Category Archives: Retail industry

‘Fix the faults’: Coles criticised for using carbon credits from controversial project

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Carbon-neutral farmer says use of offsets from Armoobilla project ‘outrageous’ but company says they meet ‘rigorous requirements’ of government standard

A farmer who was assured by Coles that it would look for better carbon offsets for its “carbon-neutral” beef has described the supermarket’s continued use of credits from the Queensland Armoobilla regeneration project as “outrageous”, claiming the project is a “greenwash”.

When carbon-neutral sheep and cattle farmer Mark Wootton called on companies to ensure the integrity of farm offsets used for carbon-neutral products back in April, Coles staff had assured him that the supermarket would “look for a better alternative” once their contract with Armoobilla finished in July.

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Griff Rhys Jones criticises M&S plan to raze and rebuild Oxford Street store

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Comedian and campaigner tells planning inquiry retailer is failing to use landmark building imaginatively

The comedian Griff Rhys Jones is the latest high-profile name to weigh in against Marks & Spencer’s plan to raze and redevelop its main London store, accusing the retailer of not making the most of its landmark building.

Jones, who presented the BBC TV series Restoration in the 2000s, which identified significant buildings in need of repair, told an inquiry into the development of the store on Oxford Street near Marble Arch that, having shopped there, he “would venture that M&S are not using the space in a very imaginative way compared to the possibilities old buildings offer. I wonder if the ‘unsuitability’ has more to do with the desire to create a much bigger floor space and offices.”

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Frasers builds 5% stake in Asos to become fourth-largest investor

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Mike Ashley’s increased holding comes after online retailer reported slowing sales and full-year loss

The billionaire retailer Mike Ashley has built up a stake of more than 5% in the online fashion retailer Asos.

His fashion and sportswear retailer Frasers Group informed Asos on Friday that it had become one of the company’s most signifiant shareholders.

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THG shares rise after SoftBank sells stake to Moulding and Qatar

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Founder of online shopping group cements control as Japanese firm offloads its holding at £450m loss

THG shares have jumped on the news that Japan’s SoftBank will sell its stake in the troubled British online shopping group to its co-founder Matthew Moulding and Qatar’s sovereign wealth fund.

The move has cemented Moulding’s control of THG, formerly known as The Hut Group, which owns a range of internet health and beauty retailers, and ended speculation about SoftBank’s disastrous investment.

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Thousands of salaried Tesco workers forced to take real-terms pay cut

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A 3% pay rise for team managers amid 10% inflation comes after a string of wage rises for hourly staff

Thousands of Tesco staff have been forced to take a large real-terms pay cut as the supermarket puts a squeeze on store managers while offering bigger wage rises for lower-paid workers.

In the latest pay battle amid the cost of living crisis, the retailer’s team managers, who earn about £30,000 a year, say they have received as little as a 3% pay rise. The official rate of inflation is close to 10%, and expected to hit 11% this month.

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Superdry returns to profit despite talks on £70m debt pile

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Founder Julian Dunkerton says being ‘cool again’ with TikTok generation helped turn previous £37m loss into £18m profit

Superdry is in talks with its banks to renegotiate up to £70m debt, the fashion retailer revealed on Friday, but investors shrugged off concerns to send shares soaring more than 14% as founder Julian Dunkerton announced a return to profit.

Dunkerton claimed Superdry “was cool again”, with strong demand from the TikTok generation for items such as parachute pants and Afghan coats, as he revealed pre tax profits of £18m, a bounce back from a loss of almost £37m a year before as sales rose almost 10% to £610m in the year to 30 April.

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Tesco warns of cost inflation as it raises pay for third time in 13 months

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Supermarket aims to make £500m of savings but will freeze prices on more than 1,000 products until 2023

Tesco has warned annual profits will be at the lower end of its hopes as it faces significant cost inflation, revealing it has raised pay for a third time in 13 months.

The UK’s biggest retailer said it was aiming to make £500m of savings this year to offset its higher costs, including more automated tills, but was uncertain how shoppers would behave in the run-up to Christmas.

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Currys raises pay for third time in 13 months amid staff shortage

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Electrical goods retailer keen to attract and retain workers as cost of living increases

Currys has raised pay for the third time in 13 months to attract and retain workers amid a labour shortage and rise in the cost of living.

The electrical goods retailer said that from 30 October it was increasing rates by 3.5% to a minimum of £10.35 an hour (£11.43 in London), only a month after a previous rise came into effect.

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Which businesses will be open or shut on the day of the Queen’s funeral?

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Many shops, cinemas, pubs and airports are choosing to limit their hours on Monday

Since it was confirmed last Saturday that Queen Elizabeth’s funeral would be held on Monday 19 September, a slew of businesses and services have said they will be reducing operations or closing for all or part of the day as a mark of respect.

With the day declared a bank holiday, many employers have given staff the entire day off and most shops will be closed. So what will be open on Monday and when?

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Pound falls as weak retail sales raise fears UK economy is in recession

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On Black Wednesday anniversary, sterling hits 37-year low against dollar and 17-month low against euro

Fears that the British economy is already in recession after a slump in retail sales last month triggered heavy selling of the pound on international money markets taking it to a 37-year low against the dollar.

