Re-think for Tesco’s US venture May 21, 2009 Tesco is making major changes in its US Fresh & Easy stores as analysts worry that the one-and-a-half year old chain is still searching for a successful niche. In what it calls an “evolution,” Tesco is putting more focus on value and adding about 1,000 items to its small-format Fresh & Easy stores’ current 3,500-product [...]
Marks & Spencer is no longer special May 19, 2009 FOR a supposed retail guru, Marks & Spencer boss Sir Stuart Rose is not doing well. His firm is underperforming Tesco, J Sainsbury, Morrisons and Alliance Boots, among others. Yesterday’s grim full year results show that the firm has a lot of hard thinking to do. Its product and pricing mix still isn’t quite right; [...]
No sign of vertigo as banks take the FTSE 100 higher May 19, 2009 THE FTSE 100 continued its upward momentum yesterday, propelled up by financials and miners, although gains were limited by figures that showed new US housing starts fell to record lows. The index closed 0.8 per cent, or 35.80 points, higher at 4,482.25, with investors showing no sign of vertigo from the recent hefty rises. “Despite [...]
KKR could yet pull off huge Boots coup May 18, 2009 TOGETHER with Guy Hands’ purchase of EMI, the creation and buy-out of Alliance Boots, the pharmacy-led health and beauty group, was one of the symbolic deals of the boom years. The firm was created when Alliance UniChem merged with Boots in 2006, before becoming the first FTSE 100 member to be taken private by a [...]
J Sainsbury in bullish mood May 13, 2009 J SAINSBURY has pledged to dominate the grocery sector over the next decade, after reporting a stellar 11.3 per cent pre-tax profit hike to £543m in the year to 21 March. Chief executive Justin King said the group now has “the greatest growth potential of any grocery retailer in the next ten years”. Sainsbury’s has [...]
Jon Moulton: why making money is my hobby as well as my profession September 5, 2008 The City’s most outspoken private equity chief talks to Katie Hope about the credit crunch At a time when most of the financial services sector is in despair over how bad the economic crisis is, Jon Moulton can barely contain his glee. He estimates the credit crunch will go on for “at least two years” [...]
Tesco to open wholesaling chain in India August 13, 2008 Supermarket giant Tesco yesterday said it was pushing into India by launching a wholesale cash-and-carry business. At the same time it announced a deal with Indian titan Tata to help it expand its fledgling hypermarket business. Tesco will invest £60m in its wholesale business – which will supply Tata’s chain of food stores, as well [...]
Tesco buys out RBS in £950m deal July 29, 2008 Britain’s retail giant is to take full control of its Tesco Personal Finance joint venture Tesco, the retail giant that already dominates the grocery market, is accelerating its push into financial services with a £950m buyout of the 50 per cent it does not own of its financial services joint venture with RBS. The buyout [...]
Mutuality stages a comeback as Co-op buys Somerfield for £1.56bn July 17, 2008 Three months ago Co-operative Group chief executive Peter Marks unveiled a bold three-year plan to double the group’s profits. The fortunes of the mutual store group were flagging, with 2007 profits down almost 50 per cent and the group offering little competition to the main supermarket chains. Yesterday, the first phase of Marks’ plan to [...]
New Orange supremo in drive back to basics July 4, 2008 For a man who has spent his entire career in the telecoms industry, it seems strange that Tom Alexander, Orange UK’s newly installed chief executive, should list his first passion as racing cars. As we travel across London in the back of his chauffer driven BMW 7-series, he tells me he never expected to make [...]