Exclusive: Poundland owner opens 3,000th Pepco store amid discount frenzy December 1, 2022 Discount giant Pepco has opened its 3,00th store, with a new Berlin site, as momentum swells for affordable goods while households tighten their belts. The owner of the Pepco, Dealz and Poundland brands told CityA.M. its 3,000th Pepco store opened its doors today, with plans to roll out hundreds more stores in the near future. [...]
Mattress seller Emma probed by watchdog after discount urgency concerns November 30, 2022 Competition regulators are probing mattress seller Emma Sleep after concerns some of its online sales practices could be falling foul of consumer law. The sleep wellness brand is being investigated for potentially misleading shoppers by its use of countdown timers, with concerns of false warnings that a discounted price will end soon. A probe into [...]
H&M slashes 1,500 jobs as shoppers pull back on fashion spending November 30, 2022 The world’s second largest fashion retailer has announced a wave of lay-offs as the apparel sector grapples with weakening demand from shoppers. The Swedish apparel giant said around 1,500 job cuts come as part of a plan set out earlier this autumn to save around 2bn Swedish crowns (£160m) each year. “We are in a [...]
City bosses more Santa than Scrooge this Christmas as it rains parties, presents and bonuses in London November 30, 2022 Despite economic difficulties, London bosses are still planning to give their staff Christmas parties, presents, or bonuses. London employers appear to be going bigger on bonuses, with 56 per cent of London staff expecting a Christmas bonus, compared with just 23 per cent of those in both the South East and South West, and only [...]
Mulberry feels the chill of recession as boss calls for VAT-free shopping to boost tourist sales November 30, 2022 High-end accessories retailer Mulberry is beginning to feel the effects of the cost of living crisis and recession in the UK, with sales and revenue slipping over the past six months. Sales at its London stores on Bond St and Regent St have been hit hard by affluent tourists from the US and the Arab [...]
Bar operator Loungers posts lower earnings after government Covid support ends November 30, 2022 Bar group Loungers has posted lower earnings for the half-year, after it benefited from government aid with VAT and business rates last year. The Cosy Club and Lounges operator posted 53 per cent revenue growth, compared to the equivalent pre-pandemic half-year period in 2020. However, adjusted EBITDA came in at a subdued level compared to [...]
Unaffordable Christmas meals loom as food inflation skyrockets to record 12.4 per cent November 30, 2022 It has emerged that food inflation has surged to 12.4 per cent to hit a new record amid predictions of dampened Christmas cheer and an “increasingly bleak” winter. Overall shop prices are now 7.4 per cent higher than last November, up from 6.6 per cent in October, to set another record since the British Retail [...]
Strike chaos: RMT’s Mick Lynch tells hospitality to direct their anger at rail operators November 29, 2022 RMT’s general secretary Mick Lynch has told hospitality businesses to direct their anger at rail operators for the upcoming rail strikes. In a letter to hospitality and retail associations, Lynch said that while “you face disruption to your business at this critical time, the private rail businesses we are in dispute with will not lose [...]
KitKat maker Nestlé pushes sales outlook higher and mulls sale of allergy business November 29, 2022 Nestlé has boosted its annual sales outlook, ahead of an investor meeting on Tuesday, while announcing it is considering the future of its allergy treatment business. The Kit Kat maker nudged its outlook for organic sales growth to between eight and 8.5 per cent, following a forecast last month of around eight per cent. In [...]
Excl: Brits’ spend on restaurants and takeaways behind pre-Covid average November 28, 2022 Brits are now spending far less on meals out and takeaways than they were on the eve of the Covid-19 pandemic, as consumers and businesses grapple with rising costs. Diners are forking out 16 per cent less per month in restaurant spending on average, versus 2019, according to exclusive research shared with CityA.M. Average spend [...]