With average UK wages continuing to fall behind rising prices and the Bank of England expected to push up interest rates next week, sterling fell by more than 1% against the US currency to $1.135, its lowest since 1985.

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John Lewis suffers first half loss of £99m and warns of risk to staff bonuses

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Outlook ‘uniquely uncertain’, says Partnership as it announces cost of living support for staff

The John Lewis Partnership has warned its annual staff bonus is at risk this year after it slumped to a first half loss of £99m and said the outlook in the run-up to Christmas was “uniquely uncertain”.

The group, which is staff-owned and includes the Waitrose supermarket chain, blamed soaring inflation for the loss in the 26 weeks to 30 July, which compared with a £29m loss before tax in the same period last year.

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Asos sales weaker than expected as cost of living crisis bites

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August slump leads to online fashion retailer downgrading annual growth forecast to about 2%

Asos said sales in August were weaker than expected and warned that full-year profits would be at the bottom end of its guidance, with the cost of living crisis hitting cash-strapped shoppers.

The online fashion retailer, which made more than £190m in profits last year, expects profits for the year to the end of August to be about £20m.

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Bed Bath & Beyond executive falls to his death from New York tower, police say

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Chief financial officer Gustavo Arnal, 52, fell from skyscraper on Friday, days after the company said it was closing several stores

The chief financial officer of the troubled home goods retailer Bed Bath & Beyond fell to his death from a New York skyscraper known as the “Jenga” tower on Friday, police said, just days after the company said it was closing several stores.

Gustavo Arnal, 52, joined Bed Bath & Beyond in 2020. He previously worked for the cosmetics brand Avon in London and had a 20-year stint with Procter & Gamble, according to his LinkedIn profile.

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Selfridges wants half of transactions to be resale, repair, rental or refills by 2030

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Department store group says it is responding to customers’ demand for more sustainable shopping

Selfridges is aiming for almost half its interactions with customers to be based on resale, repair, rental or refills by 2030 as the upmarket department store responds to increasing demand for more sustainable shopping.

The retailer said it wanted to step up action after increasing sales of secondhand items by 240% to 17,771 pieces last year and facilitating 28,000 repairs, more than a third of which were pairs of trainers, in its effort to trade in a more environmentally sustainable way. It also rented out more than 2,000 items to customers and sold more than 8,000 refills.

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UK retailers blocking moves to end the killing of day-old male chicks

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While France and Germany have introduced bans, Britain continues to slaughter 29 million unwanted chicks every year

UK retailers are blocking moves to end the killing of millions of day-old male chicks each year, farmers and breeding companies have said.

The industrial-scale culling of unwanted chicks is common practice around the world, with 330 million males slaughtered by crushing or gassing each year in Europe, according to campaigners, 29 million of those in the UK.

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Rising energy costs ‘will force thousands of corner shops to close’

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Association of Convenience Stores urges chancellor to provide more financial support for small shops

Thousands of corner shops will be forced to close due to surging energy costs unless the government steps in with emergency support, a trade body has said.

The Association of Convenience Stores (ACS) has written to the chancellor, Nadhim Zahawi, saying that without financial support its members will be driven out of business. “We will see villages, housing estates, neighbourhoods and high streets lose their small shops,” the letter says.

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M&S pledges to put recycling at heart of Marble Arch store redevelopment

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Mark & Spencer says 95% of materials will be recovered, recycled or reused amid growing opposition

Marks & Spencer has pledged that 95% of the materials in its Marble Arch building in Oxford Street, west London, will be recovered, recycled or reused as it fights back against heavy opposition to its plan to flatten the shop.

In the run-up an inquiry into the scheme, scheduled to begin on 25 October, the retailer said some materials would be reused directly on site within its new building as part of its efforts to “promote circular economy principles”.

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Massive queues in Moscow as shoppers take last chance to shop at H&M

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Retailer halted operations in Russia after invasion of Ukraine but has reopened for limited time to sell remaining stock

Long lines of Russian shoppers formed outside H&M stores in Moscow shopping centres this week when the Swedish fashion retailer reopened its doors to sell off stock before pulling out of Russia for good.

Along with a series of other western brands including Ikea, Nike, and the Zara owner, Inditex, H&M halted operations in Russia after the invasion of Ukraine on 24 February but opened its doors one last time this week to clear out remaining goods.

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Visits to shopping centres and high streets dip below pre-pandemic levels

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South of England experiencing faster recovery than north, Scotland and Northern Ireland

Visits to high streets and shopping centres dipped to below pre-pandemic levels last month, with the north of England – plus Scotland and Northern Ireland – trailing behind the south in terms of the overall recovery from Covid-fuelled gloom.

Footfall decreased by 14% in July compared with 2019, reversing gains made in April, as retailers struggled to entice shoppers amid a heatwave in the third week of the month and surging inflation.

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School uniforms: UK parents urged to buy early amid supply problems

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Supplier warns of Covid-related disruption, amid calls for VAT on over-14s’ school clothes to be axed

The holidays have only just begun for many children but families are being warned not to leave uniform shopping to the last minute because of potential shortages of official school blazers and jumpers.

The specialist retailer School Uniform Direct, which supplies scores of UK schools, has written to thousands of customers urging them to place orders for branded clothing as soon as possible.

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