Morrisons cuts prices after new profit warning March 13, 2014 MORRISONS sent shockwaves through the food retail industry yesterday after warning that underlying profits would halve this year and announced plans to spend £1bn on cutting prices over the next three years. Chief executive Dalton Philips said it will invest £300m this year to narrow the price gap with discounters, following similar moves by Tesco, [...]
Bottom Line: An orderly handover but uneasy lies any head wearing this crown January 29, 2014 LONG live the new king. Sainsbury’s emphasis is firmly on continuity as it announces its new boss. The choice of commercial director Mike Coupe is the antithesis of a palace coup – every inch a loyal insider, Coupe is closely tied to King’s strategic vision, as demonstrated by his involvement in recent successes like Brand [...]
Sainsbury’s hit by first sales fall in nine years March 18, 2014 SAINSBURY’S nine-year run of like-for-like sales growth came to a halt in the fourth quarter as sluggish market growth and fierce competition from discounters finally caught up with the grocer. Like-for-like sales excluding fuel tumbled 3.1 per cent in the 10 weeks to 15 March, ending 36 consecutive quarters of sales growth on chief executive [...]
You won’t recognise your high street bank in five years’ time February 20, 2014 Small branches with more machines than staff are the future of banking for Britain’s biggest lenders, as Lloyds joins Barclays in creating a new kind of store. Lloyds is understood to be looking into opening new branches in London – a radical change from the industry trend of cutting back on expensive stores in favour [...]
What the other papers say this morning – 21 February 2014 February 20, 2014 FINANCIAL TIMES Business Wire halts high speed traders Business Wire, which has published corporate news releases in the US for the last half century, will stop selling direct feeds to high-speed traders, amid concerns that the practice gives the firms an unfair advantage over other investors. Warren Buffett, whose conglomerate Berkshire Hathaway owns Business Wire, [...]
British Land sells shopping centre January 22, 2014 British Land said yesterday it has sold its Eastgate Shopping Centre in Basildon to property investment group Infrared Capital Partners for £88.6m. The 700,000 square feet shopping centre is anchored by an Asda supermarket and a Debenhams department store, and also has two office buildings and a 696 space multi-storey car park. Head of retail [...]
Former Matalan boss Darren Blackhurst decides to B&Q-it January 21, 2014 After a six month silence, the former chief executive of Matalan Darren Blackhurst has popped back over the parapet, this time as commercial director of DIY chain B&Q. The moves marks an unusual step back for Blackhurst, who was a leading contender to replace former Asda chief executive Andy Bond back in 2010 (a role [...]
Lloyds brings in the machines with plan for mini-banks February 20, 2014 LLOYDS is looking at setting up a range of mini-branches across London with fewer staff and more machines, City A.M. understands. The aim is to plugs gaps in the bank’s coverage across the capital, while keeping costs low. It marks a new stage in the banking sector’s plans to cope as branches receive fewer visits [...]
Fat Face moves closer to stock market debut January 20, 2014 Clothes shop Fat Face is ratcheting up its plans to seek a listing on the London Stock Exchange, and has brought in a slew of bankers to advise on a possible flotation. Bridgepoint, the private equity group that owns Fat Face, hired financial advisory group Lazard in December to assess options. And after strong Christmas [...]
Waitrose and Tesco to set up Tube collection January 29, 2014 TESCO and Waitrose are opening six click-and-collect points each in the London Underground this year, as part of TfL’s efforts to get more retailers using the Tube. The supermarkets will follow Asda, which is running a six-month trial in car parks near Tube stations, with plans to open more outlets this year. Tesco will launch [...]