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High street vacancy rates highest for four years, according to survey Friday, 23rd March 2012
The Guardian has reported that the UK’s high streets have the highest volume of empty stores compared to any time in the last four years, as retailers suffered an influx of post- Christmas closures.
Co-op makes equivalent of 390 redundancies Friday, 21st October 2011
The Co-operative Group will cut thousands of hours from its staff rotas after a review of employee hours across its food stores. Totalling the equivalent of 390 full-time redundancies, the grocer will cut hours from 35 of its 3,000 stores. One of the worst affected stores in Stornoway will lose 1,000 hours, while staff in other stores have revealed they have been hit with cuts of around 700 hours.
The new age of austerity: highest food budget cuts made by under 35s Wednesday, 19th October 2011
Unlike previous recessions, families are reacting to the squeeze in spending by cutting back their household food budget, with younger people making the largest cuts. According to the Institute of Fiscal Studies, people under 37 cut back their spending by an average of 7 per cent, whilst those between 35 and 64 shrunk their household budgets by 5 per cent.
Sainsbury’s CEO speaks out after “day of reckoning” for supermarket giant Thursday, 24th March 2011
There was no spin from the chief executive this morning, as Justin King warns the worst is yet to come.
Twenty four hours after the release of Sainsbury’s worst sales performance in six years, chief executive Justin King has warned of a “sudden” downturn in consumer spending, with no sign of improvement for the retail industry in sight for 2011.
Sainsbury’s suffered a 5 per cent decrease in shares yesterday following their financial report. Having proved to be one of the nation's most stable supermarkets during the recession, the news came as quite a blow to the retail sector.
King described a change in consumer attitude, with households “waiting to get paid before deciding how much to spend.” He said a shift that would usually take years the grocery sector has taken place “overnight.”
And according to CEO the mood is unlikely to change soon; "There is no good news on the horizon for consumers," King said, "The day of reckoning of taxes going up and potential job cuts in the public sector has got more imminent."
Sainsbury’s see customers rein in as inflation hits 4.4% Wednesday, 23rd March 2011
Even the UK’s third biggest supermarket came beneath expectations for growth as trading gets tougher. As the nation awaits George Osborne’s budget today, figures at Sainsbury's are a stark reminder that shoppers are reining in the spending in order to cope with inflation rates set at 4.4 per cent. Sainsbury’s announced sales from its stores were up 1 per cent in the 10 weeks to 19 March, the final quarter of the financial year. Compared with a 3.6 per cent growth seen in the third quarter and modest City forecasts of 2.1 per cent.for the previous weeks, Sainsbury’s is experiencing the brunt of tough trading for the big retail players.In recent months analysts have seen Sainsbury’s forced to attract customers with extra promotions, desperate to pull in the customers who are likely to switch to a cheaper supermarket such as ASDA in light of the rising food prices.