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METRO gROUP : ANNUAL REPORT 2011 : sTRATEgy → InTeRvIeW WITH THe CHaIRMan oF THe ManaGeMenT BoaRD aCTing STraTegiCaLLy! – 2011 – METRO gROUP THe Long-Term VaLue CreaTion THe CUSTomeR DeCiDeS – “ OUR TOP PRIORITY IS ADDED VALUE FOR THE CUSTOMER.” AN INTERVIEW WITH OLAF KOCH, CHAIRMAN OF THE MANAGEMENT BOARD OF METRO AG, ON CUSTOMER RELEVANCE, GROWTH PLANS AND THE COMPANY’S COMMITMENT TO SUSTAINABILITY – PeRSonAl DATA – • Olaf KOch • has been Chairman of the Management Board of METRO AG since 1 January 2012. The 41yearold was previously Chief Financial Officer of the retail and wholesale Group, which he joined in September 2009. Olaf Koch is married and has three children. 416 Mr Koch, do you prefer to do your shopping online or in the city centre? olaf koch: Online retailing just keeps growing and growing. My shopping behaviour is changing as well: sure, I, like many other people, do shop in the city centre or in malls – because I like to experience products “live”. But I frequently do not have the time for such excursions, and I already know exactly what I want: on these occasions, I will just order the item online from shops like the one run by Saturn. This shop went online in October 2011. Critics argue that you entered the online business too late. olaf koch: I acknowledge that we did get off to a late start and may have not taken the needs of customers seriously enough for a long time. But we were certainly not too late because the growth momentum generated by the online business will continue. What matters most to → p. 025 TaKing a Far-SigHTeD VieW! 2011 – METRO gROUP me, though, is not the particular launch time. I am more interested in having a convincing concept. The online stores of Media Markt and Saturn are now closely dovetailed with their stationary business: customers can now do such things as order products online and then pick them up at the nearest store. Complaints and returns are not tied to the place where the products were purchased. They can be addressed either at a store or in the online shop. We are also applying this multichannel approach at Galeria Kaufhof – a clear competitive edge over pure play online retailers. Real has been online since 2010 and has also created an attractive new format with its drivein grocery store. Metro Cash & Carry has its own online store at the country level, including in Germany where it operates an online wine shop for commercial customers. In a nutshell: all sales divisions are now online with their strong brands. This Internetbased strategy is also being carried out by Redcoon, a strong online discounter that joined METRO GROUP in 2011. As a result, we will gain a direct stake in the rapid growth of online retailing and become a relevant player in this sales channel. Multichannel sales, own-brand products, new sales formats – it appears that METRO GROUP is trying out a lot of new things. What is the ultimate goal? olaf koch: We are indeed working on many new concepts in many areas on behalf of our customers and are making tremendous progress. The overarching
METRO gROUP : ANNUAL REPORT 2011 : sTRATEgy → InTeRvIeW WITH THe CHaIRMan oF THe ManaGeMenT BoaRD aCTing STraTegiCaLLy! – TRAnSFoRm – “I am more interested in having a convincing concept. The online stores of Media Markt and Saturn are now closely dovetailed with their stationary business.” goal of all activities must be to offer our customers real added value. To be able to respond to their needs, we must constantly evolve: after all, no format lives forever. In the end, it is the customer who decides about success and failure in retailing. We can and want to forcefully meet this challenge, as well as continuously hone our strong business models to meet customer needs, including with targeted innovations. Hand in hand with this evolution goes a change in our corporate culture: we intend to further strengthen the entrepreneurial spirit of our employees. They develop improvement suggestions and ideas that further intensify the Company’s focus on the customer. The potential is huge here – we have already put many good ideas into action. Do you think Shape 2012 is on the road to success since being introduced three years ago? olaf koch: Yes. We have begun to make the transition from a heavily procurementdriven business to a customer focused company. And we will continue to move in this direction. After all, customer focus must form the core of our identity as a retail and wholesale company. We have Long-Term VaLue CreaTion also become much more efficient, and have clear structures and a new attitude about costs. But we are not where we want to be in terms of productivity gains that are needed to produce sustainable growth on a likeforlike basis. For this purpose, we must integrate entrepreneurial change into METRO GROUP on a more intense, longterm basis. Sales and earnings have been rather modest lately. In December 2011, you even reduced your sales forecast. olaf koch: This was an act of transparency. The year of 2011 was a difficult one for the trade and retail industry, and not just for METRO GROUP. In many European countries, consumers are very anxious in view of the growing sovereign debt crisis, high unemployment and austerity programmes, developments that cause them to cut back their spending. On top of this, Christmas business was weak in our largest market, Germany. After we released our preliminary sales figures in January, the capital markets rewarded us for hitting our – albeit reduced – targets. In 2010, the Metro share was one of the top performers in the DAX 30. But any- – CUSTomeR VAlUe – TaKing a Far-SigHTeD VieW! “The overarching goal must be to offer our customers real added value. To be able to respond to their needs, we must constantly evolve: after all, no format lives forever.” → p. 026 body who invested in the Company’s stock at the beginning of 2011 had suffered nearly a 50 percent loss by the end of the year. Does an investment in the Company pay off? olaf koch: One point is clear: the current share price does not appropriately reflect the value of METRO GROUP, much less its potential. Our strategy is designed for sustained sales and earnings growth. A key element here is the Company’s continued international expansion: in 2011, we opened 100 new stores around the world and created thousands of jobs in the process. We must now demonstrate that we can tap the huge potential that METRO GROUP possesses. On the other hand, your sustainability strategy has been well received by capital markets. METRO GROUP’s presence in important indices has considerably improved in recent years. What does this mean for METRO GROUP? olaf koch: The importance of these indices has risen substantially in recent years. When making their decisions, many investors consider how sustainably a company does business. The evaluation processes related to these indices also
Page 1 and 2: 24/7 online - SHoPPinG! - inTeGRATe
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ASIA E F G H SALES EASTERN EUROPE (
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