Asda plans HQ redundancies March 24, 2014 ASDA has announced around 200 job losses among its senior managers at its head offices in Leeds and Leicestershire amid mounting competition among Britain’s major grocers. The US-owned chain, which alerted staff yesterday morning, said the redundancies follow a review into the business last year and recognising “a structural change taking place in the retail [...]
Best of the Brokers for 25 March 2014 March 24, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com LLOYDS Investec has returned to a “buy” rating on the bank, two months after downgrading it to a “hold”, and sticks to its 85p target. The broker says it’s safe for investors to get back into the water now Lloyds has tackled its PPI [...]
How BHS’ food offerings could unseat Asda and Morrisons March 24, 2014 Sir Philip Green has come knocking at the major supermarkets’ door with plans to launch the first trial food outlet within a BHS department store this week. The retail tycoon, who is eyeing around 150 openings, aims “to be competitive” within the convenience food sector and undercut the big four by around 10 per cent [...]
What the other papers say this morning – 24 March 2014 March 24, 2014 FINANCIAL TIMES Heseltine takes control of Haymarket Michael Heseltine has taken full control of Haymarket, the publishing group he co-founded 50 years ago, as it restructures to move its flagship consumer titles online and expand internationally. The 81-year-old former Conservative politician is betting on a recovery in the fortunes of Haymarket, which made a pre-tax [...]
Philip Green to take on big four with BHS food March 24, 2014 SIR PHILIP Green is taking on the supermarkets this week, as BHS launches its first food outlet. Arcadia, the group owned by the retail tycoon, confirmed over the weekend that BHS will be opening its first trial food space in its Staines store on Thursday, with Warrington to follow the next week. A spokesperson told [...]
Sainsbury’s hit by first sales fall in nine years March 18, 2014 SAINSBURY’S nine-year run of like-for-like sales growth came to a halt in the fourth quarter as sluggish market growth and fierce competition from discounters finally caught up with the grocer. Like-for-like sales excluding fuel tumbled 3.1 per cent in the 10 weeks to 15 March, ending 36 consecutive quarters of sales growth on chief executive [...]
Morrisons cuts prices after new profit warning March 13, 2014 MORRISONS sent shockwaves through the food retail industry yesterday after warning that underlying profits would halve this year and announced plans to spend £1bn on cutting prices over the next three years. Chief executive Dalton Philips said it will invest £300m this year to narrow the price gap with discounters, following similar moves by Tesco, [...]
Bottom Line: This is the end of the big four supermarkets March 13, 2014 DALTON Philips kicked off more than just a price war yesterday. By promising to slash prices in an effort to turn around Morrisons’ fortunes, he also exposed a growing schism at the heart of the British grocery market. For years, supermarket analysts have talked about the big four (Tesco, Asda, Sainsbury’s and Morrisons) but with [...]
Scarlett fever: Under The Skin is a classic March 13, 2014 FILMUNDER THE SKINCert 15 | By Alex DymokeFive Stars IF YOU were considering the filmic potential of Scotland, first to come to mind would probably be the highlands; the dramatic barrenness of the western isles, the bronze light that illuminates the Grampians every evening. You probably wouldn’t think of Asda, Tescos, or obscure ring-roads on [...]
3 ways Morrisons will change your supermarket March 13, 2014 Morrisons’ extensive and rapid loss last year, and its foreseeable future profit warning, perhaps put it ahead of other supermarkets in terms of how quickly it needs to change. But the changes it needs and is planning to make affect all mainstream supermarkets. Indeed, the shares of all of them have lost this morning on [...]