“Crisis on the high street”, trumpets The Daily Mail, which highlights a report by PwC showing 16 stores closed every day last year, attributed to competition from internet rivals as well as from rising costs. Some 5,855 shops closed last year – the most in four years. An average of 11 stores opened each day last year – the lowest in seven years.
Energy trader Vitol-controlled African fuel retailer Vivo has hired John Daly, chairman of Britvic, to lead Vivo’s board before it lists in London next month, reports The Times (£). Vitol jointly owns Vivo with private equity firm Helios. Vivo is also seeking a secondary listing in Johannesburg. The Financial Times (£) says a mooted float value of £3bn looks steep. Vivo has 1,800 Shell-branded service stations throughout the continent and plans to open another 400 by 2022.
Worries about Hershey prompted UBS to downgrade the maker of Reese’s Peanut Butter Cups from “neutral” to “sell” and its price target from $102 to $90 a share, writes the Financial Times (£). The broker raised concerns about rising cocoa prices and doubts about its ability to stay on top of the US chocolate market amid intensifying competition and the threat of a sales slowdown because of changing consumer tastes. Barry Callebaut, the world’s biggest supplier of chocolate and cocoa products, however, forecast a further revival in global chocolate markets nots the Financial Times (£). It said sales volumes had risen to 1.02m tonnes in the six months to 28 February, outpacing a 2.5% expansion in the global chocolate confectionery market.
Moody’s notes defaults by global retailers reached their highest level ever in the first three months of the year, with nine companies defaulting on their loans. Retail defaults accounted for a third of all in the first quarter Financial Times (£).
The US has welcomed a commitment from China to step up protection of foreign intellectual property and to cut tariffs “significantly” on imports, reducing fears over the treat of a trade war, reports The Times (£).
AIM-listed Eddie Stobart Logistics reported full-year underlying pre-tax profit up 57% to £37m on revenue up 13% to £623m The Times (£).
The Confederation of British Industry has warned that diverging from EU rules and regulations will make the majority of businesses less globally competitive post-Brexit. Eighteen of 23 sectors analysed would benefit from regulations that remain aligned with Brussels, it found, The Independent reports.
Ikea Group, is ditching its custom of planning five to 10 years ahead, setting a new three-year approach to keep pace with a rapidly transforming society Bloomberg. Jesper Brodin, chief executive, says the strategy will ensure that the company caters to an urbanised world where people “live in small spaces,” have “thin wallets” and “little time”.
The Guardian provides a guide to “the best budget supermarket tipples” in the wake of Aldi’s anointing as one of the best gins in the world at the International Spirits Challenge with its Oliver Cromwell gin, which sells for £9.99. “Hidden treasures” include Oloroso dry sherry from Morrisons (£6 for 37.5cl), Ben Bracken Islay single malt from Lidl (17.49) and Bradshaw pinot noir 2017 from Asda (£4.98)
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