Today’s news in brief- 25/09/23

H&M has reversed its earlier decision to impose a processing fee of £1.99 for in-store returns of online purchases. The initial announcement had been met with public outcry. Now, H&M's website clarifies that there will be no return fee for parcels returned in-store. However, non-H&M members will still be subject to the £1.99 fee for online returns, which will be deducted from the refund. This practice of charging return fees is not unique to H&M, with retailers like Zara, Boohoo, Uniqlo, and Next already implementing similar policies. The adjustment in H&M's policy was attributed to the initial information being deemed "inaccurate" and has since been rectified. THG's attempt to sell the business park housing its headquarters, valued potentially at £200m, has fallen through. Negotiations with property investor ICG Real Estate reached an impasse over sale terms. This development follows THG's report of an 11% increase in losses, totaling £99.5m, for the six-month period ending June 2022. Iceland has reportedly filed complaints with Ofgem as part of the regulator's ongoing investigation into "poor conduct," a response to the surge in energy prices. Iceland, heavily reliant on energy due to its extensive use of refrigeration, pointed out that suppliers were shifting risks directly onto customers. This practice, they argued, could exacerbate the cost of living crisis and potentially lead to business failures. Additionally, suppliers were accused of levying substantial fees to secure energy contracts, while withholding security deposits valued in the hundreds of thousands of pounds. GfK's Consumer Confidence Index saw a notable four-point surge to -21 in September, attributed to declining inflation rates, rising wages, and elevated interest rates. Encouraging shifts were observed across various measures including personal finances, the overall economic situation, major purchases, and savings, all showing improvement compared to the previous year. Aldi has disclosed plans to ramp up its investment in the UK, allocating over £1.4bn in the next two years. This decision follows a substantial boost in annual sales, which soared to £15.5bn in 2022. The sizable investment will encompass enhancements to Aldi's distribution and store network, as well as technological infrastructure. Moreover, this expansion drive is anticipated to generate 6,000 new jobs, building upon the 6,000 positions created in the previous year. The move is seen as a strategic response to the shifts in consumer behaviour brought about by the cost-of-living crisis, which has prompted a reevaluation of shopping habits and a surge in demand for budget-friendly alternatives. M&S sportswear platform, 'The Sports Edit on M&S,' is set to welcome Adidas and Sweaty Betty to its offerings, aligning with M&S's broader 'Brands at M&S' strategy. The introduction of Adidas and Sweaty Betty will inject a diverse range of women's sportswear products into M&S.com from September onwards. This includes performance footwear like Adidas' Adizero and Ultraboost, as well as athleisure and fitness apparel like Sweaty Betty's Zero Gravity line. This move brings the total number of third-party sportswear brands available on M&S.com to 18, standing alongside established names like HOKA, Girlfriend Collective, and ASICS, as well as M&S's in-house activewear brand, Goodmove.

Today’s news in brief- 25/09/23

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Check out our free weekly podcast

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