Retail news round-up on May 28, 2015: Philip Marshall QC to act in Tesco profits legal case, Tesco partners with Weve, M&S execs get small payout from share scheme
Philip Marshall QC to act in Tesco profits scandal
Philip Marshall QC, who fought over Liverpool FC’s last change of ownership, will represent on behalf of Tesco Shareholder Claims in a legal battle over the grocer’s profit overstatement scandal, according to Sky News. Sources said that a number of institutional investors had agreed to sign up to the case being represented by Marshall, although they refused to name them.
Tesco partners with Weve for mobile couponing in London concept stores
Tesco has teamed up with O2-owned Weve to trail a mobile couponing initiative in an attempt to raise awareness of its new concept stores in London and drive footfall, thedrum.com reports. Before the trial went live, Weve set a habitual location geo fence, creating a bespoke segment for Tesco comprising consumers who passed by the Villiers Street store or travelled in and out of Embankment Station at least six times over a two-week period. In addition, Weve also created a real-time location geo-fence around the store to engage with consumers over the age of 18 passing through the vicinity from Weve’s zone one commuter segment. Consumers were sent a message which when clicked on, brought up a unique mobile coupon barcode giving £1 off a £3 shop on food to go. The mobile coupon was then swiped though a new scanning system the company is rolling out in all of its stores during 2015.
M&S top executives to get tiny payout from share scheme
Scores of top senior managers at Marks & Spencer, including chief executive Marc Bolland, were informed that the retailer’s 2012 Performance Share Plan (PSP) will reward them just 4.7% of the maximum possible share awards. The meagre return comes just days after the chain’s first rise in annual profits in four years.
This means that Bolland and other executives will receive a bonus for last year, with 60% of their annual incentive derived from the company hitting a range of profitability thresholds, Sky News reported citing people close to the company.