Solomon Lew Quotes
101 Solomon Lew Quotes
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[On how difficult it is to manage seven different brands increasing both growth and profitability when he is considered to be the smartest guy in retail] It’s not really difficult at all.
Solomon Lew
[In March 2010] There is still money out there. It’s a question of goving the consumer what they want, and I think if you’ve got what they want…
Solomon Lew
[On his Portman’s business] It’s a seasonal buisness… it’s a summer and winter business, it’s a Christmas and Easter busienss – and it’s a question of getting the product into the store that the consumer wants to buy.
Solomon Lew
[In March 2012] I really believe the RBA has mishandled the mining boom to the great detriment of the non-mining sector, in particular retail.
Solomon Lew
When I was on the RBA board we had at least two retail and one landlord [people] we had people from all other sectors including academic but at least there was some anecdotal information and they could tell month by month what was happening out there in the marketplace.
Solomon Lew
[On a great story of his] Of course, that was all off the record.
Solomon Lew
There was the slowdown because of the GFC, and then there was the stimulus package which helped greatly. But it’s all about how much the consumer has to spend…
Solomon Lew
[On the Australian consumer in November 2010] Sustenance is their first port of call and then the rest goes into discretionary spending.
Solomon Lew
The fashion and apparel business receive their share, but of course they’re also competing very heavily against the iPad and the iPhone. And just generally there is a lot of money going into other sectors.
Solomon Lew
[In November 2010 on reports essential cost such as fuel bills rising to take up to 10% of some peoples incomes] It’s very concerning. The energy costs and interest rates of course are very, very concerning to the consumer here in Australia. And I think that the consumer is somewhat spooked at the moment.
Solomon Lew
[In November 2010 on the RBA board increasing interest rates] I think they’re a bit ahead of their time. I think that they could have held off… I think that the market is not that overheated and I think they’re basically gauging the general economy against the mining boom. And the mining boom is something totally separate to the general economy. To go there in the local suburbs and ask the populace of how they’re going, they’re saying that everything is costing them more money, and they’re not really earning that much more money. The reserve bank should be conscious of giving the people a go.
Solomon Lew
[On whether the RBA should have held back on interest rate increases and relied on government fiscal management] Without a doubt.
Solomon Lew
[On online retail in November 2010] The online situation is growing, and if the numbers were are hearing are correct, it’s very, very worrying.
Solomon Lew
The numbers being put out are a billion dollars a month, is going offshore. Now that billion dollars a month, is doing nothing for Australia. There is no Australian suppliers that are involved, there is no Australian labour that’s involved. And if the government doesn’t do anything about it, you will see that there will be reduced hours, that the shopkeepers and their employees will be working. There will be less manufacturing going on, there will be less in the logistics and there will be less in the services. So there’s a real fear that this business could grow and it’ll hurt the Australian economy overall. It’s just not retail. And I’m not sure the government, fully realise, but at this point in time the laws aren’t being policed. You’ve got the Australia Post which can bring in up to one thousand dollars and you’ve got the couriers that can only have duty free and GST for up to two hundred and fifty dollars. But that is not being policed. So therefore you’ve got small business, that are getting up to five shipments a day, from various channels of distribution, five times a week. So there is a massive amount of goods that are coming into Australia, that are not being charged GST and not paying any duty. That is a very unfair disadvantage to the major players in the industry.
Solomon Lew
[On what the Australian government should be doing regarding online shopping not paying GST and duty in November 2010] It’s very simple. They have to collect duty and GST at the point of entry. In our organization, we’ve got well in excess of one thousand stores, we are a collector – seven days a week, every minute of the day, of GST on behalf of the government. And we pay duty at the point of entry.
Solomon Lew
There are basically five or six points of entry into Australia, being the freight forwarders, Australia Post, and the sea freight people – they should be responsible for collecting the money as we are in the retail business, on behalf of the government.
Solomon Lew
Why should the government miss out on collecting two and a half billion dollars worth of tax at a minimum, and at this rate they’re going to have to raise up other taxes in other areas, when they should be collecting the tax on this.
Solomon Lew
[In November 2008] The emergence of the crisis in the international financial markets during the year continues to overshadow global economies and will impact on all business activity as we deal with the adverse consequences.
Solomon Lew
[In November 2008] Our company is in a very strong position to deal with the challenges - and to seize opportunities that inevitably emerge in these times.
Solomon Lew
Transition was a function of Premier’s very successful sale of our long-term investment in the Coles Group which resulted in a substantial cash balance.
Solomon Lew
[In November 2008] Premier moved from a relatively passive ‘cashbox’ to a more active investment strategy involving the ownership of operating businesses in the retail and wholesale market segments.
Solomon Lew
[On acquiring the Just Group] This acquisition has transformed our business from a listed ‘cash Box’ to an owner and operator of quality retail assets with capital for further growth.
Solomon Lew
[On the Just Group] Just has a diverse portfolio of fashion brands – covering womenswear, casualwear and stationery.
Solomon Lew
[In November 2008] Our brands are… supported by a powerful ‘fast fashion retail machine’. That machine supports a network of over 900 stores, primarily in Australia and New Zealand.
Solomon Lew
[In November 2008] Through employee incentives, training and smarter rostering we will drive higher conversion of foot traffic to sales.
Solomon Lew
[In November 2008] We will maintain a watch for opportunistic acquisition opportunities…
Solomon Lew
Premier has approximately $300 million cash reserves and no debt other than Just Group’s normal lines of credit, giving it significant flexibility to pursue acquisition opportunities.
Solomon Lew
We are living through extraordinary times as we witness the continuing unfolding of the financial crisis and the consequences for both the equity markets and the real economy.
Solomon Lew
[In November 2008] We are deluding ourselves if we do not prepare for further negative effects on the Australian economy, including potentially much higher levels of unemployment.
Solomon Lew
[In November 2008] I believe Premier to be better placed than all of our major competitors to deal with the environment we are in.
Solomon Lew
[In November 2008] There is no point in expressing views on our share price given that the market is the market at any given time.
Solomon Lew
[In November 2008] There is not much rationality in the share market at this time. What a good business can do is to continue to run the business well and when a more rational market returns we will be rewarded.
Solomon Lew
[In December 2009] At the time of our 2008 Annual General Meeting the world was very different. Business and consumer confidence had been overshadowed, if not overwhelmed, by the effects of the financial crisis and an uncertain outlook.
Solomon Lew
Premier’s total dividends for 2009 also represented a 159% increase
over the previous year.
Solomon Lew
During downturns opportunities arise. We were able to open 27 new Smiggle stores as well as 14 new Dotti stores.
Solomon Lew
[In December 2009 on Premier Investments retail brands] The growth strategy for each brand will be different… But the objective for each brand is the same. To become stronger and more profitable.
Solomon Lew
[In December 2009] There is absolutely no certainty that the effects of the global economic crisis are now behind us…
Solomon Lew
[In November 2010] The 2010 financial year was a good year for Premier. Not an exceptional year – largely, but not exclusively, due to external factors which impacted the entire Australian retail sector.
Solomon Lew
Our core objective – the prudent management of shareholder funds to deliver strong investment returns and grow sustainable long term shareholder value.
Solomon Lew
The defensive features inherent in the Just Group business model – a suite of strong brands with discrete core customers, demographics and price points…
Solomon Lew
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