Retail news round-up: Morrisons increases boss's pay despite MPs' warning, and Monsoon boss receives dividend cut amid losses.
Morrisons increases boss's pay
Morrisons has increased David Potts’ pay package despite MPs calling for a ban on long-term incentive plans (LTIP), The Telegraph reported.
The supermarket decided to increase Mr Potts’ LTIP after meetings with shareholders.
Potts will receive £5.3m in the total pay package after receiving an LTIP of 300% of base salary.
The Bradford-based company is also awarding £353,558 to former boss Dalton Philips as part of the 2014-2017 LTIP, owing to his “good leaver status” in 2015.
Monsoon boss receives dividend cut
Monsoon founder Peter Simon received an interim dividend of £5m last year, compared with £27m the previous year, owing to the fall in pre-tax profits, The Times reported.
The retailer has developed a programme to refocus on its brands, Accessorize, Monsoon Ladies and Monsoon Children, in the UK and reshape its international business.
The plan involves closure of large stores and installing more concessions in department stores.
Aldi plans 1,000 stores in the UK by 2022
Aldi is planning to open 1,000 stores in the UK by 2022, according to The Grocer, The Guardian reported.
Aldi’s UK and Ireland chief executive Matthew Barnes said: “If you look at the population, we think not only could we have a store in every town and city, but for every 25,000 to 30,000 people”.
He added: “We have 700 stores now and 300 sites already approved on our books.
"And there are 600 town locations where we don’t have a store; in many of which we could easily have two, three or four stores ... We don’t have a store in Watford, [but] that would be a six to eight Aldi town.”