European Retail Correspondent
Mark's Feed
Sep 22, 2011

Tesco seen cutting prices as UK consumers flag

LONDON, Sept 22 (Reuters) – A price-cutting drive by Tesco
(TSCO.L: Quote, Profile, Research), Britain’s biggest retailer, will tighten the screws in
an embattled industry and highlight the weakness of consumer
spending as policymakers debate how to revive a flagging
economy.

Speculation is mounting that Tesco, which accounts for more
than one in every ten pounds spent in Britain’s shops, will
announce big price cuts in the coming days in a bid to stem a
gradual erosion of its market share over the past three years.

Sep 21, 2011

Tesco shows overseas value as UK struggles

LONDON, Sept 21 (Reuters) – Tesco , the world’s
third-biggest retailer, plans to float property assets in
Thailand, seeking to highlight the value of overseas businesses
as it battles tough trading conditions in its main British
market.

The supermarket group announced the initial public offering
on Wednesday as speculation mounted it is about to launch a
major campaign to boost its British operations, and news emerged
it is slowing down its expansion into banking.

Sep 21, 2011

Tesco shows overseas value as UK struggles

LONDON, Sept 21 (Reuters) – Tesco , the world’s
third-biggest retailer, plans to float property assets in
Thailand, seeking to highlight the value of overseas businesses
as it battles tough trading conditions in its main British
market.

The supermarket group announced the initial public offering
on Wednesday as speculation mounted it is about to launch a
major campaign to boost its British operations, and news emerged
it is slowing down its expansion into banking.

Sep 20, 2011

Best Buy seen pulling plug on UK megastores

LONDON/NEW YORK (Reuters) – Best Buy Co (BBY.N: Quote, Profile, Research) is likely to abandon its British megastores next year, retreating from an overseas expansion plan that has been stymied by a global recession and cultural differences in how people like to shop.

Analysts said they expect the move to shutter the British big box stores to come in early 2012 as the company instead needs to focus on strengthening its mainstay U.S. business against cut-throat competition from discounters and online rivals.

Sep 19, 2011

Analysis: Best Buy seen pulling plug on UK megastores

LONDON/NEW YORK (Reuters) – Best Buy Co (BBY.N: Quote, Profile, Research, Stock Buzz) is likely to abandon its British megastores next year, retreating from an overseas expansion plan that has been stymied by a global recession and cultural differences in how people like to shop.

Analysts said they expect the move to shutter the British big box stores to come in early 2012 as the company instead needs to focus on strengthening its mainstay U.S. business against cut-throat competition from discounters and online rivals.

Sep 19, 2011

Ocado sees year margin less than expected

LONDON, Sept 19 (Reuters) – British online grocer Ocado
saw a slowdown in sales growth in its fiscal third
quarter and said full-year profit margins were likely to rise
less than expected as it invests in improving customer service.

Ocado, which mostly sells the products of upmarket grocer
Waitrose, said on Monday gross sales rose 16.9 percent to 148
million pounds ($234 million) in the 12 weeks to Aug. 7.

Sep 16, 2011

Iceland Foods auction risks freezing up

LONDON (Reuters) – Shaky financial markets and the complexity of a deal could hamper the auction for a controlling stake in British grocer Iceland Foods and limit proceeds for the creditors of failed Icelandic banks, including Britain and the Netherlands.

Names in the frame to buy the whole of Iceland Foods seem few in number, though founder and CEO Malcolm Walker, who with other managers already owns 23 percent, is in the strongest position to take full control of the frozen foods specialist.

Sep 15, 2011

Dealtalk – Iceland Foods auction risks freezing up

LONDON (Reuters) – Shaky financial markets and the complexity of a deal could hamper the auction for a controlling stake in grocer Iceland Foods and limit proceeds for the creditors of failed Icelandic banks, including Britain and the Netherlands.

Names in the frame to buy the whole of Iceland Foods seem few in number, though founder and CEO Malcolm Walker, who with other managers already owns 23 percent, is in the strongest position to take full control of the frozen foods specialist.

Sep 15, 2011

Kingfisher and Kesa fear UK retail blues to spread

LONDON, Sept 15 (Reuters) – Cash-strapped Britons are
cutting spending on their homes and gadgets, and retailers
Kingfisher and Kesa are worried other Europeans
will follow suit as a sovereign debt crisis grips the region.

Kingfisher, Europe’s biggest home improvements retailer,
beat forecasts on Thursday with a 24 percent rise in first-half
earnings, helped by growth in France and other overseas markets
and a drive to increase profit margins.

Sep 15, 2011

Kingfisher invests in UK after H1 tops forecast

LONDON, Sept 15 (Reuters) – Kingfisher , Europe’s
No.1 home improvements retailer, beat first-half earnings
forecasts, helped by a drive to boost profit margins, and said
it was stepping up expansion in Britain as rivals struggle in a
tough market.

The group, which runs UK market leader B&Q but makes
two-thirds of its profits abroad, said on Thursday it would
create 1,200 jobs in Britain this year, spending 130 million
pounds ($205 million) on new stores, particularly for its
building trade-focused Screwfix brand.

    • About Mark

      "Based in London, UK. Responsible for ThomsonReuters coverage of European retail companies. Previously worked as Chief Correspondent of UK Equities and before that as reporter on the UK company news desk."
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