Sainsbury’s is preparing to shed as many as 1,000 jobs as it gears up for the next phase of its cost-cutting drive. The supermarket group has hired McKinsey, the consultancy, to finalise the proposed redundancies at its offices nationwide. The plans are expected to be formally announced next month and are in addition to the 1,200 jobs cut in stores and 500 in its store support centres as part of a three-year, £500 million programme that ends this financial year (The Times £). The UK’s second-largest supermarket chain has drafted in McKinsey to draw up a headcount reduction plan. All the big supermarket chains have announced job cuts in recent years as they seek to compete with the fast-growing discounters Aldi and Lidl (The Guardian).
Troubled grocery wholesale giant Palmer & Harvey has drawn up plans to slash costs in an attempt to secure a £100m cash lifeline from investors, according to documents seen by The Sunday Telegraph. (The Telegraph)
The Valuation Office Agency is facing potential embarrassment over the new system for appealing business rates decisions, as its own figures reveal almost 90% of users are dissatisfied with the process. (The Telegraph)
Britain must increase home-grown food production and build stronger supply chains to face Brexit uncertainties, the National Farmers Union has said. In an annual calculation to draw attention to the UK’s decline in food self-sufficiency, the NFU said the national larder would be bare this Sunday if Britain opted for a cliff-edge departure from Europe and imports became unavailable. (The Guardian)
British American Tobacco is preparing to raise about $25bn (£19bn) in the US and European bond markets this week to fund its takeover of American rival Reynolds. (The Times £)
Head office staff at the Tesco-owned One Stop convenience chain are fighting for a better redundancy package after it emerged employees on Tesco contracts were being offered a more generous payoff. (The Guardian)
UK consumer spending fell in July for the third consecutive month, the longest contraction in more than four years, according to an analysis of Visa card payment records (The Financial Times £). Britons are slashing spending on new clothes, cars and foreign holidays, according to new figures that underscore the effect on consumer confidence of rising living costs and the uncertainty surrounding Brexit (The Guardian).
US shopping mall woes underline retail challenges, writes The FT looking at the struggle to make commercial properties more relevant after losing anchor tenant. (The Financial Times £)