Newspaper retail round up
A round up of the week’s biggest retail stories… Tesco, One Stop, Ocado, Joseph, DSGi, Blockbuster, Ann Summers, Virgin Bank, Co-op
Tesco’s One Stop stores charge more
Tesco allegedly charges higher prices in areas where it faces less local competition. Britain’s biggest supermarket uses its chain of 520 One Stop convenience stores to charge up to 14 per cent more for goods than it does in Tesco-branded stores.
From The Financial Times
Creator of Joseph label dies
Joseph Ettedgui, creator of the Joseph label and stores, has died of cancer in a London hospital. The stores stocked high-fashion designers, including Emmanuelle Khanh, Kenzo, Alexander McQueen, Gucci and Prada. DSG speeds up Currys megastore expansion
DSGi ramps up megastore roll out
Electrical retail group DSG international, is accelerating plans for a chain of Currys and PC World megastores as part of a revamp before the arrival of US firm Best Buy.
Blockbuster DVD chain faces bankruptcy
As it struggles to keep up with interest payments and changing technology, Blockbuster UK warns there is a danger of declaring bankruptcy.
From The Guardian
Ann Summers expands its brand
Ann Summers, the lingerie and sex toy retailer, will launch cosmetics and swimwear ranges in April as part of a strategy to alter the perception of the brand.
RBS is Virgin’s main target
Virgin Money has hired Greenhill advisers to make a first-round bid for Royal Bank of Scotland’s high street banking network by the 6 April, a deadline set by the bank.
Co-op profits increase since Somerfield takeover
The Co-operative group has posted record full-year profits and vowed to use the takeover of Somerfield to increase the number of promotions it offers its customers. Sales rose by 37% to £11.6bn in 2009, with market share increasing to 8%.
From The Daily Telegraph
Retail sales growth eases according to CBI
Trade has risen in March much more slowly than in February, as a 13% balance of retailers reported stronger sales than a year ago – lower than expected and well below February’s 23%.
Carpetright issues profit warning
Shares in the floor covering retailer Carpetright plunged after its chairman and chief executive said trading failed to recover from a winter chill.
Ocado plans post-election float
Founders of online grocer Ocado are set to make £180m when the internet retailer comes to market with a £1bn price tag.
From The Times
