Ocado CEO Tim Steiner: M&S products are more popular than Waitrose March 18, 2021 Ocado’s M&S products are favoured over the former Waitrose partnership products with customers, as the company enjoys a doubling of new registrations, the company’s chief executive said this morning. “The M&S product is more popular with our customers than the Waitrose products were,” chief executive Tim Steiner said during an investor call earlier this morning. [...]
Consumers to splash cash on haircuts and holidays – but retailers might have to wait longer for post-lockdown boom March 18, 2021 Consumers have big plans to spend when coronavirus restrictions are lifted, although retailers may have to wait until more vaccinations are rolled out before they benefit from a bounce back in trade. Brits are planning to spend more on holidays, haircuts and days out when the latest lockdown rules are eased, according to the latest [...]
HSBC poised to sell French retail network to US private equity subsidiary March 17, 2021 HSBC is poised to sell its French retail network to a subsidiary of US private equity firm Cerberus. Yesterday HSBC France chief executive Jean Beunardeau told employees the firm had decided to progress discussions with the subsidiary, though “discussions are still ongoing and are expected to be for some weeks,” the Financial Times reported. Beunardeau [...]
British fashion brand Ralph & Russo enters administration after Covid hits sales March 17, 2021 British luxury fashion brand Ralph & Russo has collapsed into administration after the coronavirus pandemic decimated sales. Ralph & Russo has appointed Begbies Traynor and Quantuma as administrators to investigate “all possible options” for the company. In a statement this afternoon, the company’s co-founder Tamara Ralph said trading conditions during the pandemic had put “tremendous [...]
Dija acquires Genie in bid to expand 10-minute delivery service March 17, 2021 London-based grocery delivery startup Dija has acquired Cambridge startup Genie as it expands its service across the UK. Dija, which was founded by former Deliveroo executives, launched earlier this month and promises to deliver groceries within 10 minutes. It is the latest player to join the ever-expanding food delivery space and already has four warehouse [...]
FTSE slips ahead of US Fed meeting March 17, 2021 The FTSE 100 dipped slightly this morning as investors awaited the outcome of the US Federal Reserve’s policy meeting for signs about upcoming interest rates. London’s blue-chip index opened 0.25 per cent down, with mining stocks including Rio Tinto, Anglo American, Evraz and BHP Group falling between 0.5 per cent and 2 per cent. BT [...]
Government should crack down on Uighur forced labour in business supply chains, MPs say March 17, 2021 The government should toughen its anti-slavery measures to ensure that forced labour plays no part in the supply chains of major businesses, MPs have said. A report from the Business, Energy and Industrial Strategy (BEIS) committee said that there was “compelling evidence” that major retail, media, and fashion companies are “complicit” in the forced labour [...]
Corona Impact Series: How a small Wandsworth womenswear boutique embraced click-and-collect March 16, 2021 In this series, City A.M. looks at the financial and economic impact of the ongoing pandemic on a range of small and medium-sized businesses across London. This week: how a small Wandsworth womenswear boutique is bouncing back from the third lockdown thanks to the world wide web. Pre-pandemic, independent stores were thriving – popping up on local high [...]
Wall Street and FTSE 100 push higher as markets shrug off Astrazeneca saga March 16, 2021 Wall Street rose to record highs this afternoon as tech stocks gained momentum ahead of a two-day policy meeting for the Federal Reserve. The S&P 500 was up 0.27 per cent to an all-time high while the tech-heavy Nasdaq jumped 1.17 per cent, extending a rebound in stocks following last month’s sell-off. The Dow Jones [...]
Central London to get ‘half a dozen’ new Greggs stores following rent bonfire March 16, 2021 Half a dozen new Greggs stores will open up in zones one and two in central London, including in the City of London, after falling rents in the capital made London spaces more attractive. Greggs reported its first annual loss today since listing on the stock exchange in 1984, after coronavirus restrictions forced store closures [...]