In his introduction to the report, CEO Kenneth Bengtsson said the current economic environment meant that ICA faced many challenges. But he said that he was sure the company was well-equipped for those challenges.
“There is no lack of challenges ahead. The global financial crisis is unlikely to affect ICA to the same extent as many other companies, but it does affect our customers,” he said. “When their wallets are thinner, price becomes more important, and ICA has to be able to offer alternatives for every price range. For us, it is a question of continuing to make up a share in negotiations with our suppliers, but that is not enough. “
Bengtsson said this meant that the company was working on being more efficient internally and that it was working on repositioning.” ICA will also continue to add value through better service and knowledgeable staff. "And we will strike a balance between a wide product selection and good prices. But in these times, of course, our emphasis has to be on strong offerings and a good discount selection,” he said.
“We cannot stress enough the importance of our private label program. It will be especially critical during a prolonged recession in helping us to position ICA as offering value, quality, innovation and sustainability. Everything we claim about ICA is put to the test in our private label products. The proof is on the shelves.”
Looking to the current year, the main focus in 2009 will be on enhancing our existing business based on external and internal conditions. The strategy is to maintain and strengthen our position as a market leader by being more innovative than the competition.
“Naturally we are always looking at new formats that suit our customers. In 2009, we will be studying what a convenience concept might look like for ICA. Just like 2008, 2009 will involve the unexpected. But if we again demonstrate our flexibility and adaptability, we will be well prepared for the year ahead. When changes are needed, we will act quickly, and when things are going well we will try to be even better,” Bengtsson said. “This is essentially why we are in business, to make every day a little easier for our customers.”