M&S prepares to savour success
Marks & Spencer is expected to show that its recovery is continuing later this week with fourth quarter like-for-like sales growth of around 1.7%. The trading update will be the last presided over by executive chairman, Sir Stuart Rose.
Harrods and Tesco in a battle over rare cherries
Harrods and Tesco are battling over rights to sell rare Spanish Glamour cherries in the UK. Harrods says it sourced the fruits legitimately from Paris but Tesco claims it has bought the exclusive UK rights to sell them from the Spanish farmer.
Garden centres test Sunday trading laws
Garden Centre Group, which owns all of the Wyevale and Blooms centres, has found a loophole which allows it to open 73 of its 119 stores over Easter as long as they don’t sell any plants.
From The Telegraph
Foreign retailers gearing up
Several foreign retailers have plans to set up shop in the UK this year, attracted by the scale of the market- retail sales hit 286bn last year- and a national obsession with shopping.
Matalan founder takes £250m payout
John Hargreaves will pay himself a £250m special dividend after completing a £525m refinancing of the fashion chain.
Natalie Massenet sells Net-a-Porter stake to Richemont for £50m
Founder of luxury online fashion retailer, Net-a-Porter, Natalie Massenet has sold her share of the company to Swiss Luxury goods group Richemont for £50m. She will remain as Net-Porter’s chief executive chairman.
From The Observer
Tesco spurns National Insurance campaign
The supermarket chain is moving out of step with its competitors by refusing to back the Conservative plan to scrap the proposed increase in National Insurance.
Harrods not for sale
Harrods owner, Mohamed Al-fayed, has announced that the department store is not for sale despite claims that he has been approached by investors. He added that he plans to own the business for the rest of his life.
Retailers slash prices over the Easter period
Britain’s biggest retailers, J Sainsbury’s, Asda, M&S, Argos and Debenhams cut prices by half this Easter amid fears of tax rises and the uncertainty of the upcoming elections, combined with the wintry weather.
From The Times
Tesco wants 10% of financial market
Tesco has revealed for the first time that it ultimately expects to gain a 10% share of Britain’s financial service market. The supermarket plans to launch mortgage deals by the end of this year, with a current account to follow in 2011.
From The Mail