Retail news round-up October 22, 2013: Apple removes HMV’s new UK app from its App Store, billionaire Warren Buffett slashes investment in Tesco and Kingfisher boss Ian Cheshire predicts dynamic pricing will soon be used widely across retail.
HMV’s UK app removed from iOS App Store
Apple has temporarily removed the HMV UK digital music app from its iOS App Store, despite the US tech giant previously approving it. This move prevents further iPhone users from downloading the application which launched last week. Those currently using can continue to do so and will not experience any changes.
Warren Buffett slashes holding in Tesco to 3.98%
Billionaire investor Warren Buffett’s Berkshire Hathaway reduced its Tesco stake by £300m in a trade conducted last week. A stock market filing shows that Berkshire slashed its holding in Tesco to 3.98% from 4.98%, by selling derivatives representing 80m of the voting rights in the firm. This move came after the grocer recorded disappointing interim results earlier in October.
Tesco reported a 24% slump in its first half pre-tax profits to £1.39bn. Like-for-like sales declined across its 10 international businesses, including the UK. However, an “active approach’ is being taken by the chief executive to bring the UK business back on track.
Retailers will adopt airline-style flexible pricing, predicts Kingfisher boss Ian Cheshire
Retailers could soon by using airline-style ‘dynamic pricing’ based on demand and time of day, according to Kingfisher group chief executive Ian Cheshire.
He said that electronic shelf edge pricing, which it already uses in French business Castorama, would allow retailers to change prices across stores.
Cheshire has plans to bring the pricing technology to UK chain B&Q.