Game for a laugh at Sainsbury’s Sainsbury’s is always keen to
point out that its reputation for price has improved since Alan Coren’s quip
that it existed solely to “keep the riff-raff out of Waitrose” — indeed, its
sales figures prove that it is mixing it successfully with the hoi polloi.
But ponder this morsel from its annual meeting: the first question from a
shareholder was on the availability of venison, partridge and pheasant. Hard
to imagine that happening at Tesco.
Comparisons can be odious Also at the Sainsbury’s AGM, one elderly,
well-spoken shareholder asked Justin King, the chief executive, whether it
was prudent to have on-shelf price comparisons with Tesco. “You’re putting
in customers’ minds that there is this huge company called Tesco — though I
loathe the place myself.” At a stroke, she had succeeded where thousands of
journalists had failed: she provoked Mr King into having a dig at a rival.
“I’m glad to hear you loathe them . . .,” he said as he began his answer.
Patently obvious in China On Friday, two unconnected Bloomberg stories
from China: the first was that a Chinese manufacturer had filed a lawsuit
against American retail giants, including Best Buy and Wal-Mart Stores, over
alleged patent infringement. Changzhou Asian Endergonic Electronic
Technology said that the retailers had violated its patent by selling a
rival’s product.
One expert said that the Chinese were becoming more sophisticated at using
American intellectual property law. The West may have long seen China as a
haven of piracy and intellectual property abuse, but apparently Chinese
manufacturers are learning that the law cuts both ways.
And the second story? Shares in Hunan province’s largest retailer had soared
on their first day of trading. Its name? Your-Mart.
Love-hate relationship In the United States, the feared collapse of
CIT, the commercial lender, has put retailers on edge. As well as providing
instant payment for suppliers, it insures invoices. “Take them out of the
equation,” America’s National Retail Federation said, “and the suppliers
don’t have operating capital.” A far cry from the criticism British
retailers heaped on credit insurers when they took evasive action. Can’t
live with ‘em, can’t live without ‘em.
businessfeatures@thetimes.co.uk
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