Once again, Trump’s tariffs rear their head in the day’s news, with The Financial Times reporting that US retail sales fell by the most in two years in May as the uncertainty over tariffs distorts consumer spending. Sales of $715.4bn were down 0.9 per cent from April, figures released by the US Census Bureau on Tuesday showed. The number, which was below economists’ expectations, marked the biggest monthly fall since March 2023. April’s move was revised lower to a 0.1 per cent decline. The drop-off follows a spending surge in March when Americans bulked up on purchases amid anxiety over the impact of looming tariffs on foreign imports.
In more Trump administration-driven news, the FT also revealed that Kraft Heinz has pledged to remove artificial dyes from all US products – although the move has come a year later than federal regulators envisioned – as the Trump administration clamps down on synthetic ingredients. The company said it would remove all artificial colours from its US portfolio before the end of 2027, with the dyes found in certain beverage and dessert brands, such as Kool-Aid drinks, Jell-O gelatin and Jet-Puffed marshmallows, Kraft Heinz said.
Various publications also followed up on the news that Poundland plans to close 68 shops and two distribution centres – as first revealed yesterday morning in The Grocer. The Guardian, the FT and more, echoed our reporting that in addition to the initial 68 closures, another 80 would likely follow as it tries to reduce its estate from about 800 today down to 650-700 stores.
Multiple outlets also continued to go big on the news that London mayor Sadiq Khan has said Oxford Street will be pedestrianised “as quickly as possible”. The Guardian and others added that two in three respondents to a public consultation backed plans to ban traffic from London’s central shopping area. The mayor’s office said there was “overwhelming public and business support” for the proposals to regenerate the street, whose lustre is slowly returning as Department stores muscle back among the sweet and souvenir shops of dubious repute. Khan said: “Oxford Street has suffered over many years, so urgent action is needed to give our nation’s high street a new lease of life.
Meanwhile, The Times is reporting that the already frosty relationship between Unilever and Ben & Jerry’s looks set to get even colder following the appointment of a contentious new Ice Cream boss. Unilever has proposed Peter ter Kulve to head the Magnum Ice Cream Company, its soon-to-be spun-off ice cream division that will house Ben & Jerry’s, Cornetto and Wall’s. The appointment is expected to be approved by Unilever’s board in July before a planned listing this year. The FTSE 100 consumer goods group is set to have its primary listing in Amsterdam, with secondary listings in New York and London.
Ter Kulve’s appointment could be seen as a lightning rod for tension. He is named in a lawsuit by Ben & Jerry’s, which accused him of “eye-popping” ignorance and of undermining the brand’s longstanding commitment to political and social activism – a mission central to the Vermont-founded business since it was founded in 1978. It marks the latest flashpoint in an increasingly bitter dispute. In March, Ben & Jerry’s accused Unilever of ousting its chief executive, David Stever, over his stance on social issues, claiming the decision was taken without the board’s consent. The brand said Stever had been penalised for upholding its “social mission”.
The Daily Mail, in typically understated style, shouts “Bargain Hunter!” in its headline revealing how the new boss of B&M has “scooped up” £523k of shares ahead of starting the job. It goes on to detail how Tjeerd Jegen, the new chief executive of the embattled discounter, took almost 200,000 shares in the group ahead of his first day on the job. Jegen took on the top B&M job from interim boss Mike Schmidt on Wednesday, having previously help leadership roles with Tesco, Australia’s Woolworths, and more recently, Accell Group.
regulatory filings published on Tuesday show Jegen bought 197,900 B&M shares in total between 10 and 13 June at roughly £2.61 to £2.70 each, building a stake worth £523,559.60. Retail industry veteran Jegen is considered an effective turnaround specialist, the Mail said, and his B&M stake could prove lucrative if he manages to right the ship and improve the group’s fortune, with its value having plummeted 55% since the beginning of December 2023.
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