john-lewis-partnership-plc-annual-report-2015

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6 John Lewis Partnership plc Annual Report and Accounts 2015 Challenges we face Understanding the bigger picture helps us plan for the future by adapting our strategy and business model. Here we sum up some of the biggest global and retail trends affecting our business. Global trends Our external environment is considerably more complex than when John Spedan Lewis established the Partnership. Trends Globalisation of supply chains and volatility in commodity prices The globalisation of supply chains makes it more difficult for companies to have complete visibility of all suppliers and associated costs. The volatility in commodity prices, such as oil and raw materials, creates greater risk for businesses. Growing concerns around health, wellbeing, inequality and diversity Growing health crises such as obesity are costing lives. Austerity and stagnating wages around the world are heightening the gap between rich and poor. Whilst the diversity of UK population continues to grow, this is not represented in the workplace. Climate change and natural resources Human activity is contributing to climate change, with negative impacts already affecting global supply chains. Natural resources are being over-exploited. Retail trends There continues to be significant shifts in the way customers research, shop and take delivery of their goods, whether grocery or non-food. Trends Deflation and structural changes in the grocery sector The falling oil price, good harvests globally, and lower consumption in developed countries have led to the highest level of food price deflation in the UK since the 1970s. The rise of discount grocery retailers has added to demand for value and increased price competition across the industry. Rise of convenience shopping and technology New technology is driving demand for convenient, flexible shopping based around consumer lifestyles. Consumers now shop and take delivery of their goods 24/7 online from home and mobile devices. Transparency and trust more important than ever There is increasing demand for transparency on a variety of issues, from corporate conduct to where and how products are made.
Annual Report and Accounts 2015 John Lewis Partnership plc 7 In 2014 we carried out an assessment of material sustainability issues by interviewing key stakeholders to understand the potential impact of these issues on our current and future performance. See the Performance section from page 48 for more information. What this means for the Partnership a We must strive for traceability in the supply chain and secure sustainable sources of supply. a We must address health, wellbeing, inequality and diversity concerns, including: – Investing in our local communities – Ensuring the health and wellbeing of Partners – Ensuring our workforce represents our diverse population – Developing and marketing products responsibly. a We must manage the environmental footprint of our operations and supply chain, through sustainable and responsible sourcing, especially as our business grows. What this means for the Partnership a We must invest in innovation, including: – Driving efficiency throughout our operations and supply chain, without compromising standards – Committing capital prudently to protect our profits and achieve target returns – Creating new products and services for our customers. a We must be agile and continue to reshape our operations, including: – Investing in IT and distribution to deliver our customers’ shopping quickly and efficiently – Addressing the pressure these changes place on our Partners and their working environments – Creating and designing meaningful jobs in the face of change. a We must strive for transparency, providing information and assurance on issues such as supplier working conditions, fair wages, animal welfare and environmental impacts. How we’re responding Look for the following headings in the Performance section page 48 onwards to find out more: financial review Partner review customer review sourcing review communities review environment review Introduction Partnership difference Principles Strategy Performance Governance Financial statements
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In a nutshell... Annual Report and
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Statement of Directors responsibili
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Five year financial record for the
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