By Kevin Meyer
We've talked about Tesco before – how they are destroying the idea that economies of scale are important and are instead focusing on creating value for the customer. Thanks to the sharp eye of one of my team members, a talented videographer himself, here's a great YouTube on how Homeplus, a Tesco company, is trying to unseat the number one grocer in South Korea by doing just that.
Basic premise: South Koreans work incredible hours and therefore the weekly task of shopping for groceries becomes difficult to squeeze into busy schedules. At the same time they spend a lot of time commuting… and waiting for trains. Watch the video to learn how Homeplus leveraged that nexus to create value and gain market share without lowering prices or quality.
Focusing on value instead of price, finding new ways to create value for the customer, converting one of lean's seven wastes into value-added time. Think about it – and how you could do the same for your customers.