And they’ve got £10 million in backing to do reincarnate the business model which failed.
I really, really can’t see the logic in this.
There are definitely attributes of Woolworths which could be used in a new business, but cloning a failure and expecting success would suggest they view the changes happening during the current recession as temporary, and that once things start to get better, everything will return to normal.
My tip would be to keep the money, and invest in businesses who are doing things differently – online or offline, and finding new gaps in existing markets for services, products and better business models.
Especially at a time when most businesses would be grateful of a cash injection, and would then be well-placed when the economy improves and the migration to new business models increases.
(And as a counter-example, look how quickly Facebook responded to criticism over changes)