Costco sells $100m in gold bars in most recent quarter

Retailer began selling bars of 24-karat gold online in September, with each release selling out ‘within a few hours’

Known for selling goods in bulk, Costco’s latest such offering – gold bars – has proved a hit, with $100m worth sold in the most recent quarter, Business Insider reported.

With demand for the precious metal rising globally amid the economic uncertainty of the past few years, Costco in September began selling 1oz (28g) bars of 24-karat gold exclusively online, with Costco members eligible to buy two apiece. The retailer has more than 72m paid memberships.

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Currys boss: minimum wage hike shows government does not ‘care’ about retail

Planned 10% UK increase as business rates rise will put pressure on already overburdened industry, says Alex Baldock

The boss of Currys has accused the government of failing to “understand or care” about UK retailers by pushing through a “big hike” in the UK’s minimum wage.

Alex Baldock’s comments come weeks after chancellor Jeremy Hunt announced plans to increase the legal minimum wage for the UK’s lowest paid workers to £11.44 an hour, representing a hike of almost 10%, from April 2024. The move will force employers to pay full time workers around £1,800 more per year.

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Sainsbury’s boss defends decision to sell customers’ Nectar card data

Supermarket says it protects personal data ‘incredibly carefully’ and move makes ads ‘more relevant’

The chief executive of Sainsbury’s has defended its decision to sell data on the shopping habits of his customers to TV and consumer goods manufacturers looking to target their advertising.

Simon Roberts has said the supermarket group protects personal data “incredibly carefully” and that its strategy had made adverts more “relevant” for shoppers.

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China overtakes US as branded coffee shop capital of the world

Number rose by almost 60% in a year to 49,691 stores, making China ‘a global coffee industry powerhouse’

The branded coffee chain craze may trace its roots to a single Starbucks in Seattle’s Pike Place market in 1971, but now China has toppled the US as the country with the most branded coffee shops.

The number of branded coffee shops in China increased by 58% over the past 12 months to a record 49,691 outlets, according to research by World Coffee Portal. That was more than 9,000 in excess of the 40,062 in the US, where the market grew by just 4%. The US had held the crown as the world’s biggest coffee shop market for the entire 20-year history of the research.

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UK Christmas shoppers will pay more for less this year, say economists

Cost of festive season is up almost a quarter in three years, according to the Centre for Economics and Business Research

Consumers will pay more for less this Christmas, economists have warned, getting less of a bang for their buck than the faint phutting of a puny, overpriced cracker being pulled.

Although Britons will spend more than in the belt-tightening 2022 festive season, the resultant fare won’t yet match the pre-pandemic Christmases past.

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‘The optics are terrible’: how Rishi Sunak’s 2020 ‘eat out to help out’ scheme backfired

The then chancellor’s plan proved to be of no economic benefit and was decried by scientists – but it clearly set out the political aims of ‘Dishy Rishi’

There is no blue heritage plaque above the stainless-steel open kitchen at the branch of Wagamama at London’s Festival Hall – but the restaurant might have claims to one. It was here, in delivering a couple of plates of katsu curry – one chicken, one vegan – on 8 July 2020, that our current prime minister in effect launched his campaign for the country’s leadership.

During that lockdown spring as pandemic chancellor, Rishi Sunak had one of the few enviable public roles: he was cast as the man who saved the economy by giving money away. By the time he pitched up at Wagamama that lunchtime, his various Covid-help schemes had dished out £176bn in furlough payments and loans and deferred taxes. In those efforts Sunak, little known before the crisis, had sometimes looked like the only sober and responsible member of her majesty’s government. The headline act of his summer budget statement, “eat out to help out”, changed that narrative.

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Wilko rescue failed because ‘everyone got a little bit greedy’, says HMV owner

Retailer’s suppliers did not think of 12,000-plus jobs that could have been saved, claims Doug Putman

The HMV owner Doug Putman has said his planned rescue of the retailer Wilko collapsed because “everyone just got a little bit greedy” and was not thinking about the jobs that could have been saved.

The Canadian retail billionaire, who has engineered a turnaround of HMV in the UK and owns Toys R Us in Canada, was close to a deal to take over as many as 200 of Wilko’s 408 stores in September, which would have saved more than 12,000 jobs.

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Thousands of HSBC customers in UK unable to access online banking services

Consumers report problems using bank’s app on one of the busiest shopping days of year, Black Friday

Thousands of HSBC customers reported they were unable to access its online and mobile banking services on one of the busiest online shopping days of the year – Black Friday.

More than 4,000 customers said they could not access their accounts via the HSBC app on Friday, according to Downdetector, which tracks and collates website outages and complaints.

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Macy’s workers launch Black Friday strike in Washington state

About 400 workers walk out in dispute over allegedly unfair labor practices and failure to agree new contract

About four hundred Macy’s workers in Washington state began striking on Friday – known as Black Friday among retailers and one of the year’s busiest shopping days – citing allegedly unfair labor practices and the retail giant’s purported refusal to agree to a new contract.

The union representing the employees, UFCW 3000, said workers started arriving about 3am on Friday to form picket lines. Workers are striking outside the Alderwood, Southcenter and Bellis Fair Macy’s stores and plan to continue for three days.

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John Lewis to partner with Randox Health to open clinics in stores

In effort to attract customers amid falling sales, retailer joins forces with Covid testing firm to offer full-body health checks

John Lewis is to team up with Covid testing firm Randox Health to open clinics within its shops in the latest effort to draw in customers amid tough trading conditions.

