It was always a long shot and at least we got to express interest.
Our pursuit of a position with the future of Darrell Lea will not go anywhere. That said, our expression of interest has raised the profile of our channel and made it clear we are looking for products we can bring to our communities around Australia. This could still play out for us with Darrell Lea in some way.
What is interesting is the newsagents who were prepared to put their hand up and nominate an amount they would invest. In a couple of days I received pledges totalling more than I expected, an indication that we could raise funds for some other appropriate corporate play.
We need to be thinking like this, chasing products we can have for ourselves, creating, through ownership, monopoly situations that cannot be challenged in the courts. If we look around at retail success stories today they are built on factory to shop floor control: Smiggle, kikki.k, Apple. We need to be thinking along these lines – no, not the size, by the model – controlling a respected and in-demand brand for our own benefit and the benefit of the shoppers we serve.
I am disappointed the newsagent associations did not see the bigger picture opportunity of Darrell Lea and actively promote it to their constituencies.