Retail round up - The Sunday papers
Chaos in stores as computerised tills crash, Tesco's UK expansion threatens rivals, Expansion helps Dyson doubleprofits, Tourists left without cash as currency company falters, UK digital album sales top 50 million, Prada's London flagship site goes on sale for Â£30m, Golfers' Wags keep dry under British rainwear, Ted Baker reports brighter high street sales,Tesco plans to offer mortgages delayed by regulatory checks, Body Shop drops supplier after report of peasant evictions in Colombia, House of Fraser ponders Biba stores...
Hundreds of thousands of shoppers around the country faced chaos yesterday after a computer glitch left them unable to pay for their shopping.Long queues formed after tills at hundreds of stores refused to accept debit or credit cards following the computer malfunction. Among the stores affected were Waitrose, Argos, Morrisons and B&Q.The disruption began when Barclaycard's electronic fund transfer (EFT) system used by a number of stores to process card payments collapsed. Full article.
Tesco, the UK's largest retailer, will embark on a major UK store opening programme in the next six months as it looks to extend its lead in the cut-throat supermarket wars.Tesco will open 1.7m square foot of new space in the UK in the second half of its financial year.This space is equivalent to around 16pc of rival Wm Morrison's entire store base. In the first half of its year, Tesco opened just 0.4m square feet. Full article
Sir James Dyson's privately-owned engineering group delivered record financial results last year with profit doubling to £190m and turnover rising 23pc to £770m.The company, which made its name with the bag-less vacuum cleaner and recently developed the Airblade hand dryer, put its strong 2009 results down to international expansion and multi-million-pound investment in research and development.Martin McCourt, chief executive, said: "Dyson has come a long way. More people, more mrkets, more breakthrough technology. We'll continue to expand our engineering base in Malmesbury to allow us to develop new intellectual property we can export around the world." Full article.
Crown Currency Exchange, one of the UK's largest personal currency exchange businesses, last night left hundreds of holidaymakers without any travel money after its bank accounts were frozen. CCE, whose website boasts it is the "home of the best foreign exchange rates", was barred from withdrawing or transmitting any money to its customers after Barclays stepped in. Full article
More than 50 million digital albums have been sold in the UK, accounting for nearly 20 per cent of all albums sold, according to new figures.It has taken just under four and half years for digital album sales to surpass the 50 million figure, whereas it took five years, for the sales of albums on CD to reach the same level.The new figures released by the recording industry body, the BPI and the Official Charts Company, and shown first to The Telegraph, also show that the 500 millionth single download was purchased in the UK last week.Full article here.
The Independent on Sunday
The former chairman of Allied Irish Bank, which was, in effect, nationalised by its government last week, is the latest landlord to put a store on London's Old Bond Street up for sale.Lochlann Quinn, who chaired Ireland's biggest bank until 2003, has instructed property consultant Fineman Ross to sell 16 Old Bond Street with a price tag of around £30m.Mr Quinn is selling the freehold of the building, which is the flagship store of luxury retailer Prada. Any sale would include the offices above. The total rent is more than £1m a month. It is expected to attract a lot of interest even though it is being sold at a fairly steep price. Recent sales in Old Bond Street have seen stores change hands at prices last seen before the recession. Full article.
A small British firm is one of the few beneficiaries of the Ryder Cup's soggy start.ProQuip, a Scottish golf weatherwear brand, is supplying the European and US teams, and wives and girlfriends, after the US contingent found their waterproofs were no match for the Welsh weather.US officials saw European players weren't getting as wet as the Americans and asked how they could find similar rain gear. Luckily, ProQuip boss Richard Head was there and didn't stop selling "until we got all the sizes they wanted". The brand is back in profit after being bought 16 months ago by Edinburgh Woollen Mill. Turnover is up 50 per cent to around £2.5m, and it's now mulling a new fishing range.
Fashion group Ted Baker is forecast to be one of several retailers which will be reporting brighter news from the high street this week.The designer and retailer saw a 10 per cent rise in sales in the first quarter and is expected to show a similar increase over the past three months. Analysts say Ted Baker, which has 33 shops in the UK and Europe, plus another 150 concessions, is heading for £23m profit in the full year.Other retailers with trading news this week include Tesco which reports half-year results on Tuesday and is forecast to make £1.6bn in the first half of the year despite a tough first few months which saw UK sales almost static at 1.3 per cent. On Thursday, Marks & Spencer's new chief executive, Marc Bolland, will be giving a trading update which is likely to show shoppers are back buying clothes and food again with more confidence.
Supermarket giant Tesco's plan to march into the home loans business this autumn is facing a severe delay – the grocer has yet to receive permission from the City watchdog to offer mortgages.Tesco's new banking arm had hoped to launch mortgages before Christmas, followed by current accounts next year. However it is understood that the supermarket could be bogged down in red tape for up to 12 months. Full article.
The Body Shop is breaking commercial links with a major palm oil supplier in the wake of disclosures by the Observer that the company had pushed for the eviction of hundreds of peasants in Colombia to develop a new plantation. This newspaper reported last September that Daabon Organic, which provided the cosmetics giant with 90% of all its palm oil, was part of a consortium that asked the courts to remove farmers from a ranch 200 miles (320km) north of the capital, Bogotá. The Body Shop said that, after a nine-month inquiry, it had terminated its relationship with Daabon, which once supplied the British company with enough oil to produce eight million bars of soap a year. Full article.
House of Fraser is already plotting the return of Biba boutiques after last month's successful relaunch of the cult 1960s fashion clothing label.The department store has big plans for the brand it acquired in 2009 and will add accessories, shoes, homewares and cosmetics over the next two years. Biba's success has been immediate – the collection, which features retro styles such as faux fur leopard print jackets and feather capes, is already House of Fraser's bestselling womenswear brand, with sales of more than £500,000 in the first fortnight.Full article.
Multi-channel strategy for 2011 and beyond - The Summit
Wednesday, February 2nd 2011 Cavendish Conference Centre, London W1
Maximising profits, market share and loyalty through cost effective,seamless, integrated multichannel strategies
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View Of The Multichannel Shopper
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Speakers already CONFIRMED include:
•Mark Hodgkinson, Director of Digital and Financial Services, Asda.com
•Simon Russell, Head of Multi-Channel, John Lewis
•Steve Wind-Mozley, Ecommerce Director, Game Group
•Simon Forster, Director, Debenhams.com
•Chris Corbin, Head of Multi-channel, Halfords Group
•Giles Delafeld, E-Commerce Director, Blacks Leisure Group plc
•Brian Curran, Head of Group Direct Marketing & Publishing, Mothercare
•Antony Smith, Head of CRM, Gala Coral Group
•Rob Jones, General Manager - Online, Harvey Nichols
•Simon Harrow, Technology Officer, Kiddicare
•Fergus Boyd, Acting Head of eBusiness , Virgin Atlantic Airways
•Rod Anthony, eCommerce R&D Manager, Aurora Fashions
•Amanda Hepburn, UK Content & Communities Manager, Game Group
•Mike Butler, Partner and Head of Commercial Law, Hammonds
•Speaker TBC, k3
For more information click here.
If you supply a product or service that can help retailers with their multi channel strategy then contact us to find out about speaking,exhibiting and sponsorship opportunities.Contact email@example.com
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