Retail analysts Bruno Monteyne and Richard J Clarke of Bernstein Research have said that while recent Kantar data shows that Tesco’s recovery in the UK is slowing, this is not a sign that the turnaround plan instigated by new chief executive Dave Lewis is stalling, checkout.ie reports. “Far from it,” the analysts say in a note issued this morning (15 May). “Evidence points to a new range of targeted, strategic & selected price cuts bringing the own label price gap on own label vs Aldi from 24% to 11%.AU: Coles has refunded suppliers
Coles has refunded suppliers almost $10 million under the direction of independent arbiter Jeff Kennett. The former Victorian premier was appointed to the position in August last year and has since recommended farmers and food processors be awarded financial settlements as part of a dispute resolution process, weeklytimesnow.com.au reports. This is on top of $10 million in fines Coles was already ordered to pay as a result of a Federal Court case initiated by the Australian Competition and Consumer Commission last year. The ACCC alleged Coles was practising uncompetitive behaviour and bullying tactics toward farmers and other food suppliers, regarding a Coles supply chain program. Coles admitted to “unconscionable conduct”, apologised to growers and paid the fines.UK: Asda cheaper than its big supermarket rivals
An average food shop at Asda is currently up to 5% cheaper than at its major supermarket rivals Sainsbury's and Tesco, says the latest research by Morgan Stanley, bt.com. It found that the Asda basket is 5.1% cheaper than Tesco and 4.6% cheaper than Sainsbury’s. Sainsbury’s and Tesco baskets were within 1% of each other. Morrisons is the most expensive, with an average basket costing 2.6% more than at Tesco. Morgan Stanley said that before April Asda’s price lead had “faded”, with the larger chains within 2% of each other when 500 branded goods were compared. However, Asda has since introduced significant price cuts. Asda's position as the cheapest major supermarket is supported by separate research from The Grocer magazine. US: Weis Markets gets new SVP
Weis Markets today announced Richard Gunn has joined the company as Senior Vice President of Merchandising and Marketing. In this position, he will oversee the company's fresh and center store merchandising, sales and procurement, marketing and advertising.Singapore: Food retail sales down
Retail sales in Singapore rose 2.1 per cent in March compared to the previous year, channelnewsasia.com reports. Sales of food and beverage services dropped 1.7 per cent from the previous year. The total sales value of food and beverage services in March was estimated at S$643 million, down from the S$654 million the previous year.Waitrose introduces ‘Pick Your Own Offers’ loyalty scheme
UK retailer Waitrose is trialling a new loyalty card scheme which will allow customers choose what products they receive promotional offers on, bt.com reports. According to The Grocer, this new loyalty card scheme is currently being tested in five of its stores.India: government surprisingly backs FDI
The Indian government has decided to maintain the current policy on foreign direct investment (FDI), whereby foreign retailers can hold a majority stake in a multi-brand retail company, retailanalysis.igd.com reports. Turkey: Migros launches new concept convenience store
Turkish retailer Migros Ticaret has launched a new concept store in Istanbul, retailanalysis.igd.com reports. The store, which is part of the retailer’s Macrocenter format, is its first store to trade under the Fine Food banner. It is situated on two floors, offering an ‘exclusive product portfolio’, in addition to a range of fresh food and grocery items, a delicatessen and products made freshly in-store.