Turning the Company Around.

How to get it right.

Bill Grimsey
Big Food Group

There are three important aspects of a company turnaround, which can be illustrated in three successful examples: Park 'n' Shop; Wickes; and the Big Food Group (formerly Iceland).

Park 'n' Shop is a Hong Kong retailer with 120 supermarkets, and was badly positioned in the market. In 1988 its turnover was 200 million, with a profit of 1 million. Five years later, it was a 400 million business, making 20 million profit. During those five years, we closed 27 stores, opened 67 new ones and refurbished 70 of the 97 remaining stores. We also built a 20 million composite distribution centre, which enabled us to reposition the business on a fresh food platform.