There’s an interesting article in the Telegraph about how the web changed British upmarket retailer John Lewis:

John Lewis may be flying high today, but in 2001 life was a lot tougher. Within weeks of buying, the partnership cut the annual bonus for the third year running as the retailer unveiled a 23pc drop in profits.

In the letters page of the staff magazine, The Gazette, partners raised concerns about the acquisition. “It was with surprise and a little dismay that I read of the purchase of,” wrote one partner. “To buy when the market pundits are revising downwards the potential market share of dotcom concerns, and when dotcom share values are dropping rapidly, does seem questionable timing, to say the least.”

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