Retail news round-up on April 10, 2014: Lord Myners resigns from Co-op board, M&S reaffirms its commitment to China and Ocado to shun partnerships for the next two years.
Lord Myners resigns from Co-op board
Former Labour City minister Lord Paul Myners has stepped down as the senior independent director from the board of Co-operative Group, The Guardian reported.
Myners, who was brought in to reform the troubled mutual, has tendered his resignation following opposition to his proposals from within the group. He resignation follows that of chief executive Euan Sutherland last month and comes a week before it is expected to report a £2bn loss for the year.
M&S reaffirms Chinese commitment
UK retailer Marks and Spencer (M&S) has reaffirmed its commitment to China as one of its ‘priority international markets’ but aims to relocate stores, The Financial Times reported. The company added that its two flagship outlets in Shanghai ‘continue to perform well’. M&S has 15 shops in China and this number is to remain the same for the next three years, although some locations may change. However, it plans to expand into large cities such as Guangzhou and Beijing with new flagship premises, and build its brand nationally through its shop on the e-commerce site Tmall, the company said in a statement.
Ocado may shy away from partnerships for as long as two years
Internet-only grocer Ocado might keep away from partnership deals for as long as two years to concentrate on improving its service, Bloomberg reported citing a person familiar with the matter. The retailer first wants to reconfigure some of its software infrastructure and develop cheaper and smaller warehouses for potential customers, said the person, who asked not to be identified because the plans are not public. The person also added that the company wants to make sure that the Morrison venture is successful before starting others.