Some of the information released by Loblaw today was confounding and really shows the weakness of this company right now in my opinion.
- Loblaw said they're trying to tackle the 1 Billion dollar problem of goods disappearing from their stores because of theft or mismanagement, by weeding out prospective employees with criminal records, while trying to reduce employee turnover by offering up a 10% employee shopping discount.
---- Wow, I don't know where to begin....Loblaws 2007 revenue was about 30 Billion. So 3.3% of their annual revenue was simply being lifted from their stores, or otherwise disappeared. This surely shows poor management. Never mind Wal-Mart, Loblaw's own staff is quite literally eating their lunch.
---- Hiring employees with criminal records might have been a bad idea from day one. Ya think..?
--- I appreciate the attempt to have their employees as customers, but is a 10% shopping discount going to really reduce turnover? Perhaps it might keep a few employed there, but I'm not sure Loblaws can take that kind of margin hit.