Grocery price war continues: Tesco’s rebound hurts Asda as Aldi reaches record market share March 10, 2015 Tesco's return to growth is stealing market share from Asda, according to the latest figures from Kantar Worldpanel. The sector as a whole is still hugely competitive: the grocery price war has driven supermarket deflation to a record level of 1.6 per cent for the 12 weeks to March 1. Kantar estimated that this had [...]
Ocado sales jump 19.2 per cent as company says it expects to keep growing ahead of the curve March 10, 2015 The figures Ocado’s group sales jumped 19.2 per cent in the 12 weeks to 22 February, rising to £271.1m, from £227.5m during the same period last year. Meanwhile, retail sales were up a similarly impressive 15.2 per cent to £252.0m, two months after the company reported its first profit. Ocado said that on 22 February it had [...]
Coffee-to-go speculation at Tesco as another top executive departs March 9, 2015 TESCO yesterday lost another senior executive after the man in charge of its in-store dining, Michael Holmes, stepped down. Holmes served as the director of a number of Tesco’s businesses, including restaurant chain Giraffe, coffee shop Harris + Hoole, in-store restaurant Decks and Tesco’s Euphorium bakeries. The exit follows a string of departures that have [...]
City Moves for 10 March 2015 | Who’s switching jobs March 9, 2015 New Bridge Street The executive remuneration specialist has appointed Drew Matthews as partner. He joins from Tesco, where he was group reward director for the past three years. Matthews has also held consultancy roles at PwC, Deloitte, and Stern Stewart. Eaton Vance Management International David Morley has been appointed business development director, UK institutional at [...]
Tesco loses Harris + Hoole and Giraffe chief Michael Holmes amid Dave Lewis restructure March 9, 2015 Tesco has lost another senior executive, after the man in charge of its Harris + Hoole coffee shops and restaurant chain Giraffe stepped down. Chief executive of new food experiences Michael Holmes, the man behind Tesco’s strategy to offer dining experiences in-store in a bid to pull in customers, has fallen on the wrong side [...]
Morrisons to cut dividend and post lowest profit in eight years March 9, 2015 Morrisons is expected to signal lower dividend payouts on Thursday this week when the troubled supermarket chain is to report its lowest annual profit in eight years. The Bradford-based retailer has been hit hard by the fierce industry price war as all big four supermarkets battle it out to retain customers’ loyalty and fend off [...]
More boardroom shake-ups at Tesco and Marks & Spencer March 4, 2015 THE BOARDROOM clear out at supermarket giant Tesco continued yesterday, while high street icon M&S announced a new board role for its current chairman. Tesco, the UK’s biggest retailer, said non-executive director Gareth Bullock would retire from the main board today, but remain on the board of Tesco Bank. The company beefed up its board yesterday [...]
Richard Gillingwater steps down from Morrisons board March 4, 2015 SSE chairman-to-be Richard Gillingwater has decided to step down from the board of Morrisons, the supermarket announced today. Gillinwater, who was appointed to the board just two years ago, will step down from the post at the next annual general meeting in June. Today, he alluded to the supermarket's recent struggles to compete with discounters. [...]
Tesco hires BP vice president Byron Grote March 4, 2015 BP director and vice president Byron Grote is joining Tesco's board as the troubled supermarket looks to bolster its financial experience. Grote, who has been at BP since it acquired Standard Oil of Ohio in 1987, joins the Tesco board on May 1 as a non-executive director. The grocer said he brought “extensive executive [...]
British Land buys up Surrey Quays plots in Canada Water for £135m March 2, 2015 Developer British Land said yesterday it has bought the last of the sites for its £2bn regeneration project in Canada Water – paying £135m for Surrey Quays Leisure Park from Aviva Investors. The FTSE 100 developer has quietly amassed over 50 acres of land in Canada Water over the last five years and is spending [...]