Tesco backs Fresh & Easy March 3, 2011 TESCO’S new chief executive Philip Clarke is to continue the US expansion strategy of his predecessor Sir Terry Leahy despite ongoing losses in the market, the group said yesterday. Tesco said its Fresh & Easy brand was opening two new stores in California with a further ten due to open across the state before the [...]
Why gazelles and giants both matter March 1, 2011 SHOULD you work for a big company or a small one? To me, the answer is simple: the smaller, nimbler and the more entrepreneurial the firm, the better. But as figures out yesterday demonstrate, there is a reason why many people would prefer to work for larger institutions. The top 100 firms in the UK [...]
Supermarket sales slowing as shoppers rein in spending March 1, 2011 SALES growth at grocers slowed in February, despite higher prices, according to market research published yesterday, adding to signs of growing caution among consumers since the start of the year. Kantar Worldpanel said grocery sales rose 3.9 per cent year-on-year in the 12 weeks to 20 February, down from 4.2 per cent growth for the [...]
Tesco China mall deal marks Sir Terry’s swansong February 28, 2011 TESCO chief executive Sir Terry Leahy bid farewell yesterday as the chain continued its march into China with a joint venture deal on three malls. Leahy took the helm of the company in 1992 and has steered it towards significant international growth, particularly in the rapidly expanding Asian market. His long planned retirement ushers in [...]
Tesco in deal for three malls in China February 28, 2011 Tesco, the world’s third-biggest retailer, has signed a joint venture to build three more shopping malls in China as part of its plans to rapidly expand in the world’s most populous country. The supermarket group said on Monday that 50 percent of the venture would be owned by a consortium of Asian investors including Singapore’s [...]
Tesco targets Asda in new price scheme February 27, 2011 TESCO will today start a new supermarket price war by introducing £200m worth of reductions. The retailer plans to lower prices on more than 1,000 everyday products including bread, meat, vegetables and fruits, and medicines across all of its UK stores. The key target in Tesco’s latest promotion is rival Asda – owned by US supermarket giant [...]
M&S hires overseas retail chief February 24, 2011 MARKS & Spencer (M&S) has poached Jan Heere from Spanish fashion group Inditex to lead its drive for business overseas. The clothing, homewares and food retailer yesterday named Heere as its new director of international, reporting to chief executive Marc Bolland. It said Heere, fluent in English, Spanish, French, Dutch and Russian, has worked for [...]
Choppier waters sailed in quest for high returns February 23, 2011 WITH the UK equity income sector underperforming over recent times, equity funds have struggled to attract the same interest as fixed income funds. However, with the base rate so low, investors are increasingly leaving the safe waters of bond based fixed income funds in favour of the choppier waters of equity income funds, lured by [...]
Asda sales bounce back triggering staff bonus February 22, 2011 Asda sales bounced back at the end of last year it had lost ground to some of its rivals. The grocery giant, second in size only to Tesco, saw its market share slip last year. But sales in the fourth quarter rose 1.6 per cent. It said it had been boosted by its Chosen by [...]
Morgan Stanley to get Northern Rock UKFI deal February 17, 2011 UK FINANCIAL Investments, the government body in charge of managing public stakes in bailed-out institutions, is soon to appoint Morgan Stanley to advise on the sale of the Northern Rock “good bank” later this year. The sale will follow the auction of 318 RBS branches sold to Santander UK last summer for £1.65bn and is likely to attract [...]