Retail news round-up on July 9, 2014: Whole Foods losses increase; Sainsbury’s chief steps down; shop prices and footfall drop.
Whole Foods UK full-year losses increase by 12.6%
Upmarket retailer Whole Foods Market UK’s full-year pre-tax losses expanded by 12.6% to £14.2m amid sales increase, The Guardian reported. In the year to September 29, 2013, sales surged by 26% to £81.5m as the company opened one new store.
UK shop prices fall for 14th straight month in June
According to figures compiled by the British Retail Consortium/Nielsen shop price index, shop prices plunged for the 14th consecutive month easing the pressure on households, the Telegraph reported. The retail shop prices plummeted at the steepest rate for at least eight years in June as the popularity of discount stores helped drive down the cost of clothing and consumer goods.
The overall price of items at the till declined by 1.8% in June last year, with the price of clothes down by 13.7% year-on-year. Food prices grew by only 0.6%, while prices for non-food items slumped 3.4% last month. Clothing prices fell fastest, the price of electrical goods was also down 4% against June last year.
Sainsbury’s chief Justin King to step down today at AGM
J Sainsbury’s departing chief executive Justin King will face shareholders for the last time today as he bids farewell at the grocer’s annual meeting, the Telegraph reported. King will hand over the control to the retailer’s group commercial director Mike Coupe, after 10 years at the helm. It is likely that the outgoing boss will be praised by investors during the AGM.
UK footfall index drops 0.2% year on year
According to Springboard research, retail park footfall across Britain increased 3.5%, while shopping centre footfall was up 0.5% in the week starting June 29. Last week, shoppers looking for holiday clothes and mid-season bargains flocked to shopping centres and retail parks. The overall footfall index fell by 0.2% year on year. High street shopper numbers also slipped 2.1% on last year.