The numbers of us doing our grocery shop online is soaring and one company that’s benefitting from that growth is Ocado. Shares in the firm have been boosted on the stock market this morning with the news that they will appoint former M&S boss Sir Stuart Rose as a Non Exec Director and Chairman Designate in May. Early this morning prices were up 5% to 100.7 pence each
We all recognise Ocado’s familiar green vans because they deliver for Waitrose, the supermarket arm of John Lewis Partnership. They’re gaining many new customers across London and the South East, and - in the six weeks up to 6th January - Ocado reported a 14% increase in volume, taking sales to just over £91m
Hiring the man who turned the fortunes of Marks and Spencer around between 2004 and 2010 is according to Ocado’s CEO ‘hugely exciting’. The firm is quote ‘looking forward to benefiting from his extensive retail experience and counsel’
It will definitely be looking to capitalise on the huge growth in online shopping which as surged in recent years: research group Kantar Worldpanel says online grocery sales alone surged past £5bn last year and have grown by 90 percent since 2008. In contrast to famous High Street retail firms who’ve gone into administration these last few weeks, Ocado is proof it seems that you have to be online, and adapt to survive.
Written and presented by Marverine Cole