Retail news round-up on May 21, 2014: M&S rules out bonuses; inflation grows faster than expected; Apple’s stores lose appeal; £1bn of food wasted.
M&S rules out bonuses to senior executives and staff
Marks & Spencer’s chief executive Marc Bolland said neither senior executives nor store staff would be handed a bonus this year, after the UK’s largest retailer recorded a third consecutive year of falling profits, Reuters reported. Meanwhile, the British clothing chain will open 100 outlets in India by 2016 instead of 86 as planned last year.
Inflation in Britain grows faster than expected to 1.8% in April
According to the Office for National Statistics (ONS), UK inflation, as measured by the Consumer Prices Index (CPI), unexpectedly increased to 1.8% in April from 1.6% in March. This was driven by the Easter holidays pushing up travel costs including air and sea fares, the Independent reported. Petrol prices which were flat compared to a 2.1pence per litre fall over the same period last year. Food and non-alcoholic beverages dropped by 0.5% month-on-month offsetting the upward pressure.
British consumers lose faith in Apple’s high street stores
According to the latest annual high street survey of 12,500 consumers from consumer group Which?, UK shoppers have lost faith with Apple’s high street stores. The company’s retail arm has plunged from being the UK’s favourite shop to falling out of the top 10 after customers complained about the difficulty of booking an appointment with its Genius Bar service, which helps consumers with technical problems, Belfast Telegraph reported.
Food valued at £1bn wasted in UK each year
According to figures obtained by Sky News, food worth £1bn is wasted every year across the UK. Damage, flawed appearance and the cost of recycling are some of the justifications used for throwing food away. Food growers, producers and retailers together bin an average of 400,000 tonnes annually, or more than 950m meals.