The chief executive of hardware giant Bunnings, Mike Schneider, says the chain takes its promise to beat any competitor’s price seriously, and critics will not find evidence that it has engaged in price gouging.
Already a subscriber?The chief executive of hardware giant Bunnings, Mike Schneider, said the chain took its promise to beat any competitor’s price seriously and critics would not find evidence that it had engaged in price gouging.
Mr Schneider said the company invested “tens of millions of dollars” in a sophisticated pricing ecosystem to track competitor pricing and test claims that it had the lowest prices on items carried by other retailers. He said the business – which is owned by the $79.5 billion ASX conglomerate Wesfarmers – then invested tens of millions more to match competitor discounts and promotions.
“I think he’s setting the baseline case for the financial markets and the stock exchange with what he says. He’s got to do the right thing by his company and maintain investor confidence in his share price,” he said.Senator Cadell said he believed Bunnings “had to be investigated” over price gouging allegations. “There are allegations of that practice. They’re only allegations at the moment.
While Mr Schneider said critics would inevitably find a dissatisfied supplier or former supplier given the size of his business, many suppliers had worked with Bunnings for decades.
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