It’s, unfortunately, becoming an all too familiar story – retailers unveiling swathes of job cuts to slash costs and adapt to the rapidly changing trading landscape.
Sainsbury’s appears set to join a fast-growing list of businesses making painful decisions this year to prepare for an uncertain future.
The British Retail Consortium’s (BRC) prediction of almost one million fewer jobs is certainly ringing true – and the pace of that change appears to be ratcheting up by the day.
According to research by the BRC, 69% of retailers cut back on the number of staff hours in the three months to June 30, while 15% of retailers expect a further reduction in working hours in the current quarter.
Sainsbury’s certainly won’t be the last to wield the axe.
Indeed, as big four rival Tesco reduced the head count at its One Stop convenience business, staff from the chain are demanding a better redundancy deal from the supermarket giant.
Elsewhere, , the has increased its stake in Goals Soccer Centres and has extended its membership scheme to its online electricals businessthe decline in physical music sales has slowed, thanks, in part, to a certain Ed Sheeran.
Quote of the day
“No other retailer offers a reward this generous and it’s a huge financial benefit for our members.”
– Co-op Electrical boss James Holland on the mutual’s move to extend its membership scheme to its online electricals division
Today in numbers
The stake Sports Direct has now built up in Goals Soccer Centres.
The decline in physical music sales during the 12 weeks to July 2.
Pets at Home updates the market with details of its first quarter trading performance and the latest BRC-KPMG Retail Sales Monitor is published.
Luke Tugby, head of content