Finally, he argues that new technology and the collapse of categories are throwing up new opportunities, which can only be seized by joint ventures. For instance, an electrical goods manufacturer and a utility can offer a bundle of power plus product.

There are three limiting factors in all this.

Firstly, White accepts that today the truth is that most retail business is still managed on a buy/sell basis: "I guess that still accounts for the vast majority of retail sales today," he says. White says that most retailers are only starting down the road. Many are stuck in confrontational buy/sell behaviour patterns. Note that he would put most of the initiatives we talk about in the accompanying feature as simply advanced versions of buy/sell.

Secondly, White says that the retailers he interviewed typically expected to be able to carry out sophisticated joint ventures with only 6 or 7 partners across their entire product range: "Yes there is room for co-marketing, but most of the retailers feel that they simply have to cherry pick a few names with whom they can work closely."

Thirdly, it is not entirely clear that retailers are going to use the new technology to partner with vendors. White says: "Sometimes retailers are using the data they are collecting from CRM to work with suppliers. Other times, they are using it to justify higher prices for internal space in the store or positions in flyers." It is not clear how much the talk of partnership is real and how much is mere rhetoric.

But some of these alliances are up and working today. And White argues that such joint ventures make arguments about margin almost irrelevant: "I have sat at meetings between a retailer and a supplier and watched as the senior management at the retailer have signed off the project. Suddenly, the power is no longer solely in the hands of the buyer."

For the complete findings of the report, contact Michael White at VIA on +44 20 7585 3399.