‘You can’t interfere in the markets,’ Asda boss tells government over food price caps May 30, 2023 Veteran retail boss Stuart Rose has warned the government of “unintended consequences” around encouraging supermarkets to impose price caps on food staples to cut the cost of living. Asda chairman Lord Rose, who also ran Marks and Spencer and chaired Ocado, said “you can’t interfere in the markets” and warned of the “unintended consequences” of [...]
Waitrose and M&S meal deal supplier Greencore reports revenue boost by a fifth May 30, 2023 A sandwich and sushi maker supplying UK supermarket giants from M&S to Waitrose has reported a surge in revenue after upping its prices – and revealed it axed around 250 jobs. Greencore told investors it sunk to a loss this year after battling higher costs. The Dublin-based convenience food manufacturing firm said its revenue jumped [...]
Are gone-off goods the answer to the cost of living crisis? May 30, 2023 An online grocery store which sells goods that would otherwise be sent to landfill is growing in popularity in the UK, as cash-strapped Brits search for new ways to save money amid the cost of living crisis. “I think there’s a lot of focus on price at the moment… and we can cater for something [...]
Grocery prices cool as government drafts supermarket price cap May 30, 2023 Food inflation cooled slightly in May as lower energy and commodity costs finally showed signs of filtering down to consumers. According to data by the British Retail Consortium, grocery inflation fell to 15.4 per cent in during the month, down from 15.7 per cent in April – but remained the second highest inflation rate in [...]
House prices continue to fall as buy-to-let landlords sell up May 30, 2023 House prices are continuing to fall, according to a closely watched index, but transactions are ahead of the long-term average due to landlords selling up. According to estate agent Zoopla, landlord properties accounted for 11 per cent of sales in the last month, as high mortgage rates and energy bills forced many property owners to [...]
Retailers hit with fresh blow as nearly 50 per cent of Brits think the high street is ‘no longer relevant’ May 29, 2023 Nearly half of Brits believe that high streets are no longer relevant, with new data showing that the public is craving a change to their local high street in order to continue visiting it. The data, published by IT company Accenture, comes as retail experts have forecasted that up to 18,000 stores could vanish off [...]
Retail sales up in April but analysts warn on implications of further rate hikes May 26, 2023 Retail sales volumes recovered slightly by 0.5 per cent in April as the sector was lifted by the Easter holidays, however high inflation and strains on household finances continue to hinder spending. Non-food stores sales volumes rose by 1.0 per cent during the month, data from the ONS shows, following a fall of 1.8 per [...]
That’s the tonic! Board shakeup at Fever Tree after revenue spike May 25, 2023 Upmarket tonic maker Fever Tree is confident that a summer full of G&Ts will help continue to strengthen its balance sheet, as the group forecast revenues to reach upwards of £390m this year. Ahead of its AGM today, the drinks maker told investors that Fever-Tree recorded its highest ever value share in the On-Trade during [...]
Young’s hopes for repeat of bumper year with Rugby World Cup on horizon May 25, 2023 Pub chain Young’s has continued to weather the economic storm posting a hike in revenues for the year thanks to Royal celebrations and an exceptionally hot summer last year. The 223 strong chain, which operates largely in London and the South-East, said that revenues were up 19.4 per to £368.9m compared to £309.m in the [...]
Supermarket wars: Tesco rakes in £8.92bn of sales as clubcard points entice cash-strapped shoppers May 23, 2023 Tesco remains Britain’s favourite supermarket with clubcard points helping cash-strapped shoppers in the cost of living crisis – but Waitrose was given a sales boost thanks to luxury purchasing during the King’s Coronation. Figures released by Kantar show that in the 12 weeks to 15 May, ‘Big Four’ grocer Tesco raked in £8.92bn in sales [...]