Tesco finance chief Laurie McIlwee poised to step down April 3, 2014 TESCO’S long-serving finance chief Laurie McIlwee is expected to step down as soon as next week, amid mounting pressure on Britain’s biggest supermarket chain to stem falling sales in UK and in Europe. Concerns over McIlwee’s position at the company emerged in October after Tesco unveiled a 70 per cent slump in European trading profits, [...]
Philip Green to take on big four with BHS food March 24, 2014 SIR PHILIP Green is taking on the supermarkets this week, as BHS launches its first food outlet. Arcadia, the group owned by the retail tycoon, confirmed over the weekend that BHS will be opening its first trial food space in its Staines store on Thursday, with Warrington to follow the next week. A spokesperson told [...]
Thousands queue for 40 jobs on offer at German discounter Aldi March 24, 2014 THOUSANDS of jobseekers queued in the Midlands this weekend for the chance to apply for 40 jobs being offered at fast-growing budget supermarket Aldi. The German discounter, which has seen its share of the grocery sector grow to a record 4.3 per cent after piling more pressure on the big four supermarkets, is searching for [...]
Morrisons’ woes wipe £2.6bn off supermarkets March 13, 2014 FEARS of a new supermarket price war wiped around £2.6bn off the combined value of Britain’s major grocers yesterday after Morrisons launched a major assault on its discount rivals. Shares in Morrisons plunged 12 per cent – to their lowest level since 2008 – after it revealed it would invest £1bn in slashing prices over [...]
Bottom Line: This is the end of the big four supermarkets March 13, 2014 DALTON Philips kicked off more than just a price war yesterday. By promising to slash prices in an effort to turn around Morrisons’ fortunes, he also exposed a growing schism at the heart of the British grocery market. For years, supermarket analysts have talked about the big four (Tesco, Asda, Sainsbury’s and Morrisons) but with [...]
London Report: Supermarket fears lead FTSE to a fifth consecutive drop March 13, 2014 BRITISH shares fell for a fifth straight session yesterday, dragged down by supermarket stocks after WM Morrison cut its profit outlook, as well as by escalating tensions between Russia and the West over Ukraine. Morrison’s was the worst performer on the FTSE 100 index, plunging 11.9 per cent, and its revised outlook triggered a sell-off [...]
3 ways Morrisons will change your supermarket March 13, 2014 Morrisons’ extensive and rapid loss last year, and its foreseeable future profit warning, perhaps put it ahead of other supermarkets in terms of how quickly it needs to change. But the changes it needs and is planning to make affect all mainstream supermarkets. Indeed, the shares of all of them have lost this morning on [...]
Discount stores feast on Tesco’s market share March 12, 2014 TESCO’S market share has fallen to its lowest level in almost 10 years as the supermarket and its mid-market peers lose ground to hard discounters Aldi and Lidl. Britain’s biggest supermarket, which announced plans earlier this month to win back shoppers by cutting prices, saw its market share decline to 28.7 per cent in the [...]
Discount stores feast on Tesco’s market share March 11, 2014 TESCO’S market share has fallen to its lowest level in almost 10 years as the supermarket and its mid-market peers lose ground to hard discounters Aldi and Lidl. Britain’s biggest supermarket, which announced plans earlier this month to win back shoppers by cutting prices, saw its market share decline to 28.7 per cent in the [...]
Property to join milk on sale at grocer Morrison March 10, 2014 SUPERMARKET chain William Morrison is this week set to sweeten its drop in profits with a property sell-off that could raise £500m for investors. The grocery giant, which has already said its Christmas sales were disappointing, is forecast to report annual pre-tax profits of between £734m and £805m, down from £879m in 2013 and the [...]