Today’s news in brief-12/8/24

Asda’s chair, Lord Rose, expressed embarrassment over the supermarket’s recent performance, citing a 5.3% drop in like-for-like sales and a market share decline from 14.8% to 12.7%. He suggested it might be time for co-owner Mohsin Issa to reduce involvement. Asda has initiated a £50m store upgrade and £30m investment in staff hours to enhance operations.

Sainsbury’s and USDAW urged the UK government to reform business rates, warning of potential closures and job losses due to unsustainable tax increases. Research highlighted a £1.6bn cost increase in the first year alone, with proposed reforms potentially boosting revenues and protecting over 17,000 jobs in the retail sector.

The Floor Room, linked to Carpetright, has gone into administration, resulting in 201 job losses across its operations, including store closures and a halt in fulfilling customer orders. Administrators cited operational dependency on Carpetright. Rival Tapi acquired Carpetright assets, but over 1,000 jobs were still lost due to prior administration.

Pret A Manger introduced body-worn cameras in response to a rise in shoplifting and assaults on staff post-pandemic. The trial involves senior staff in London stores and aims to enhance safety amid alarming crime statistics. The move precedes political calls for tougher penalties on retail crime, including assaults on shop workers.

Salt and Stone, a US body care brand, received a significant investment from Humble Growth to expand globally and strengthen its partnership with Sephora. Founded by ex-snowboarder Nima Jalali, the brand has shown robust revenue growth and plans to broaden its product offerings. The partnership aims to leverage entrepreneurial expertise for further market expansion.