The clinics, which will be run by Randox staff, will offer full-body health checks including tests for vitamin deficiencies, hormone imbalances and key health concerns, among other services.

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B&Q owner issues another profit warning after weak sales in France

UK business lifted by ‘improve not move’ trend and interior design videos on TikTok

The owner of B&Q and Screwfix issued its second profit warning in three months after weak sales in France but said its UK business is being boosted by the “improve not move” trend and interior design videos on TikTok.

Kingfisher, which also owns Castorama and Brico Dépôt in France and operates in Poland, Iberia and Romania, too, reported an almost 4% sales decline in its financial third quarter, prompting a downgrade in its annual profit forecast from £590m to £560m.

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Co-op and Aldi champagnes beat Veuve Clicquot in Which? taste test

Top-scoring supermarket fizz costs less than half of the price of its prestigious competitor

Money might be tight this Christmas but there is good news for champagne lovers after much cheaper supermarket own brands fared better than the prestigious French label Veuve Clicquot in a quaff test.

The Co-op’s Les Pionniers champagne received the top score of 85% in a blind taste test conducted by Which? with the £22.75-a-bottle bubbly wowing the panel with its “smoky notes” and “smooth creaminess”.

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Bangladesh garment workers fighting for pay face brutal violence and threats

Workers describe hands and arms being targeted in ‘merciless’ beatings as protests over low wages turn increasingly violent in Dhaka

When Masuma Akhtar arrived at the garment factory where she works on the outskirts of Dhaka on 31 October, she was expecting a normal shift. Instead, she was met with brute violence. “The moment I walked through the factory gates, a group of armed men began beating me with wooden sticks,” says Akhtar. “I fell down on to the ground. Even then they wouldn’t stop beating me.”

Akhtar, 22, is a seamstress at Dekko Knitwears in Mirpur, where she spends long days churning out clothes for western fashion brands, including Marks & Spencer, C&A and PVH Corp, which owns Tommy Hilfiger and Calvin Klein.

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Selfridges comes under full control of Thailand’s Central Group

Announcement after Central’s Austrian partner Signa Group was placed in hands of restructuring expert

Thailand’s largest department store owner, Central Group, has announced it has taken control of Selfridges department stores.

Central Group and Rene Benko’s Austrian real estate company Signa Group bought Selfridges in 2021 in a deal worth $5bn.

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How M&S regained its place as UK’s top womenswear retailer

Four years after it fell out of the FTSE 100 the high street brand is again boasting strong sales

Fours years after it fell out of the FTSE 100, M&S has turned around its fortunes to become the UK’s best retailer for women’s wear.

In May, strong sales figures were driven not only by bog-standard basics such as underwear and T-shirts, but by more fashion-forward categories, too. Now, sales of women’s party wear are up 49%, and knitwear up 23% in October compared with last year.

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AI Pictionary and a ‘robo-dog’ make UK shops’ hottest Christmas toy lists

Retailers hope new version of top-selling board game plus Dog-E will help fuel festive sales recovery

A new version of Pictionary that pits artist against artificial intelligence and a pet “robo-dog” with a wagging tail are among the toys destined to appear on Christmas lists this year as retailers pray for better sales during the key festive trading period.

With the cost of living crisis looming large over another year’s celebrations, the Toy Retailers Association’s annual DreamToys list of the 20 “hottest” gifts includes a dozen that are under £50. Among them is Pictionary vs AI (£24), a new version of the classic board game that pitches (terrible) human sketches against the might of AI processing power.

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UK recession fears grow as shoppers cut spending ‘to save for Christmas’

Drop in retail sales also because of consumer worries over high energy bills and mortgages, surveys suggest

Fears that the UK is heading for a recession this winter have intensified amid signs Britain’s hard-pressed households are cutting spending as they save for Christmas and higher fuel bills.

Two monthly snapshots of retail activity found shops and online outlets struggling because of consumer budgets being squeezed by dearer mortgages and the UK’s lingering cost of living crisis.

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Asos expects sales slump to continue as it is hit by near £300m loss

Shares plunge after analysts say online fashion retailer may need to raise more cash, possibly through sale of Topshop brand

Asos has warned sales will continue to fall in the year ahead – by much as 15% – after delayed results revealed a near £300m annual loss.

Shares fell almost 10% on Wednesday to 34p after analysts expressed fears that the online fashion retailer would need to raise new cash – potentially through the sale of its Topshop brand – with net debt including leases now at £648.5m, up from £533m a year before.

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Next upgrades profit forecast again as cool weather helps sales

Retailer expects to make £10m more profit than previously predicted, taking full-year target to £885m

Next has upgraded annual profit expectations for the fourth time in five months after the arrival of cooler weather in late October helped bolster sales.

The retailer said it now expected to make £10m more profit than previously forecast, taking its full-year target to £885m, after full-price sales rose by 4% in the three months to the end of October – double the pace of growth anticipated.

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Pineapple loses its crown: Sainsbury’s sells leafless version to cut waste

Removing leaves will mean they can be replanted or shredded for animal feed and could reduce emissions

The pineapple has been dethroned: Sainsbury’s has announced it will start selling a crownless version of the tropical fruit from Wednesday.

The spiky, green leaves that grow from the top of the plant are a unique feature of the exotic fruit. But, says the supermarket, they are typically thrown away by customers, contributing to up to 700 tonnes of food waste a year.

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