Retail news round-up on June 27, 2014: Consumer confidence rises in June; Shareholders voice concern over remuneration at JD Sports; Monsoon Accessorize to overhaul store estate; Amazon accused of bullying small publishers
Consumer confidence rises in June
Consumer confidence rose in June to its highest level since June 2005, the latest Gfk data showed.
Gfk managing director of social research Nick Moon said: “The next few months will be particularly interesting, since the previous venture into positive territory was merely transitory – two isolated months in January and March 2005.
“The last time the index was consistently positive was back in 2002 and this must be the next ‘target’ from the government’s point of view as we get close to the election period.”
JD Sports shareholders voice concern about boss Peter Cowgill’s remuneration
Investors in JD Sports expressed their displeasure over remuneration at the retailer after executive chairman’s Peter Cowgill pay rose 54% last year to £3.1m, the Financial Times reported.
About 13% of JD Sports’ shareholders voted against the company’s remuneration policy at its annual general meeting held yesterday.
Cowgill received a £718,000 bonus and a £1.7m ‘special retention’ fee on top of his base salary of £718,000.
Monsoon Accessorize’s 350 UK stores set for overhaul over next five years
Fashion and accessories retailer Monsoon Accessorize’s UK estate of 350 branches is to be revamped in the next five years, The Times reported.
Chief executive John Browett said that the Monsoon chain would be cut to 125 shops co-located with Accessorize, with several Monsoon sites switching to its sister brand. Browett added that Accessorize would end up with about 100 to 125 stores on top of the 125 dual Monsoon/Accessorize sites.
Small publishers accuse Amazon of ‘bullying’
Online giant Amazon has been accused of ‘bullying’ smaller UK publishers, the BBC reported.
The etailer is seeking to secure more advantageous terms in its latest round of contract negotiations. Amazon wants the right to print books itself if publishers fail to supply adequate stock.
In addition, it is asking that any pricing deal between publishers and other distributors is also offered to Amazon so that it cannot be undercut.