Poundland bosses are plotting steep rent cuts on store landlords in an eleventh-hour bid to survive. According to The Telegraph, as many as 500 sites have been set apart for rent reductions of between 10% and 50% as its owner Pepco Group hunts for a buyer.
M&S’ growth trajectory has suffered a major slowdown following its ransomware attack in April. According to unpublished figures from analysts at NIQ, seen by The Telegraph, spending in the retailer’s foodhalls rose by 0.8% in the four weeks to 17 May compared with a year prior. It marks a stark contrast from the 11% rise in grocery spending in the 12 months to 17 May.
John Lewis and Waitrose customers with a Partnership credit card could feel short-changed in August as the retailer reduces spending perks, reports The Guardian. Customers will earn one point for every £10 spent with other retailers, rather than the current one point for every £4 spent. Reward spending in the Partnership’s own stores will remain the same, earning five points for every £4 spent.
The Guardian also reports that alcohol campaigners have claimed supermarkets such as Aldi, Lidl and Tesco are abusing a tax loophole to produce and sell high-strength cider at “pocket money prices”. Alcohol Change UK says the retailers are exploiting a subsidy that is meant to boost apple production.
New figures from the Federation of Independent Retailers show that a staggering 96% of small shop owners said rising retail crime with new tax hikes and energy costs have made it more difficult for businesses to survive, reports This is Money. A third said they have experienced a rise in crime in their stores this year.
Pret A Manger is launching a new shop format aimed at hybrid workers, encouraging customers to dine-in, The Times reports. The two-store trial will offer a large selection of made-to-order food, with just one 'ready-to-go' refrigerated shelf.
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