The chief executive has to convince Canberra and Woolies’ customers that she is responding to the cost-of-living crisis rather than the ker-ching of the cash register.
Whether Woolworths has been pummelled into submission by Canberra’s political rabble or is simply caught in a battle for market share, the result is it has lowered prices and will sacrifice profit.
Yet food prices aren’t the only thing falling at Woolworths: Its share price has fallen harder and faster. A legal accusation by the Australian Competition and Consumer Commission that Woolworths and Coles haveon hundreds of products has been wildly damaging for the nation’s biggest supermarkets and placed them in defence mode.
Customers have not only abandoned much of their supermarket brand loyalty; they are shopping differently.
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