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See the destruction of Aussie lives brought about by the pokie plague in Australia...
See the destruction of Aussie lives brought about by the pokie plague in Australia
Pokies protest outside the Woolworths AGM in 2015. Picture: Stephen CooperSource:News Corp Australia
Supermarket giant Woolworths is going to combine its liquor and hospitality businesses before divesting them in the next financial year.
Woolies will merge Endeavour Drinks, which includes Dan Murphy’s and BWS, with the hotels and gaming-focused ALH Group by the end of the calendar year to create a stand-alone business called Endeavour Group.
“Following the combination, Woolworths Group intends to pursue a separation of the business through a demerger or other value-accretive alternative … in calendar year 2020,” the company said on Wednesday.
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Woolworths did not say whether it plans to sell or list the new business, although it does expect to retain a minority shareholding whichever route it takes.
Wesfarmers pursued the latter option when it divested supermarket chain Coles last year, retaining a 15 per cent stake as Woolworths’ fierce rival listed on the ASX.
Woolworths, which has already offloaded its petrol business, said the separation will create a simplified structure and a greater focus on its core food and everyday needs markets.
“The board believes that a merger of Endeavour Drinks and ALH followed by a separation, is in shareholders’ best interests and will benefit customers and team members of both groups,” Woolworths chairman Gordon Cairns said.
Endeavour Drinks and ALH together were responsible for more than 30 per cent of Woolworths’ earnings in the last financial year, with Endeavour Drinks the group’s second-largest contributor after Australian supermarkets in terms of both sales and earnings.
The integrated Endeavour Group will comprise of more than 1500 BWS and Dan Murphy’s retail drinks outlets and 327 ALH hotels and neighbourhood pubs.
Other businesses to be included in the merger include Endeavour Drinks’ own and exclusive brands business, Pinnacle Drinks; Langton’s, a fine wine auction and retail business; Cellarmasters, a wine subscription business; and an 8.7 per cent stake in ALE Property Group.
Bruce Mathieson Group, the junior partner in the ALH joint venture that includes hotels and pokies, will swap its 25 per cent stake for a 14.6 per cent interest in the new Endeavour Group.
The Woolworths Group proclaims it celebrates “family-friendly values”.
Within its supermarkets the company has sought to demonstrate this commitment. Woolies gives out free fruit to kids, for example, and no longer gives out plastic bags.
Its goal, the group states, is to “inspire our customers to consume all of our products in a healthy, sustainable way”. It’s a noble goal – but one undercut by its profits from pubs and pokies.
The company announced yesterday it will separate from its liquor and gaming businesses. This should be be welcomed as a bold step showing its stated commitments aren’t just PR gimmickry.
The company’s hotels division encompasses 323 licensed venues, many operating poker machines. Its liquor retailing division is bigger still, and includes the well-known brands Dan Murphys, BWS, and Cellarmasters.
Alcohol and gambling both represent significant social problems in Australia. The number of alcohol-induced deaths in 2017 – 1,366 – was the highest in two decades. Per capita gambling losses are the highest in the world.
Just last month, several Woolworths-owned hotels in New South Wales were accused of serving free drinks to encourage patrons to continue gambling.
As much as Woolworths might have done to ensure these business divisions operate as responsibly as possible, there is a stigma associated with their profits. They do not fit easily with “family-friendly values”.
Reputational risk
Continuing to operate these businesses would represent a clear reputational risk for Woolworths at a time when consumers increasingly expect organisations to walk their talk and demonstrate they make a positive impact on society.
This trend in consumer sentiments is demonstrated by the result of Swinburne University’s Australian Leadership Index. The index is based on a nationally representative survey run quarterly. It tracks consumer perceptions about whether organisations show leadership for the greater good.
At the aggregate level, perceptions of big companies like Woolworths are consistently negative. More consumers think they do little to nothing to contribute to the greater good than those who think they make a positive impact. There is clear desire for businesses to contribute more to society.
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Research by global professional services firm Accenture indicates 61% of Australian consumers consider a company’s ethical values and authenticity when making their purchasing decisions, and 40% have boycotted a company over its actions on a social issue. Younger consumers are particularly adamant that companies have clear social values.
The Woolworths Group will first combine its pubs and liquor retail divisions into one, then spin off that division into a separate company, listed on the Australian Stock Exchange.
It will be Australia’s largest drinks and hospitality businesses, with expected annual sales of up to A$10 billion.
Losing the revenue will cost Woolworths. But the potential long-term benefits are considerable.
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The separation presents an opportunity for the group to create a clearer perception among consumers of the company’s values – a smart move in an evolving marketplace of empowered consumers demanding organisations be social leaders.