Indefensible Food Costs in New Zealand - Shame on shareholders of Woolworths / Countdown
This post is unrelated to Art, but financially, like many others - I'm struggling to make ends meet.
I refuse to shop at Countdown / Woolworths anymore.
Countdown New Zealand recently rebranded to Woolworths.
Woolworths Australia owns Woolworths New Zealand. It's shareholders are finance companies, who drive their investment purely to make money.
But at what cost?
Woolworths Australia posted a net profit of $1.62 billion last financial year.
WTF? Seriously? While most cannot afford to feed their families and are crippled by rising living costs?
Woolworths face increasing pressure over the high cost of food in both Australia and New Zealand.
Woolworths will appear before Australia's Senate this year, as part of an inquiry into their market power and pricing decisions.
Best thing Woolworths could do right now, is make amends with the $1.62 billion it's ripped off suppliers and customers, and make transparent amends with any future net profits.
Woolworths New Zealand director Pieter de Wet, apologised to customers last week after rats were caught at Countdown supermarkets.
Woolworths Group CEO Brad Banducci today announced he quit and intends to retire. Brad Banducci resigned a few days after a ABC Australia (literal and metaphorical) trainwreck interview - where he walked out following questions about market competition.
I feel so sorry for the wonderful staff that work at Countdown / Woolworths. It's not their fault this is happening. Shame Woolworths doesn't trickle down some of the $1.62 billion net profit to it's underpaid staff.
The fault lays with the Woolworths owners / shareholders and executive level management.
Woolworths shareholders should not be making obscene profits from our most basic human necessity - food.
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