Tesco store closures: 74pc of axed branches have an Aldi or Lidl nearby January 29, 2015 Discount supermarkets could be partly responsible for Tesco's plans to close 43 unprofitable stores in the UK – with the vast majority of struggling stores located near a low-price alternative. In a bid to change the fortunes of the struggling supermarket, Tesco's new chief executive Dave Lewis announced the store closures yesterday, saying the decision was [...]
Drastic Dave reveals 43 Tesco store closures January 28, 2015 TESCO chief executive Dave Lewis yesterday lived up to his nickname “drastic Dave” as the company named the 43 stores it would be closing in a bid to revive its flagging fortunes. The retailer said it would shut 30 convenience stores – including 18 Express outlets and 12 inner-city Metro shops – along with seven [...]
Tesco reveals locations of 43 stores being shut January 28, 2015 Tesco has revealed the locations of the 43 stores it plans to shut, resulting in around 2,000 job losses, as new chief executive Dave Lewis attempts to turn the struggling supermarket around. Of the stores going, 18 are Expresses and 12 are Metros. Just seven are superstores, with a further six the homeplus format. The [...]
Blinkbox sold by Tesco at loss January 26, 2015 TESCO offloaded its music streaming service Blinkbox Music to Australian firm Guvera yesterday in a deal thought to be worth around £5m, significantly less than the £12m the supermarket paid to acquire the service in 2012. The sale was quickly followed by the announcement that Tesco’s remaining digital entertainment services, Blinkbox Books, will be shuttered [...]
General Election 2015: Business ethics must be top of the manifesto writers’ agendas January 26, 2015 Tesco has taken the right step towards healing its frayed relationship with its suppliers. The supermarket giant last week launched an online network for its 5,000 suppliers where businesses will be able to interact with Britain's biggest retailer. Whilst it is encouraging to hear that big businesses like Tesco are taking responsibility for their dubious [...]
Tesco share price dips as Blinkbox Books closes ending supermarket’s digital entertainment services January 26, 2015 Tesco is closing the last of its digital entertainment services, Blinkbox Books, after failing to find a buyer for the ebook platform. The news sent shares in the supermarket down just over three per cent in afternoon trading. The struggling supermarket said it would close the service by the end of February to focus on [...]
Mooove over Sainsbury’s: Waitrose claims its dairy farmers get the cream of milk prices January 26, 2015 Premium supermarket Waitrose has lifted the lid on its dairy practices following Sainsbury's attack ad last week, insisting it pays “a fair price” for its milk. The John Lewis Partnership-owned grocer was among those to appear on the naughty list of businesses that were accused of not supporting British fresh milk farmers. The [...]
Tesco bolsters its corporate finance team January 26, 2015 Embattled Tesco is bolstering its corporate finance team, implying the retailer will take more moves to increase its cash position in the future. The supermarket is reported to have headhunters searching for someone to lead a small corporate finance department, which would look at investment opportunities, portfolio reviews and mergers and acquisitions. The new role [...]
Amazon takes one in every four pounds spent on physical music, film and games January 26, 2015 One in every four pounds spent in Britain on physical music, games and videos in the run-up to Christmas went to Amazon, figures out this morning show. For the 12 weeks to December 21, Amazon dominated the world of entertainment, with 39 per cent of all the sector's purchases being made with the etailer [...]
Sony’s PlayStation 4 20th anniversary special edition sells for £85,000 at auction January 26, 2015 A PlayStation 4 console costs £329 from Tesco, yet a punter in Japan was prepared to pay a whopping £85,000 for a special edition version at auction. Sony held an auction for a 20th anniversary edition of the PlayStation 4 with the serial number 00001. The winning offer of 15,135 yen beat 1,585 bids [...]