The owner of Poundland has struck a deal to take over up to 71 stores occupied by Wilko, giving hope to hundreds of workers at its stricken rival who had expected to lose their jobs (The Times £). The owner of value retailer Poundland has agreed to take control of the leases of 71 Wilko stores as the collapsed chain is wound down (Financial Times £). Poundland is to acquire up to 71 Wilko sites that it intends to reopen under its own brand in a deal that could throw a lifeline to some of the 1,800 staff who will lose jobs connected with those outlets (The Guardian). Wilko staff were given a glimmer of hope last night as the owner of Poundland struck a deal to buy dozens of its closing stores (Daily Mail). Pepco Group, which owns Poundland in the UK, is expected to convert up to 71 Wilko stores to the Poundland brand (BBC). In a statement, Poundland said it would give priority to Wilko workers when hiring new staff for the shops (Sky News).
Britain’s traditional supermarkets are starting to make inroads against Aldi and Lidl after launching a price war to hang on to their shoppers (The Times £). Aldi and Lidl have lost market share for the first time in months after British supermarkets launched a price war counter offensive (Telegraph). Aldi and Lidl have lost ground in the battle for the nation’s shoppers as larger rivals such as Tesco launched a fightback (Daily Mail).
Grocery price inflation in the UK has slowed to its lowest level in more than a year, but it remains in double digits and most consumers still worry about rising supermarket bills (The Guardian). Grocery prices inflation has fallen to its lowest level for more than a year, but people remain concerned about rising supermarket bills (The Times £).
The owner of Primark said its full-year profits would be higher than previously expected, helped by strong sales of Barbie T-shirts, cargo shorts and boho dresses, as well as price increases (The Guardian). Shares in Primark owner, Associated British Foods, soared after the firm raised its full-year profit outlook for the second time in four months (Daily Mail). The scale of theft from Primark stores over the summer was worse than expected, but the retailer’s owner still thinks its annual profits will beat its own previous forecast. (The Times £)
The boss of Associated British Foods, which owns the fashion chain Primark, has become the latest business leader to warn about a marked increase in retail theft and abuse against staff in stores around the world (Financial Times £). Judges must get tougher on shoplifters to halt the surge in retail crime sweeping Britain’s high streets, the chief executive of Primark’s parent company has said (Telegraph).
The United States has overtaken Britain to become Fever-Tree’s biggest market by revenue after poor summer weather, increased brand investment and issues in Australia and America took the edge off the tonic and mixers group’s full-year forecasts (The Times £). Fevertree Drinks has lowered its annual profit forecast following a surge in glass costs and poor weather in the UK (Daily Mail).
Fever-Tree has a problem with managing expectations. A series of profit warnings has driven the former stock market darling’s shares down by more than half over the past five years. And now the fancy tonic maker has done it again, cutting its revenue guidance as weak demand in the UK has sapped sales, which the group blames on a bad British summer. (The Times £)
Amazon Prime customers will soon be able to buy Iceland products through the online giant’s website. (Sky News)
A ban on disposable vapes could lead to a black market of unregulated products, industry leaders have warned. (Telegraph)
Campari chief executive Bob Kunze-Concewitz is to retire next year after 16 years at the helm of the drinks and spirits group, the company has said, in news that sent the company’s shares down 5%. (Financial Times £)