When it comes to retailer abuse of suppliers, Tesco is just the thin end of the wedge January 26, 2016 Tactics used by Tesco to delay or reduce payments to suppliers in order to make its own financial performance look better are common practice in the retail sector. It is not unusual for larger customers to put undue pressure on suppliers; either by failing to make payments on time or by demanding cost reductions or [...]
These are the worst examples of how Tesco mistreated suppliers January 26, 2016 THE Groceries Code Adjudicator (GCA) has released a scathing report today into Tesco's treatment of suppliers, concluding that the supermarket "seriously" breached the industry's code of practice by prioritising its own finances at suppliers' expense. Below are some examples of how Tesco mistreated its suppliers. "Aspirational" Margin Targets The supermarket watchdog found that suppliers were often forced to pay [...]
Tesco “seriously” breached grocery code, says supplier watchdog Groceries Code Adjudicator January 26, 2016 Tesco has been given a slap on the wrist over its relationship with suppliers during the lead-up to the accounting scandal which rocked the supermarket in 2014. Supplier watchdog the Grocery Code Adjudicator (GCA) said Tesco seriously breach of the code of practice, prioritising its own finances over treating suppliers fairly and acting unreasonably when delaying payments to suppliers, often for lengthy periods [...]
Tesco share price falls as Serious Fraud Office’s investigation is set to conclude January 25, 2016 A criminal investigation into Tesco, the UK's biggest retailer, by the Serious Fraud Office (SFO) is set to come to a conclusion after more than a year, according to Cantor Fitzgerald analysts. The investigation, launched in October 2014 after a multi-million pound profit black hole was uncovered at the supermarket, had been due to be resolved by the end of last year. [...]
High street retailers steal share of physical entertainment market from Amazon January 25, 2016 Sales of physical DVDs, CDs and video games may be dropping but bricks and mortar stores are still holding their own after taking market share from the likes of Amazon in the quarter. According to Kantar Worldpanel figures, high street retailers took 68 per cent of spend on physical entertainment in the 12 weeks to 20 [...]
Tesco to drop diesel prices further to 97.7p from today January 22, 2016 Tesco has said it will drop its diesel prices even further, committing to lowering the price of the fuel to 97.7p at all of its 500 filling stations from midday today. The supermarket was one of many to bring the price of diesel below £1 at the start of the year, alongside Sainsbury's, Asda and Morrisons, [...]
Every little helps Tesco take on German disruptors January 20, 2016 It seems the Big Four supermarkets are fighting back against German disruptors Aldi and Lidl, with big beast Tesco reporting better-than-expected figures for the Christmas period. Despite gloomy City forecasts, the news saw Tesco shares spike as optimism returned for the future of the embattled retailer with the turnaround being spurred by lower prices on some [...]
Tesco, Sainsbury’s and M&S are among most praised companies by NGOs but VW and Royal Dutch Shell make “naughty” list of most criticised January 18, 2016 Tesco, Sainsbury's and M&S are certainly not having the best of times on the high street these days, but there's one place their winning at least. The three are among several of the biggest global companies to make a "nice" list of companies which pressure groups and campaigners across the world, from the likes of Which? to Greenpeace, have [...]
Asda will axe jobs in the UK as supermarket struggles continue January 18, 2016 Asda will axe jobs in the UK amid increasing pressure on British supermarkets. The redundancies will be at Walmart-owned supermarket's Leeds head office. The supermarket said in a statement: "It’s well documented that in recent years, customers have radically changed the way they shop. "We were the first of the “big four” to recognise this and [...]
From retail mania and the Tube strike to oil prices and the Chinese economy: Here’s what got us talking this week January 15, 2016 We all got invited to a very special birthday party, while someone else got an early birthday present. Meanwhile, the details of Boris Johnson's Iraq antics were leaked. Oh no, BoJo. Here's what got us talking this week 1) Ground control to major Tim The world mourned as we digested the news that David Bowie had died [...]