WASHINGTON D.C. - U.S. Labor Secretary Thomas Perez argued that more companies should take a page out of Market Basket's book during a speech he delivered at the National Press Club on Monday. Specifically, he complimented how Market Basket fosters a family-friendly work environment, compensates its workers well and provides a comfortable retirement for them.
“They have done remarkable work,” Perez said in the speech at the National Press Club. “They really have captured the imagination of the nation. What we really need is more companies like Market Basket.”
“They have demonstrated you can do good and do well,” he continued. “To [Demoulas], worker voice wasn’t a threat to the company, it was an indispensable asset.”
The industry witnessed first-hand the profound loyalties this mindset can create between worker and company. Arthur T. Demoulas owes his reinstatement to this very fact.
“These guys risked everything because they believed a Market Basket without Arthur T wasn't really a Market Basket,” Perez explained.
I encourage you to watch the speech for yourself in the video below:
In addition to his speech, Perez also hosted a roundtable discussion on Monday with leading academics, labor unionists such as the AFL-CIO’s Secretary Treasurer, and five key Market Basket store managers and employees. James Fantini, the man who designed the We Are Market Basket website, which protestors used to organize the movement, was also in attendance, according to the Boston Globe.
“We’re here because of what happened up there,” Fantini said. “It’s not just a supermarket. It’s a symbol for something really great, which is what the secretary said is shared prosperity...When you have such a great profit-sharing plan, you really have skin in the game.”
Is the Labor Secretary right? Could more companies profit by emulating the Market Basket labor model? The question remains an open one, but considering the influence this labor model has wielded in our industry, it is one which certainly warrants further inspection.
For now, Arthur T. Demoulas' focus remains fixed on reestablishing Market Basket's place in the industry and growing the company for the future. His first order of business is to close the $1.6 billion buyout he negotiated with the rival side of his family. According to the Boston Globe, he was working on this matter during Monday's roundtable which is why he was not in attendance.
Stay tuned to AndNowUKnow for any future updates on Market Basket and its role in the retail industry.
