Today’s news in brief-27/09/23
Tesco is freezing prices on over 1,000 items until 2024 in response to the cost-of-living crisis. Products like Typhoo One Cup teabags, Jacobs’ Cream Crackers, and Aquafresh Toothpaste are included. The supermarket is continuously cutting prices, with recent reductions on items like Andrex Toilet Tissue, Free From white rolls, and Pitted black olives. Tesco UK CEO, Jason Tarry, emphasised the initiative’s aim to help customers manage their budgets through the Christmas period, coupled with thousands of Clubcard Prices deals each week.
Geek Retreat, Geek culture retailer and gaming hub, saw a record August with monthly store revenues up by 36% compared to last year. This growth is largely attributed to sales of Disney’s Lorcana, a collectible trading card game. The company’s early access release of the first chapter of Lorcana contributed to strong sales. The upcoming launch of Set 2 in November is anticipated to generate similar enthusiasm among their customer base.
Avon is expanding its sales strategy by partnering with Superdrug to stock products in 100 physical stores. This shift comes as Avon acknowledges that its traditional door-to-door model may not cater to all consumers. The move towards Superdrug and a presence on TikTok reflects a response to changing shopping behaviours influenced by the pandemic and social media. Avon’s MD for Western Europe, Kristof Neirynck, stressed the importance of recognizing diverse shopping preferences.
N Brown Group has introduced new third-party brands across its strategic brands. Brands like FatFace and Ted Baker are now part of their product offering, with Gym King set to join Jacamo. Additionally, Simply Be will feature Tala, a brand offering activewear and off-duty styles in extended sizes. Extending third-party offers is a core aspect of N Brown’s strategy to enhance its offerings for customers, promoting inclusivity and diversity.
H&M has announced a significant increase in profits, with a 61% rise in after-tax profit to SEK 7bn for the nine months ending in August 2023. The company’s gross profit reached SEK 87bn, with an operating profit of SEK 10.2bn. These impressive results are attributed to focused efforts on profitability and inventory efficiency. H&M’s CEO, Helena Helmersson, emphasised the importance of offering customers the best value for money, especially in times of rising living costs due to inflation. The company remains dedicated to improving the customer experience and product assortment.
John Lewis has unveiled its Christmas shops nationwide, featuring over 1,000 decorations. Sales of Christmas decorations have surged by 25% compared to last year since the launch of their online shop last month. Large inflatable baubles and Christmas lights are expected to be top sellers this year. Customers can also enjoy a pick-and-mix bauble station with a variety of unique options. Santa’s Grotto and Santa Paws experiences will be available in 10 stores, along with ‘Tea with Santa’ in 25 locations. The retailer is also hosting Christmas Markets in seven stores, showcasing local artisan products.
