Tesco
This coverage examines Tesco’s strategy, operations, and performance within the UK grocery and retail sector. Reporting highlights store and online initiatives, product development, pricing strategies, financial results, marketing campaigns, sustainability efforts, and leadership decisions. With a focus on commercial outcomes and competitive dynamics, it provides insights for professionals managing grocery, convenience, and multi-channel retail.
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Feb- 2024 -16 FebruaryNews
Today’s news in brief-16/2/24
In January 2024, the UK experienced a significant rebound in retail sales, rising by 3.4% following a 3.2% decline in December. This surge, the largest since April 2021, comes amidst continued inflation, with prices increasing by 4% in January. Despite the rise in prices, consumer spending increased by 3.9%, indicating…
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16 FebruaryPeople Moves
John Lewis bolsters board and audit committee
John Lewis Partnership has announced the appointment of Clare Swindell to its board of directors and Jane Hanson CBE as an independent external member of the audit and risk committee. Swindell was most recently the co-chief executive for National Lottery operator Camelot, while Hanson has over 30 years of experience…
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12 FebruaryNews
Tesco boss calls for youth employment reform
Tesco CEO Ken Murphy has called on the government to make youth employment a priority, claiming the apprenticeship levy is “restrictive and impractical”, and that reform is needed. Writing in This Is Money, Murphy also announced a new Tesco apprenticeship scheme for 16-18-year-olds, aimed at students that are “struggling and…
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9 FebruaryNews
Today’s news in brief-9/2/24
Retail giant Tesco has finalised the sale of its banking arm to Barclays in a £600m deal. The partnership aims to leverage Tesco’s strong brand presence and extensive customer base with Barclays’ financial services expertise. This collaboration will enable Tesco to offer customers Tesco-branded banking products and services, leveraging the…
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9 FebruaryNews
Tesco sells banking arm to Barclays in £700m deal
Tesco has announced the sale of its banking arm to Barclays in a £700m deal. Initially for a 10-year period, the partnership will combine Tesco’s market-leading brand, physical and digital reach and relentless customer focus with Barclays’ financial services capabilities and expertise in commercial partnerships. The partnership will allow the…
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7 FebruarySupermarkets
Jan supermarket sales remain buoyant
Total Till sales at UK supermarkets experienced continued growth (+6.6%) in the last four weeks ending 27 January 2024, according to new data released today by NIQ. The firm said the increase is reflective of a slow down (6.1%) in food inflation, which is at its lowest rate since June…
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1 FebruaryNews
Today’s news in brief-1/2/24
Lloyds Pharmacy, now known as Diamond DCO Two Limited, entered voluntary liquidation, owing £293m to 514 creditors. The liquidation process will be handled by Martin Armstrong and Andrew Bailey of Turpin Barker Armstrong Accountants. The majority of the debt is owed to current and former owners, including Diamond DCO One,…
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1 FebruaryDIY
Ikea UK turnover hits £2.5bn as profits double in FY23
Ikea UK has seen turnover hit £2.46bn in FY23, with total sales up by 11.9%, as operating profits almost doubled from £49.6m to £111.2m. Trade was particularly boosted by click and collect purchases, which soared by 48% over the period. In addition, there were one million new visits to IKEA…
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Jan- 2024 -31 JanuaryFeatures
It’s not all just fun and games
The UK toy industry reported that its annual sales dropped by nearly £200m in 2023. Sales dropped by 5% to £3.5bn, according to the annual toy industry report by the market research company Circana. The report stated that the decline reflected the broader impacts of challenging UK economic conditions. So,…
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22 JanuaryNews
Today’s news in brief- 22/1/24
John Lewis, as part of its turnaround strategy, has reportedly alerted employees to the possibility of smaller pay rises. The retailer is considering changes in salary policies, aiming for more flexibility and sustainability. Dame Sharon White’s management team would gain control over performance-linked pay rises, potentially leading to fewer staff…
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