Today’s news in brief-29/8/24
Retail footfall in the UK experienced a slight increase of 0.9% from July to August, with shopping centres and retail parks leading the growth. High streets saw a minor decline, initially impacted by summer holidays and protests but later boosted by events like Taylor Swift’s concert. The return to office mandates expected in September may further affect footfall dynamics.
Quiz reported a £5.2m loss for the year ending March 2024, compared to a £2.3m profit the previous year, attributing the decline to cost-of-living pressures which resulted in an 11% drop in sales. The retailer’s new CEO, Sheraz Ramzan, has outlined a turnaround strategy focusing on brand elevation, expanding distribution channels, and restructuring operations to regain profitability.
New Look has partnered with the ITF to enhance human rights protections within its global transport supply chain. This includes initiatives for worker safety, resilience, and sustainability, alongside commitments to freedom of association and remediation practices. The partnership underscores New Look’s commitment to ethical sourcing practices across its operations.
Morrisons has slashed prices on over 2,000 products across its stores and online, benefiting More Card customers. Additionally, it has expanded its Aldi and Lidl Price Match scheme to include more essential items, emphasising its commitment to competitive pricing and value for customers amidst ongoing economic challenges.
Following Team GB’s strong cycling performance at the Paris Olympics, Halfords experienced a significant increase in bike sales. Interest surged across various categories, notably BMX and road bikes, with a noticeable rise in demand from female cyclists. The retailer is responding with new premium bike offerings to cater to diverse customer preferences.
Ocado Retail has announced further price reductions under its Big Price Drop initiative, cutting prices by an average of 17% on 450 products. This move follows an earlier reduction affecting 1,700 items, aiming to enhance affordability and shed its upscale supermarket image. CEO Hannah Gibson highlighted the strategy to make Ocado more accessible and competitive in the market.
