Today’s news in brief-14/2/24
The British Retail Consortium (BRC) reported a disturbing surge in violence and abuse against retail workers, with incidents increasing by nearly 50% to 1,300 per day in 2022/23 compared to the previous year. This rise occurred despite significant investments by retailers in crime prevention measures such as CCTV and security personnel. The total cost of crime to retailers, including theft, reached £3.3 billion, double the previous year’s figure. Dissatisfaction with police response to incidents also grew, prompting calls for the government to introduce a specific offence for assaulting or threatening retail workers.
Frasers Group, owned by Mike Ashley, increased its stake in AO World to 24.7% and launched a new £80m share buyback program. This move follows Frasers’ earlier acquisition of an 18.9% stake in AO World, which was described as part of a strategic partnership between the two companies. The share buyback program aims to repurchase Frasers’ own shares, with a maximum expenditure of £80m, indicating the company’s confidence in its future prospects.
Waitrose has announced a significant investment of £30m towards reducing prices on hundreds of its own-brand products. This move aims to provide customers with better value for money without compromising on the high quality and ethical standards Waitrose is known for. The price cuts, which began on Valentine’s Day, cover a wide range of items including essential groceries and organic products, with reductions averaging 8% for essentials and Duchy Organic items, and 10% for dairy, fish, meat, poultry, ready meals, and frozen products. The initiative is part of Waitrose’s ongoing efforts to enhance customer value, which includes various promotional campaigns and discounts on both own-brand and branded products.
Dunelm reported a 4.5% increase in sales to £872m during the first half of the financial year ending in December 2023. This growth was attributed to a rise in the number of active customers and increased transaction frequency, fueled by digital sales which accounted for 36% of total sales. The company also expanded its physical presence by opening four new stores, bringing its total count to 183 outlets. Additionally, Dunelm launched its ‘Home of Homes’ brand platform, aimed at offering a diverse range of products and improving the overall customer experience.