B&M sales dip as discount retailer names new chief May 31, 2022 Discount retailer B&M has warned trading patterns are anticipated to “remain unpredictable” in the year ahead, while it feels ready to reap the rewards of shoppers hunting for bargains amid sky-high inflation. In results for the year to 26 March 2022, group revenue dipped 2.7 per cent on the prior year to £4.67bn. However, this [...]
Primark chief regrets raising prices but says it is ‘a reflection of the scale of inflation we are seeing’ May 31, 2022 Primark executive John Bason said he “regrets” the fashion firm’s decision to raise prices. In April, Primark warned that it will increase prices on its autumn and winter collection as costs go up for businesses around the world. The budget fashion chain said it would make “selective” rises in the range. Bason, who is the [...]
Shop workers see violence and abuse triple amid Covid pandemic to tune of £1.5bn May 31, 2022 Retail workers have seen violence and abuse triple during the pandemic, with the total cost of these crimes hitting £1.5bn this year. In a survey by the British Retail Consortium (BRC), incidents of violence and abuse against shop workers were reported to have surged amid the pandemic. There were some 1,301 incidents a day in [...]
Missguided collapses into administration as fast fashion brand seeks buyer May 30, 2022 Missguided has collapsed into administration, after being hammered by supply chain costs and weakening consumer confidence. Fast fashion rival Boohoo is interested in snapping up the beleaguered brand, CityA.M. understands. Administrators from Teneo said there was “a high level of interest from a number of strategic buyers.” The Manchester-based firm had fallen foul of an [...]
Competition concerns: Morrisons’ takeover of McColl’s probed by CMA May 30, 2022 The competition watchdog is probing Morrisons’ takeover of beleaguered newsagent operator McColl’s, it has been confirmed. The Competitions and Markets Authority (CMA) said on Monday it had launched an inquiry to investigate whether the takeover will impact competition in the UK, with an initial enforcement order. The two businesses will be instructed to compete as [...]
Smiths News anticipates smaller than expected hit from McColl’s administration May 30, 2022 Newspaper distributor Smiths News has said it is anticipating a smaller than expected hit from McColl’s administration. The London-listed firm, which continues to supply McColl’s under Morrisons’ ownership, has said it has reduced its debt to £5.6m. After McColl’s went into administration, Smiths News took action to mitigate McColl’s bad debt risk, the supplier said [...]
Barclays confirms slew of branch closures as banks slash high street presence May 30, 2022 Barclays has confirmed the closure of a slew of high streets banks this month as the move to shutter branches by UK lenders speeds up.
Budget pasta prices leap 50% in a year as affordable household staples come under pressure May 30, 2022 Pasta, crisps and bread are among the affordable staples seeing the largest price hikes, official data has revealed. The Office for National Statistics (ONS) has published fresh figures looking at price inflation for the cheapest items available across food categories. Official analysis has found the cheapest items have surged in price by around as much [...]
Competition watchdog warns of pastry price rises amid Jus-Rol and Cérélia merger May 30, 2022 The competition watchdog has raised concerns that a merger between two bake-at-home dough producers could lead to higher prices of pastries. The Competition and Market Authority’s (CMA) said it was concerned about a merger between Jus-Rol and Cérélia, with fears prices would rise while the quality of products could suffer. After the deal, Paris-based Cérélia [...]
Sainsbury’s to pump £500m into offsetting rising costs as CEO says ‘we have to make it easy’ May 30, 2022 Sainsbury’s boss said this morning the supermarket giant plans to pump fresh funds into offsetting rising costs over the rest of the year as shoppers become “increasingly concerned” about their finances. The UK’s second largest supermarket chain said it will invest more than £500m into lower pricing by March 2023 as part of a long-term [...]