Is the credit crunch really to blame for Woolworth’s demise?

Isn’t the power of the media amazing?

The latest example of this is the claim that Woolworth’s demise is down to the credit crunch. Far from it. 

The Woolworths story is yet another example of what happens when you fail to respond to your operating enviroment and make changes. Whilst organisations such as Kodak adapt to the changes companies like Woolworths and MFI continue to do what they always done. OK, so they may have revamped their stores and decor but beyond that what have they done to change the way in which they operate?

Kodak saw the changes in the photography market. They saw the rise of digital photography and instead of continuing to produce negatives they began to produce paper, printers, software and other accessories which would embrace the changes and keep customer close.

Woolworths on the other hand did not change the way the operated. They have sold they same stuff in the same way for last decade. Whilst the world has gone digital, they have stayed analogue.

This is not limited to business, we as humans are also guilty of the same unawareness that could result in our demise so to speak. When was the last time you looked at what you do and the results you get with a view to changing the way you do things?

Are you a Woolworths or a Kodak?