Cost of Living
This coverage examines how the UK’s ongoing cost-of-living crisis is reshaping the retail landscape. Reporting includes the impact of rising operational costs—such as increased National Insurance contributions and higher minimum wages—on retailers’ margins and employment decisions. Additionally, the content highlights shifts in consumer behaviour, with shoppers prioritising value and reducing discretionary spending. The analysis also addresses the broader economic implications, including store closures and job losses, providing insights for retail professionals navigating these challenges.
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May- 2023 -12 MaySupermarkets
Tesco CEO paid £4.4m last year despite cost of living crisis
Tesco’s annual report has revealed that its chief executive officer Ken Murphy was paid £4.4m last year, alongside an additional salary increase. The CEO received a fixed pay of £1.71m and a performance-related bonus of £2.73m, which according to the group, was slightly lower than his previous pay packet that…
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Nov- 2022 -29 NovemberDepartment Stores
Ikea invests £12m in cost of living support package
Ikea has announced that it is investing £12m in a pay increase and wellbeing support package for staff across the UK and Ireland to support them during the cost-of-living crisis. Salaried staff will receive a pay rise of 6% on average, in line with the retailer’s commitment to paying a…
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23 NovemberHigh Street
Dreams provides £5m cost of living support package for staff
Bed retailer Dreams has announced that it is providing support for its staff during the cost of living crisis, starting with a £5m package as part of its “people first strategy”. The company plans to advance a pay raise that was due in April 2023 to December 2022. The pay…
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22 NovemberHigh Street
Footfall sees Black Friday lull amid cost of living crisis
Footfall across UK retail destinations rose by a modest +1.6% last week from the week before, driven mostly by high streets (+1.7%) and shopping centres (+2.4%) whilst footfall in retail parks remained largely level from the week before (+0.5%), according to Springboard. Springboard said that this indicates “reservation” in consumers…
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Sep- 2022 -26 SeptemberSupermarkets
Aldi doubles down on price promise to customers amid rising costs
Budget supermarket retailer, Aldi, has pledged to continue to provide the lowest grocery prices in the UK to help households “meet soaring living costs”. The news comes as the company is said to have attracted 1.5 million extra customers to its stores over the past 12 weeks as “squeezed” shoppers…
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16 SeptemberHigh Street
DFS profits fall as cost of living sees sales soften
DFS has revealed that its reported profit before tax has almost halved to £58.5m, down from £102.6m, as rising inflation negatively impacted its supply costs and dampened demand for its products. In its preliminary results for the 52 weeks ended 26 June 2022, it revealed that revenue from continuing operations…
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16 SeptemberEconomy
Retail sales fall 1.6% in August as cost of living begins to bite
Retail sales fell by 1.6% in August this year, due to rising prices and cost of living which are affecting sales volumes, according to the Office of National Statistics (ONS). All main sectors, food stores, non-food stores, non-store retailing and fuel, fell over the month; which happened in July 2021,…
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1 SeptemberHigh Street
Footfall recovers in August despite cost of living crisis
Footfall has strengthened across UK retail destinations in August 2022 to -13.2% below 2019 compared with -14.2% in July 2022, after it had weakened from -12.3% in June 2022, according to Springboard’s Footfall Monitor. The “unexpected turnaround” covering the four weeks 31 July to 27 August saw footfall strengthened in…
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Aug- 2022 -26 AugustEconomy
Energy price cap to rise by 80% to £3,549 from October
Ofgem has confirmed that the energy price cap will increase by 80% to a record £3,549 a year for dual fuel for an average household from 1 October 2022. The rise will affect those on standard variable tariffs, with the record annual bill only being based on typical usage. At…
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Jul- 2022 -22 JulySupermarkets
Gov agrees deal with grocers to help with cost of living crisis
The Government has agreed deals with major UK grocers, including Asda and Sainsburys, to help ease the cost of living crisis as part of its Help for Households Campaign. The deals are designed to reduce costs at the checkout and ensure access to necessary services for families during the summer…
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