Sainsbury’s CEO Mike Coupe, has bowed to the inevitable and is stepping down from his role in May. He’s being replaced by current Retail and Operations Director Simon Roberts, who’s been at the firm for three years.
British consumers failed to increase their spending in December for a record fifth month in a row, adding to signs of a weakening economy that might prompt the Bank of England to cut interest rates this month.
There was good news and bad from UK supermarkets giant Sainsbury's on Wednesday as the company’s third-quarter trading statement (the 15 weeks to January 4) showed weak sales, although fashion was stronger.
Britain's retail sector was boosted by Boris Johnson's general election victory on Friday, as investors factored in expectations of a step-up in consumer sentiment and spending in the key holiday season period.
M&S is reportedly planning to downsize the space it controls in around 20 of its largest retail locations with under-used upper floors potentially being converted into offices or even residential space.
With harsh lessons learnt from past Black Fridays, British retailers are stretching promotions over several weeks, aiming to smooth out consumer demand and reduce the pressure on supply and distribution networks.
Sainsbury’s had good news around its clothing sales on Wednesday as they rose in Q2 after having been less strong of late. But the company had less to shout about around its Argos ops that continued to struggle.