at what you do. There should be no comparison between what you offer and what is on offer at the local supermarket; sadly for Whittard great packaging is now everywhere, which means that the contents needs to be outstanding - it isn't and so their customers voted with their feet. In our line of business a one off purchase isn't good enough, you need repeat business to survive.
The person I feel sadest for is Giles Hilton, Mr. Whittard if you like. He is a great individual with an unparalleled knowledge in the tea business. But even Giles couldn't stop Whittard's losing its soul. Even Howard Schultz of Starbuck's fame has higlighted the problems of losing your soul. People become dispassionate about your business and move on.
I believe there is room for a Whittard type business but it has to be driven by someone with a passion for the products they sell, and people who are in it for the long run. Can that ever be achieved by a bunch of private equity types? I doubt it - when all your focus is on the bottom line, and maximizing your cash flow to the detriment of others, you forget what this business is all about. It's about people and relationships around the globe. It's about doing something that benefits all, not just a handful of financiers.
Will anyone work that one out ? We'll see
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I read with great enthusiasm your blog and this bit tickled me "Can that ever be achieved by a bunch of private equity types? I doubt it - when all your focus is on the bottom line, and maximizing your cash flow to the detriment of others, you forget what this business is all about. It's about people and relationships around the globe. It's about doing something that benefits all, not just a handful of financiers."
Hmm I would love to hear all those sentiments echoing from the Jersey Chamber Of Commerce about companies operating in Jersey instead of constantly opposing the introduction of a third food retailer to Jersey to restore the status quo of a couple of years ago or anything improving the life and the way we all live, now offering choice to one and all that’s something that would benefit all!
Thank-you Quovardis for your comment. I think the opposing of a 3rd Supermarket in Jersey is actually quite a socially responsible thing to pursue in Jersey where the market size is so small. What has to happen in turn is that certain businesses now have to act socially responsibly in return - that's part of the deal. That happens when times are tough and businesses have to be ever more creative to retain customers. From a meeting I had last week this is already happening. Those people who are so critical of the current position don't appreciate just how much impact they are having on businesses by simply not spending their hard earned cash with them. It may seem to take some time, but staying in control of our own destiny, rather than as the Woolworth's staff have recently found out being beholden to the vagaries and whims of off Island management who have no interest in the future of Jersey makes a lot more sense. In the mean time people like me have to accept the many brickbats that are thrown in our direction.
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