There was perhaps only one candidate for quote of the week after the chief executive of UK retailer The Co-operative Group said conditions in the UK were the worst he had seen in his career. Click on the links for the stories behind the soundbites.
“At the full year we warned that the downturn was biting deeper than anyone had expected and predicted that challenging trading conditions would continue into 2012. This has clearly proved to be the case. Indeed, it is the worst I have seen in over 40 years of retailing” – Peter Marks, chief executive of UK retailer The Co-operative Group, which reported a fall in half-year profits, is downbeat about conditions in the UK retail sector.
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“I’m quite excited about convenience. It’s an opportunity that retailers have on both sides of the ocean” – Ahold CEO Dick Boer outlines his belief in the convenience channel after announcing that the Dutch would look to open outlets in western Germany in the second half of 2012.
“The reality is, with two key customers, there has become, as I mentioned, an inhospitable environment for grocery manufacturers” – Heinz CFO Art Winkleblack commenting on the power of Australia’s two major food retailers Woolworths Ltd and Coles after Heinz put in a “poor performance” in the first quarter of its financial year.
“As the largest global player in the performance nutrition market and number three within the global premix (B2B vitamin & mineral mixes operation) market, it still has substantial headroom for growth in what is a fragmented industry” – Goodbody Stockbrokers analyst Liam Igoe believes Irish group Glanbia can further grow its expanding nutritionals operations.
“[There is a] recognition that globally there are serious worker issues in the food sector” – Peter McAllister, executive director of the Ethical Trading Initiative McAllister believes the time is right for ETI to raise its profile in food.
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By GlobalData“We, the presidents and leaders of industry, businessmen and women, bankers and wealthy citizens would like the richest people to have to pay a ‘special contribution’.” – Danone chairman and CEO Franck Riboud co-signed a letter from France’s top executives offering to pay higher tax to alleviate the country’s debt burden.
“It represents a considerable financial effort (on the part of the state) at a time of budgetary restraint” – France’s Agriculture Minister, Bruno Le Maire said following his announced promise of “several millions of euros” of aid to the country’s ailing fruit and vegetable sector.
“The confectionery business is a huge market with plenty of room for smaller players with interesting products. By partnering with our retail customers we can generate activity for smaller businesses and provide growth in a very big market” – Henk Hartong III, senior managing partner at Brynwood said in response to Brynwood Partners’ purchase of Minnesota-based confectioner Pearson Candy Co.
“Research shows people are now less willing to pay the premium for organic products. In addition, consumers are gaining more confidence that everyday products are being produced more sustainably and are more acceptable – so they no longer see the need to pay the premium for most organic products,” – Fonterra’s group director for supplier and external relations Kelvin Wickham explains decision to cut back organic production in New Zealand.
“There are a mix of activities they can pursue, such as reducing portion sizes, introducing more economical packaging and reformulating the product to, for example, use less sugar. They are used to dealing with it” – Torsten Stocker, partner at management consulting firm Monitor Group’s Shanghai office, says Chinese food manufacturers, who are under government pressure to keep prices low, will grumble but will likely hold off on price rises.
