Supporting a successful turnaround
In 2014 Morrisons was in crisis, making a loss of £792m after four years of quarterly like-for-like sales declines. These were its worst results in eight years.
The Foundation supported Morrisons’ new CEO, David Potts, on three specific questions over the next three years, playing a small but important part in helping the Morrisons team with a decisive customer and colleague-led turnaround.
We started by developing a compelling proposition that would set Morrisons apart in the eyes of customers while being true to the business. Later, we tackled Morrisons’ purpose, working out why Morrisons matters to give all involved energy and direction. Finally we were asked to help with the challenge of making Morrisons known for outstanding service, which meant defining what it looks like for customers and more crucially working out how to realise it with colleagues’ ways of working.
By late 2018, the impact of this turnaround was becoming clear. It led to the strap line ‘Morrisons Makes It’, the roll-out of ‘outstanding service’ stores, and alongside a number of other initiatives the Exec team put in place, 14 consecutive quarters of growth and operating profit for the most recent complete year of £432m.