Retailer insolvencies jump to higher level than pandemic as brands buckle under economic pressure July 3, 2023 A squeeze on shoppers’ finances has increased the number of retailers being plunged into hot water, new research shows, as the cost of living crisis continues to decimate businesses. As inflation sits at a sticky 8.7 per cent, the number of retailers entering insolvency jumped 56 per cent in the past year, according to figures [...]
Retailers in trouble as 51 per cent of punters cut back on clothes shopping July 31, 2023 Retail and hospitality industries continue to be bruised by the UK’s cost of living crisis as 59 per cent of people have cut their spending on eating out and a further 51 per cent have cut spending on clothing. As Brits continue to watch their pennies amid high inflation, figures from Oxera show that in [...]
Former Tesco chief Dave Lewis amongst New Year’s Honours December 31, 2020 Former Tesco boss Dave Lewis has been knighted in the New Year’s Honours List, alongside a number of business figures given gongs. Ocado boss Melanie Smith receives a CBE in recognition of her firm’s upscaling during the lockdown pandemic, and Co-op retail chief Joanne Whitfield receives the same honour. Read more: Retail wonks expect a [...]
Chocolate and discount-loving Brits drive food inflation down for 14th straight month April 23, 2024 Grocery price inflation fell to 3.2 per cent over the four weeks to 14 April, marking the fourteenth monthly drop in a row, new figures by Kantar show.
Only five UK retailers issued profit warnings in first leg of 2023, but experts warn of challenges April 24, 2023 Only five UK retailers raised concerns about their profits in the first leg of 2023. However, the sector has warned that challenges remain for shops and the high street. According to data by accountancy firm EY, the number of profit warnings issued by retailers fell by 44 per cent in quarter one compared to the [...]
The Notebook: Victoria Scholar on good news for inflation, the economics of Taylor Swift and the state of crypto July 6, 2023 Where the City’s movers and shakers get a few things off their chest. Today, it’s Victoria Scholar from Interactive Investor Supermarkets sound a positive note on inflation Some good news on inflation at last – Sainsbury’s says food inflation is starting to fall. Its CEO Simon Roberts said the company is “putting all our energy [...]
JD Wetherspoon: Tim Martin puts notice up in 800 pubs over ‘false claims’ in press March 28, 2024 The notice refers to a number of articles, including two dated 29 December and 30 December 2023, from the Daily Mirror and Daily Record which Spoons said “made inaccurate statements”.
Morrisons follows Tesco in returning Covid-19 emergency support December 2, 2020 Morrisons has followed rival Tesco in deciding to pay back the business rates relief it received to help weather the coronavirus pandemic. The supermarket chain will hand back £274m to the government, £230m of which relates to its 2020/2021 financial year. In March the government waived all retail business rates for the financial year in [...]
Spending on discounts rises four per cent as Brits do Valentine’s Day on a budget February 27, 2024 Consumers’ spending on offers increased by four per cent in February, worth £586m more than the same month in 2023, as Brits continue to seek out discounts despite cooling inflation.
Barclays set to unveil annual profit drop as restructuring costs offset higher interest income February 14, 2024 Barclays' annual profits are set to be dragged down by £825m in costs tied to a major restructuring as the bank prepares to reveal more details about the plan to shore up its balance sheet.