This week's retail news 'you might have missed'.......
At mdj2, we’re passionate about retail and always looking to share our news, views and insights. With so much information out there, we wanted to share just a small selection of retail news headlines from last week that we found interesting…??
M&S plea for help as its energy bill leaps by ￡100m
Marks & Spencer is braced for its energy bill to rise by ￡100million next year, as its boss Stuart Machin launched an impassioned plea to Jeremy Hunt to help the high street.
Machin wants the Chancellor to slash business rates, which are another huge burden on retailers.?
The projected increase in fuel costs next year follows a ￡40million increase this year, denting profits.?
Blue Diamond acquires Van Hage Garden Centres
Blue Diamond have acquired the Van Hage group of 3 garden centres in what their??Managing Director, Alan Roper?says is a landmark acquisition.
The three sites are the flagship store at Great Amwell Ware, Chenies between Amersham and Rickmansworth and the Van Hage centre on the PE1 retail park at Peterborough. Blue Diamond?will own and operate the retail park.
Hillier Garden Centres acquires Rosebourne
Hillier Garden Centres has announced the acquisition of Rosebourne Ltd, a group of boutique destination garden centres across three sites – Weyhill, Aldermaston and Hampton in Arden.
The acquisition of Rosebourne follows a period of growth that has seen Hillier move from 12 garden centres in 2019 to 19 garden centres and an online shop currently; this acquisition brings the group to a total of 22 garden centres.
Retailers grow ‘recommerce’ offerings as demand for cost efficient and sustainable ways to shop increases, Barclaycard Payments finds
New research from Barclaycard Payments?reveals retailers are introducing more sustainable ways to buy and sell products and services, amidst pressure from consumers to shop more consciously and reduce their discretionary spending as living costs increase.?
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Barclaycard Payments, which processes ￡1 in every ￡3 spent on credit and debit cards in the UK, found seven in 10 (71%) of the businesses surveyed now offer recycling, renting, reusing or reselling shopping options. Over a third (36%) have introduced more sustainable ways to shop in the last 12 months, and 89% plan to expand their options in response to growing demand for more affordable and environmentally friendly shopping alternatives.
A third of retailers (32%) agree that the rapid expansion of Recommerce has been driven by the growth in environmental awareness and the impact of the rising cost of living on consumer spending behaviour. Close to four in 10 (37%) say they have introduced more sustainable ways to shop to provide customers with more affordable options, with 44% doing so to reduce their own impact on the environment.
The great levelling: what the rebalancing of online and in-store means for retail
All retailers have been hit hard by the cost of living crisis, but online pureplays have been dealt an especially bad hand because they have no physical presence in a time when consumers prefer shopping on the high street. However, as retail analysts told Drapers, the decline in sales is not a foreboding of the end of ecommerce but a mere rebalancing between online and brick-and-mortar sales.
Although a challenging situation, etailers can take it as an opportunity to adapt to the new reality by reinventing themselves, taking inspiration from brick-and-mortar retailers that undertook digital transformations during the first national lockdown. This could mean tackling return costs by providing more product information and better customer experience or showcasing their products at a pop-up to allow consumers to preview the product before they order online.
Amazon CEO launches cost-cutting review
Amazon boss Andy Jassy is leading a cost-cutting review in the face of soaring inflation.
The online giant has come under pressure to rein in spending as shoppers cut back.
In the past two quarters, Amazon’s revenue had grown at roughly 7%, its slowest in nearly two decades, and it warned that Christmas sales would be weaker this year.
The online retailer and cloud firm’s shares have plummeted more than 40% this year.?
Investors reacted positively to news of the cost-cutting with shares rising 12% yesterday.
Jassy will focus his efforts on businesses that have never been profitable, according to The Wall Street Journal, including its Alexa division.