Retail hesitancy: Online sales drop as shoppers feel pinch of rising inflation April 21, 2022 Online shoppers are spending less as the cost of living crunch starts to bite across the world, and consumers have turned to BNPL services to continue purchasing. Global digital sales have dropped three per cent year-on-year, the first recorded drop in nine years of tracking by Salesforce. The firm’s shopping index shows a drop in [...]
EG Group to create 22.7k UK jobs by 2026 as Issa brothers’ food service arm swells April 21, 2022 Petrol forecourt operator EG Group has said it will create some 22,700 jobs in the UK in the next four years. The billionaire Issa brothers’ company has said it will provide some 32,000 jobs across the world over the next few years, thanks to investment in its foodservice arm. Jobs will be created across EG’s [...]
Brexit and pandemic onslaught have altered UK workforce with highest-ever number of non-EU workers April 21, 2022 UK, EU and non-EU payroll data varied drastically during the course of the pandemic, according to fresh data sent to City A.M. this morning. While the UK entered the first lockdown in March 2020 with payroll numbers at 25.7m that then dropped to 24.9m by March 2021, non-EU payroll saw figures at 2.12m in March [...]
Brexit-supporting Newark in shock as largest employer shuts up shop and heads for mainland Europe April 21, 2022 Local media and residents in the English town of Newark, as well as its local MP Robert Jenrick, are said to be shocked and disappointed by the decision of food producer Goodlife Foods to shut up shop and move its entire production to mainland Europe. The decision is likely to result in around 110 job [...]
Nestlé warns of further price rises over the year amid rampant inflation April 21, 2022 Nestlé has cautioned more price rises could be on the horizon for consumers as cost inflation leaps. In a three month trading update, the Kit Kat owner said it had already “stepped up pricing in a responsible manner” and seen “sustained consumer demand.” Nestlé CEO Mark Schneider added: “Cost inflation continues to increase sharply, which [...]
THG boss Matt Moulding slams ‘numerous’ proposals from suitors as unacceptable April 21, 2022 E-commerce beauty firm THG has dubbed a number of approaches from potential bidders as “unacceptable.” There had been speculation that the online retailer – which owns brands including Cult Beauty and Lookfantastic – could be prime for a takeover, after experiencing a turbulent year. In a trading update, CEO Matthew Moulding said the board had [...]
Retail demand protected by shoppers using lockdown savings and buy now pay later services April 21, 2022 Consumer retail demand will be protected by shoppers dipping into lockdown savings and using buy now pay later services, despite increased pressure on household budgets. Economists have said consumer demand will not see a significant drop in the coming months despite tightening purse strings across the country. Evidence showed households were turned to credit to [...]
Prices rising fast: Brits face acute egg shortage as spiralling hen food costs and energy bills lead to mass exodus of farmers April 20, 2022 UK customers could face empty shelves as an exodus of British egg farmers is caused by a lack of support from supermarkets amid spiralling costs, industry players warned today. Farmers have previously called on supermarkets to increase their egg prices due to soaring feed and energy costs in the production process. However, the industry has [...]
Missguided: CEO steps down as fashion firm hires Teneo advisors April 20, 2022 Online fashion retailer Missguided has said its founder will step down as CEO as it mulls options for its future. Nitin Passi has chosen to step aside as head of the company as the fashion firm has recruited advisors from Teneo to probe “strategic options” for its future. According to RetailWeek, Missguided is searching for [...]
Demolition of M&S Oxford St store put on hold by Gove April 20, 2022 The bulldozing of the iconic Marks & Spencer building on Oxford St has been put on pause by the government. According to a report by the BBC, Michael Gove asked Westminster council to press pause on a demolition application. Under an Article 31 holding direction, a local authority cannot green light planning permission until ministers [...]