Approved Food business model indicates future of the grocery trade
Approved Food, a UK based online shop, has today announced that its innovative discount grocery division has reached a milestone quarter of a million customer registrations; news that comes in direct contrast to the store closures and job losses that the traditional giants of the grocery industry are currently facing.
A lack of ‘real life understanding’ for what people want and need, and an ‘unattractive’ fixation on profits, has created an opportunity for value-led and convenience focused retail outlets according to the founder and director of bargain based business Approved Food Dan Cluderay.
He said: “Our announcement today is indicative of the success that the Approved Food business model has generated, challenging many traditional ‘values’ from within the retail field. It’s not revolutionary, we simply watch and understand the changing consumer purchasing patterns and respond to customers’ needs.
“I worked on the market stall in Hull when the recession hit selling goods that were nearing or just past their best before date.
“The difference is I didn’t stop to think. I saw how families were struggling to make ends meet and I listened, responded, and launched Approved Food. It’s an age old concept, we have just taken it a new level.”
The Approved Food alternative grocery shop model is designed to save families up to 70% on the cost of their basket. Within just seven years since starting on a market stall Approved Food is now rivalling the once impenetrable circle of grocery suppliers.
In 2014 the online only business shipped in excess of nine million items to homes across the UK, saving their loyal customer base more than £8m.
Andy Needham, director of the discount retail store continues: “Value, convenience and ethics lie at the heart of Approved Food’s ethos. We believe that these values spell the future of the grocery trade, in line with the shift in spending habits – that is why the discount retailers are currently triumphing over the well-established retailers of yesterday.
“We went on Dragon’s Den last year, and the feedback from the panel was that our profit margins were too low – no doubt that in the money making eyes of a millionaire, that is the case. But a fixation on profit is unattractive, frankly, it’s not what we are about here. We employ more than 50 people so making sure that is sustainable is important, but aside from that it’s about delivering excellent service and excellent value.
The company, which was recently recognised across a number of categories in the Top 500 UK Internet Retailers report issued by InternetRetailing.com, is also set to appear on the upcoming prime-time ITV documentary ‘Bargain Fever Britain’.
A fly-on-the-wall documentary that delves into the UK’s insatiable appetite for bargains, deals and discounts, the show uses three UK retail giants as a platform to hone into the current UK retail landscape, where paying full price is not considered an option.
Throughout the show, viewers will see the inner workings of Approved Food and their principles. Dan, former market trader and the soon-to-be star of the ITV series, said: “Filming the documentary was great fun and it’s a brilliant way to show our current and potential customers how our business works and how it’s needed in today’s economy.”
The show is scheduled to air on Tuesday March 3rd at 8pm on ITV1.
Website: www.approvedfood.co.uk/?afid=hd81j8
