Tesco launches zero-waste trials in stores September 13, 2021 Tesco has launched zero-waste shopping trials at ten stores where customers can buy goods in reusable packaging so they can be returned and used again, in partnership with Loop, a waste management company. Customers shopping in the ten Tesco stores, all in the east of England where the initiative is being tested, will be able to [...]
Sainsbury’s to close all stores, Argos and Habitat on Boxing Day as a ‘thank you’ to its 170,000 employees September 13, 2021 Sainsbury’s, Britain’s second-largest supermarket chain will keep all of its supermarkets, convenience stores and petrol filling stations shut this Boxing Day as a “thank you” to its roughly 170,000 colleagues. Sainsbury’s added that all its Argos and Habitat stores will also remain shut for the day. The decision follows rivals including Morrisons, Waitrose and Marks [...]
Exclusive: Tax benefits turn luxury watches into investment asset as imports swell to £500m September 13, 2021 A new audience of buyers of luxury watches is increasingly taking the market by storm as they view watches that contain precious metals as a stand-alone investment asset. The value of premium luxury watches imported into the UK increased 43 per cent in the last decade, with £488m worth of imports last year alone, compared to just £276m [...]
ABF pins ‘lower than expected sales’ at Primark on summer pingdemic September 13, 2021 Sales at Primark, a subsidiary of Associated British Foods, have dipped below expectations in the last year, as Gen Z shoppers move away from fast fashion brands. In its pre-close trading update for the full year to 18 September, Associated British Foods (ABF) said: “We have seen a significant improvement in trading as the period [...]
US activist fund Causeway Capital builds major stake in WH Smith September 12, 2021 Activist US fund Causeway Capital has amassed a £178m stake in WH Smith as the retail giant tries to get back on its feet post-Covid. Causeway Capital, which is based in Los Angeles, this month increased its share in WH Smith to 9.05 per cent and is now the retail chain’s largest single shareholder. WH [...]
Brexit hit: Stephen Rubin’s Pentland moves to Ireland September 12, 2021 Citing Brexit, the chairman of Pentland Group has relocated overseas according to The Times, who first reported the news. Stephen Rubin was Britain’s biggest taxpayer three years ago according to The Sunday Times Tax List. His brand management company Pentland Group is the largest shareholder in JD Sports, and owns other sports clothing brands including [...]
Franco Manca’s Fulham Shore hails rising revenues after its full-year slip September 10, 2021 Fulham Shore, which owns Franco Manca, has hailed rising revenues in its latest trading update after it fell behind 2020’s recording. The hospitality group pulled in £40.3m in revenue in the year to 28 March, plunging 41.3 per cent from the £68.6m it raked in last year. But in the three weeks to 5 September, [...]
Morrisons to cut sick pay for unvaccinated staff amid rising costs September 10, 2021 Morrisons, the fourth biggest UK supermarket, will cut sick pay for unvaccinated employees who need to self-isolate in a bid to limit the “biblical costs” of the pandemic, according to reports. The news comes as the supermarket readies itself to be auctioned off next month and after it reported a slide in interim profit before [...]
High street bosses call on government to close ‘vindictive’ rent debt loophole September 9, 2021 Retail and hospitality bosses have criticised the government for not banning a loophole used by landlords to chase commercial tenants for unpaid rent. Industry representatives said new measures left a vindictive loophole in protections for commercial tenants. The groups welcomed news that protection from statutory demands leading to winding up petitions will be extended to [...]
Morrisons CEO: Higher prices are coming due to lorry driver shortage September 9, 2021 The boss of supermarket giant Morrisons has warned of pressure on prices due to the lorry driver shortage and higher costs. The takeover target – which is at the centre of a bidding battle between two US private equity firms – said it expects industry-wide retail price inflation in the coming months as a result [...]
