12
John Lewis Partnership plc Annual Report and Accounts 2014
OUR PARTNERSHIP STRATEGY
The Partnership strategy is underpinned by three Aims, which support Principle 1.
As the Partnership expands and the retail marketplace evolves, it remains important that our strategy focusses on our ultimate goal: balancing the happiness of our Partners with the success of the business as a whole, as outlined in Principle 1 of our Constitution.
Principle 1 sits at the heart of our overall business strategy. The Partnership Board sets the strategy after considering our areas of strength, opportunities and changes in the marketplace and in the world around us.
Our strategy is underpinned by three Aims. They are our Partnership approach is a better way of doing business. Delivering on our Aims ensures that, as our business grows, we respond better to new demands and continue to make the most of our co-ownership model. Underneath all our activities are the Partnership’s ethical principles and our commitment to do business in a fair, sustainable way.
OUR PARTNERSHIP AIMS
Increase advantage of Partners When our Partners achieve their very best at work, it creates a competitive advantage for the whole Partnership – happiness makes us all more motivated and effective. We aim for Partners to gain personal satisfaction by being members of a co-owned enterprise in which they have worthwhile and fulfilling employment, as well as a genuine sense of community.
We aim to attract new customers, and retain and deepen the relationships with those we already have. We do this through better understanding and quickly responding to their changing needs, whether that means more competitive pricing, flexible shopping opportunities, or peace of mind about our product sourcing. Enhancing our sustainability programme will support our market position.
Realise market
Increase
advantage of Partners
potential Grow efficiently Principle 1
‘The Partnership’s ultimate purpose is the happiness of all its members,
through their worthwhile and satisfying employment in a successful business. Because the Partnership is owned in trust for its members, they share the
responsibilities of ownership as well as its rewards – profit, knowledge and power.’
Grow efficiently The business has grown significantly over the last ten years, and growth will continue to be important. But growth increases business complexity and impacts our costs. Focussing on efficiency is becoming more important and to achieve a balanced and profitable growth, whilst delivering enough profit to distribute to our Partners, we need to carefully prioritise our investments and further instil cost control discipline.
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