Morrisons and Amazon: Retail’s newest BFFs June 14, 2019 | City Talk By Graeme Evans from interactive investor. Extending its relationship with the world’s biggest retailer is shrewd business by Morrisons’ CEO. The quiet revolution at Morrisons (LSE:MRW) under chief executive David Potts continues to impress after the supermarket chain extended its partnership with online giant Amazon (NASDAQ:AMZN). Whereas its rivals have looked to grow through consolidation – with Tesco (LSE:TSCO) buying Booker and Sainsbury’s (LSE:SBRY) trying to [...]
SSP buys three Jamie Oliver restaurants saving 250 jobs June 13, 2019 Three of Jamie Oliver’s restaurants have been rescued after administrators secured a sale with SSP, saving 250 jobs. SSP will take over the three sites at Gatwick Airport after the celebrity chef’s restaurant business collapsed into administration last month. Read more: Jamie Oliver’s restaurant business collapses into administration All of Oliver’s restaurants, excluding the Gatwick [...]
Majestic Wine ‘in advanced talks’ over sale of retail arm June 13, 2019 Majestic Wine announced it was in advanced talks with multiple bidders over the sale of 200 stores as it focuses on its online business. The company plans to spin off the Majestic Retail and Commercial arm and focus on its Naked Wines brand, which has a “greater potential for growth”. The figures In the year [...]
Iceland speeds up store roll-out as Christmas ad improves perceptions June 13, 2019 Iceland Foods is aiming to speed up its store roll-out this year despite facing a market with uncertain customers. The figures Sales rose 4.5 per cent over the financial year to almost £3.2bn, the company announced today. Adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) fell 8.4 per cent to £140m. It came after [...]
Morrisons to expand Amazon online delivery service across UK June 13, 2019 Supermarket Morrisons said today it will expand its online delivery partnership with Amazon to more cities across the UK. The Morrisons at Amazon service allows Amazon Prime customers to receive online same day grocery deliveries in Leeds, Manchester, Birmingham and parts of London and the home counties. Customers can order groceries online which are picked [...]
Tesco sales growth slows in ‘subdued’ market June 13, 2019 Tesco sales growth slowed in the first quarter of the year due to a “subdued” UK market. The supermarket, which is the largest in the UK, said sales hit £9.08bn in its core market, representing like-for-like sales growth of 0.4 per cent. Read more: Tesco Bank quits ‘challenging’ mortgage market Analysts had predicted growth in [...]
Our high streets are in grave danger June 12, 2019 For decades, the local high street has been the jewel in the crown of UK towns and cities, boasting an array of thriving local businesses and big-name stores. However an outdated business rates system, coupled with the rise of online retail giants, has left them in grave danger. This is a watershed moment for our [...]
Activist investor Elliott launches audacious bid for Majestic Wine stores June 12, 2019 Activist investor Elliot has launched a bid for 200 Majestic Wine stores as the retailer switches its focus from the high street to online. US-based Elliot has pitted itself against private equity firm OpCapita and Fortress, the investment group owned by Japan’s SoftBank, in the sale, in which Majestic is hoping to recoup £100m. Read [...]
City watchdog launches crackdown on ‘buy now pay later’ deals June 12, 2019 The City watchdog has launched a crackdown on ‘buy now pay later’ deals in a bid to save consumers up to £60m a year. The Financial Conduct Authority has announced plans to ban retailers from charging backdated interest rates on loans repaid during the offer period. Read more: Financial Conduct Authority issues warning to high [...]
Zara owner Inditex boosts sales with rapid online expansion June 12, 2019 Zara owner Inditex defied a weak retail market to boost sales at the beginning of the second quarter as its global expansion gathered pace. The world’s biggest clothing retailer bounced back from a weak start to the year, damaged by cold weather, reporting a 9.5 per cent sales jump in the period from 1 May [...]