“In the retail business the more you can give value with products, with service and with image, the more you’re able to get in price,” Mr Meij told The Australian Financial Review Business Summit on Wednesday.

“As we develop our model from the analog world to the digital world … if we can continue to innovate in the eyes of the customer, innovate on price, service and image … it means we can get more for our products,” he said.

“Differentiation is the custodian of profit and we can create more value.”

… Spot on…