Ocado represents the changes wrought on retail by the advent of new technology and the rise of online shopping.
Founded by chief executive Tim Steiner, Jason Gissing and Jonathan Faiman in 2000, the business was built as an online grocer and benefited by being able to sell Waitrose products to its customers.
Ocado floated in 2010, the year in which it delivered 100,000 orders in a week for the first time and by 2015, a year after it brought Morrisons on board as a partner, sales broke the £1bn mark.
In 2019, Ocado struck a landmark £750m deal with Marks & Spencer to turn its retail business into a joint venture. This will enable M&S to sell its food online for the first time.
Ocado has increasingly positioned itself as a technology company and sought to sell its services to international partners. Deals have been stacking up, including with US giant Kroger and Japanese powerhouse Aeon.
Ocado revenues for the third quarter plummeted after a fire at its Erith distribution centre, as boss Tim Steiner warned ongoing driver shortages would add to costs for the rest of the year.
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As retail and hospitality get back to business, something seems to be missing – staff. Dubbed ‘The Great Resignation’ in the US, the UK is also being hit by workers who have had time to take stock over the pandemic and, in many cases, decided to change path.
Grocery sales continued to decline in August as customers returned to pubs, bars and restaurants.
After a third fire at one of its automated distribution centres over the weekend, Ocado’s international partners must be looking on with a deal of concern.
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