Today’s news in brief-14/6/24
The British Retail Consortium (BRC) has expressed support for the Labour Party’s manifesto, which aims to bring significant changes to benefit retailers and their customers. The BRC particularly appreciates Labour’s recognition of the flawed business rates system that stifles investment and results in numerous vacant retail properties. However, retailers are eager to see the specific details of any proposed replacements.
Tesco has reported a rise in its market share to 27.6% in the 13 weeks ending May 25, 2024, with UK and Ireland sales increasing by 3.6% to £14.3bn. UK sales alone rose by 4.6% to £11.4bn, driven by a 5% increase in food sales. Online sales also saw an 8.9% growth, partly due to the success of their Whoosh service. Tesco is confident in its full-year guidance, projecting a retail adjusted operating profit of at least £2.8bn, bolstered by strong customer loyalty and increased market share.
Wolford has appointed Regis Rimbert as its new CEO, taking over from Silvia Azzali. Rimbert brings over 20 years of leadership experience from prominent fashion and luxury brands like Prada and Dior. His expertise spans strategic planning, business development, crisis management, and operational excellence. During a previous tenure at Wolford, he significantly boosted the brand’s sales and profitability. In his new role, Rimbert aims to drive strategic transformation, focusing on international expansion, product line enhancement, and technological innovation to make Wolford’s products more accessible.
Crew Clothing has expanded its partnership with the cloud management platform Cegid to enhance operational efficiency across its 105 stores. Utilising Cegid’s Newsfeed feature, Crew Clothing aims to improve communication and engagement between management and store teams. This feature centralises updates and information, tailored to specific stores and roles, facilitating easier access and better connectivity.
