Australia hasn’t had a major grocery price war since 2016, when Woolworths’ new CEO, Brad Banducci, sacrificed profits to invest $1 billion into prices and stores to win back market share from Coles.
It was a risky decision – the stress gave Banducci a debilitating case of shingles – but it paid off, and Woolworths’ earnings, market share and share price recovered within a few years.
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Sue Mitchell writes the fortnightly Window Shopping column for the Financial Review and has covered retailing for over 30 years. Connect with Sue on Twitter. Email Sue at smitchell2045@gmail.com
