Tesco sells Thai and Malaysian businesses for £8.2bn March 9, 2020 Tesco has sold its Thai and Malaysian businesses to CP Group for £8.2bn, the supermarket giant announced this morning. Following the deal Tesco will return £5bn to shareholders and make a £2.5bn pension contribution. The disposal of the two Asian units, which were operated under the Lotus brand, will simplify the group’s structure and allow [...]
Retail woes continue as high street footfall drops eight per cent March 9, 2020 The fragility of the British high street was laid bare last month as severe and ongoing rain led to a drop in high street footfall. February saw a drop in footfall of 7.8 per cent as shoppers stayed away from high streets, according to the latest figures by Springboard. However shopping centres and retail parks [...]
British fashion giant Stella McCartney swings to £11m loss March 8, 2020 British fashion label Stella McCartney swung to an £11m pre-tax loss in 2018 as the fashion house’s costs skyrocketed. Expenses incurred by the eponymous owner Stella McCartney’s decision to buy out luxury giant Kering’s 50 per cent stake in her company, along with flat-lining sales at £42.6m pushed the brand into the red. The disappointing [...]
Coronavirus: Tesco rations essential food and household items March 8, 2020 Tesco has begun rationing essential food and household items as shoppers stockpile amid the coronavirus outbreak. Customers are limited to buying no more than five of each of the rationed goods, including antibacterial gels, wipes and sprays, dried pasta and UHT milk. The rules apply both in store and online. Waitrose has also reportedly introduced [...]
Lord Ashcroft’s Devonshire Club set to appoint administrators March 8, 2020 A luxury private members’ club co-owned by Tory peer Lord Ashcroft could be on the brink of insolvency after launching a hunt for administrators. The Devonshire Club, close to Liverpool Street station in the City, has filed notice with the High Court of its intention to appoint an administrator. It has also hired insolvency experts [...]
Cineworld says coronavirus has not hurt ticket sales amid Bond movie delay March 6, 2020 Cineworld has not observed any “material impact” from the coronavirus outbreak on ticket sales, despite the delayed release of the new James Bond film, it said today. The cinema chain attempted to allay fears after its shares fell another seven per cent amid analyst concerns Covid-19 could wipe as much as $5bn (£3.9bn) off the [...]
Coronavirus: Starbucks bans reusable cups in bid to prevent spread of Covid-19 March 6, 2020 Starbucks has temporarily banned customers from using reusable cups in response to the coronavirus outbreak. The coffee shop chain has said customers will still get the 25p discount for bringing a reusable cup with them but drinks will be served in paper cups. Costa Coffee and Greggs have said they do not have plans to [...]
Government working with supermarkets to ensure self-isolating coronavirus patients can be supplied with food March 6, 2020 The government is working with supermarkets to make sure people self-isolating due to coronavirus can still be supplied with food, the health minister said yesterday. Responding to an audience member concerned about possible food shortages in a coronavirus epidemic on BBC’s Question Time Matt Hancock said there was absolutely no need” for people to buy [...]
Coronavirus and stormy weather dampen high street sales March 6, 2020 High street sales slumped for the seventh February in a row last month as coronavirus fears and stormy weather hurt footfall. In-store like-for-like sales dropped 0.9 per cent last month from a base of minus 3.7 per cent in February 2019 as shoppers abandoned the high street amid mounting fears over the outbreak of Covid-19. [...]
Entertainment sales hit £7.8bn as streaming growth continues March 6, 2020 Sales of video, music and games grew 2.4 per cent last year to hit an all-time record of £7.8bn, according to figures published today. The Entertainment Retailers Association (ERA) said the rising sales, which mark the seventh consecutive year of growth, was once again driven by the popularity of digital streaming. In 2019 streaming accounted [...]
