Major Woolworths investors have urged the supermarket giant to drop Big W and cease operations in New Zealand, as Coles’ simplified services saw it dominate sales growth between the duopolies.
Woolworths Group CEO Amanda Bardwell has faced big investor calls to make major changes as its rival Coles dominates the market.
Major Woolworths investors have urged the supermarket giant to drop big W and cease operations in New Zealand, as Coles’ simplified services saw it dominate sales growth between the duopolies. Picture: Supplied The investor, whose firm has shares in Woolworths Group, said the new chief executive should offload BigW, describing it as a “business within the portfolio that’s just destroyed capital”.
The discount store took top spot among Wesfarmers’ divisions last year after expanding its popular Anko product range.Blackwattle Investment Partners said portfolio manager Ray David weighed in, saying Woolworths should cease an aggressive expansion into New Zealand and redirect a “greater focus on the core” of the company.
“In theory, Woolworths should be the superior business given its scale, greater network density and control of end to end online logistics fulfilment,” David told The Australian Financial Review. Former Woolworths Group CEO Brad Banducci acknowledged the turbulence the supermarket giant, alongside rival Coles, faced over the year but did not hint at any major changes. Picture: Asanka Ratnayake/Getty Images
Kmart Markets Woolworths Group Blackwattle Investment Partners Brad Banducci Bigw Coles First Sentier Investors Anko
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