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From big ideas to final nail in the coffin
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From big ideas to final nail in the coffin
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From big ideas to final nail in the coffin
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Newspaper Article
From big ideas to final nail in the coffin
2008
Overview
Undeterred by this setback, Frank Winfield Woolworth had another go in Lancaster, Pennsylvania, extending his \"nothing over five cents\" policy to include goods costing ten cents. The idea was a raging success and Woolworths was well on the way to becoming a household name. In 1984, Woolworths started selling houses from \"property desks\" in selected stores. The idea, recently reintroduced by Ikea, was ahead of its time but management underestimated the complexities and the scheme collapsed. By 1990, they had tried just about everything - and failed. Woolies was still stuck in a \"pick'n'mix\" time warp. At least it had no competition at the bottom of the retail market. But that changed when Te sco began selling CDs and electrical goods, and got worse with the entry of Aldi into the low-cost goods market. Their buying power meant Woolies was no longer even the cheapest.
Publisher
Newsquest (North East) Ltd
Subject
