News
The latest news, updates and analysis on the the UK retail industry. Covering every segment of the market, Retail Sector’s business journalists keep you in the picture.
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May- 2023 -31 May
Asda chair slams ‘clumsy’ food price cap plan
The chair of Asda and EG Group has criticised the government’s “clumsy” plan to introduce price caps on food staples. On a call to reporters, Lord Rose, who is also the former boss of Marks and Spencer, told outlets that “you can’t interfere in the markets” and warned of the…
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31 May
B&M FY profits fall by 17% to £436m
B&M has reported that pre-tax profits fell by 17% to £436m in FY23, down from £525m the prior year. Despite this, group revenues hit £4.9bn in the year ended 25 March, meaning that the group is 30.7% ahead of its pre-pandemic FY20 levels. According to the group, despite the fall…
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31 May
Amazon launches new term-time contracts for parents
Amazon has launched an innovative new contract that offers parents, grandparents and guardians of school-age children the choice to work term-time only. The new contracts guarantee time off for the six-week Summer break, as well as the two-week Easter and Christmas holiday periods, without affecting the comprehensive range of benefits…
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30 May
Sainsbury to cut prices of over 40 products
Sainsbury’s has recently announced that it is cutting the price of over 40 products, including cheese, yoghurt and cream. The news follows last week’s announcement that the grocery retailer is combining its own-label value ranges into one brand, Stamford Street, to help customers more easily find everyday staples at budget-friendly…
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30 May
GNG Group appoints commercial director
Mattress retailer GNG Group has announced the appointment of Richard Gretton to the role of commercial director at its West Yorkshire business. He joins the group from Hypnos Beds where he spent almost six years as global retail sales director. Prior to that, he was commercial director at Castelan Group…
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30 May
Sunak considering plans to ask retailers to cap price of basic food items
Rishi Sunak is reportedly considering plans to ask retailers to cap prices on basic foods in an effort to reduce food inflation, The Sunday Telegraph reported. After a sharp increase in the cost of living brought on by the war in Ukraine, Sunak has urged the Treasury to find measures…
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30 May
Food price inflation falls to 15.4% in May
The British Retail Consortium (BRC) has revealed that food inflation has decreased for the first time this year to 15.4% in May, down from 15.7% in April. Fresh food inflation also decreased in May to 17.2%, down from 17.8% in April. This is below the 3-month average rate of 17.3%.…
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30 May
Asda acquires EG Group UK for £2.27bn
Asda has announced that it has acquired the majority of EG Group’s UK and Ireland fuel, foodservice, grocery and merchandise business in a deal worth £2.27bn. The deal means that Asda will take ownership of around 350 petrol stations and more than 1,000 food-to-go locations. The UK’s third largest supermarket…
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30 May
New Look names Deloitte to advise on £100m debt refinancing
New Look has reportedly appointed Deloitte to advise on its options for refinancing a £100m debt that is due to expire in 2024, two years after the brand’s latest restructuring, Sky News has reported. According to the outlet, the high street fashion chain’s decision to kick off talks with lenders…
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26 May
Man City opens interactive store at Manchester Arndale
Manchester Arndale has announced that Manchester City is set to open the club’s new store in the former Pink unit within the shopping centre. Opening today (26 May), the interactive store offers merchandise ranging from the team kits, including the recently released 2023/24 home kit, and training apparel, as well…
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