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THE DILEMMA
WH Smith - what's it for? It's the existential crisis that new chief executive Kate Swann is currently grappling with. On the one hand, WH Smith possesses a name recognisable to every high street shopper (70% of us use an outlet once a year], and over the past 212 years the company has built up a property portfolio to die for. On the other hand, an unfocused strategy and supermarket rivalry have left the beleaguered business drifting. After three profit warnings in just over a year and disastrous Christmas trading figures, WHS is struggling to justify its place on the high street. Swann has been promised...