William Werner on consumer environment
From BJ's CEO: Value retail works · · CNBC Television
“The consumer environment is as strong as it is, looking at some level wage growth is good for the consumer. The fact that the consumer is winning as more and more pricing becomes more and more transparent that's good for consumers and in our view transparent pricing is really good for our company.”
On , William Werner, Executive Vice President of Strategy & Development at BJS WHSL CLUB HLDGS INC, spoke about consumer environment during BJ's CEO: Value retail works on CNBC Television.
About William Werner
In a September 2018 interview on CNBC's "Squawk on the Street," BJ's Wholesale Club CEO Chris Baldwin discussed the company's initial public offering and the retail landscape. Baldwin stated that the consumer in the United States is "in good shape" and that "discount retail works," particularly when combined with a membership model. He noted that BJ's geographic focus is the Northeast, from New England down the East Coast to Florida, and expressed encouragement about opportunities to grow from that footprint. Baldwin acknowledged that any retailer who says they do not compete with Amazon "isn't being truthful," but asserted that "value retail works" and that BJ's is well-positioned. Baldwin said BJ's prices groceries at about 25 to 30 percent below grocery stores in its regions, and described the company's investments in omnichannel convenience, including a partnership with Instacart for delivery and a "buy online pick up in club" option. He stated that the company's cash flow is strong, with leverage expected to fall below three times by the end of 2019, and that private equity owners have made major investments in IT infrastructure. Baldwin also said BJ's deals with wage pressure on a regional basis and treats employees well, and that the company has no plans to expand internationally.