Today’s news in brief-28/09/23

Rami Baitiéh will take over as Morrisons' new CEO from November, succeeding David Potts, who has held the position for nine years. Baitiéh, previously a chief executive at Carrefour France, will work closely with Potts during the transition. Potts expresses confidence in Morrisons' future growth, highlighting the company's unique position in British grocery, food production, and farming. The British Property Federation (BPF) is advocating for the extension of business rates relief for vacant properties from three to twelve months. They also call for a 50% rate reduction for long-term empty stores. Current data shows that only 9% of empty locations are reoccupied within three months, while nearly a third remain vacant for over two years. Reletting rates vary, with 9.9% of high street stores, 7.5% of shopping centres and 10.3% of retail parks reoccupied within six months. Asda has introduced a revamped operating model for its commercial function, featuring eight specialised business units led by unit directors responsible for sales and profitability. This structure aims to enhance agility and customer responsiveness through streamlined decision-making processes. Additionally, Asda is investing in 36 new positions, including 28 buying roles, and undergoing 37 redundancies primarily in category planning and supply functions. Ethical fashion brand People Tree is reportedly liquidating its UK business, leaving creditors owed over £8.5m, including suppliers, customers, and UK employees. The company's trading performance has deteriorated, particularly impacting suppliers in India. While the brand continues to trade in Europe and Japan, its future in the UK is uncertain, with its European operation facing significant challenges. Morrisons has recorded a 2.9% increase in like-for-like sales (excluding fuel) during Q3, contributing to total sales of £3.8bn. Competitive pricing, below-market inflation, and continued investment in the 'Price Locked Low' commitment are credited for this growth. The More Card loyalty program received positive customer feedback, with over one million additional active users. The company also expanded its convenience store portfolio. Poundland is set to open ten former Wilko stores after securing leases through an agreement with administrator PwC. These stores will feature a range of Poundland products, including clothing and clearance items from their previous identity as Wilko stores. A full-scale makeover is planned for these locations in 2024 to transform them into fully operational Poundland stores.

Today’s news in brief-28/09/23

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