Whats happening in Retail UK
Retail in UK has some sharp turns in regards to Brexit execution. Most of the brands are either confused or reluctant to even assume the future so ultimately the only thing happening is cost cutting. All major retail brands are either taking on least competitor shoulder to minimise cost or shut their outlets or even moving them to low price areas and thats keep on happening till Jan 2019 till situation gets clear whether to stay in EU or leave with No deal or Yes deal.
However in Retail Sainsbury’s and Asda could be forced to offload more than 460 stores in order to pursue a £12bn merger. The Competition and Markets Authority (CMA) said it had identified 463 locations where the businesses overlap, creating “a realistic prospect of a substantial lessening of competition,” on a local and national level. The two supermarkets made waves in April when they announced plans to merge, creating a network of 2,800 stores and total revenues of £51bn.
Automotive industry states Uber drivers are earning less than the company has previously claimed, according to new research. Oxford University found Uber drivers are taking home £11 an hour after costs such as fuel and licencing, while working an average of 30 hours per week – £4 less than the company previously estimated. Uber is one of several gig economy firms set to front a parliamentary inquiryinto workers rights. Last week, Uber Eats couriersblocked roads in central London demanding a minimum £5 per delivery.
Meanwhile in the U.S….Uber has agreed to pay £112m following a 2016 data breach that exposed the personal information of 57 million riders and drivers, which the company covered up for more than a year.
Halfords is heading back-to-basics, after unveiling a turnaround plan that will see the company focus on motoring and cycling. The UK’s biggest bike retailer will scale back camping products and power tools, after electric bikes proved Halfords’ “standout performer” in the 20 weeks to 17 August. However, plans to invest in its online activities while opening more garages and specialist cycle shops will mean flat profits in 2020. Yesterday, it emerged Halfords is among several bidders to approach troubled rival Evans Cycles with a takeover offer.
Millennials are earning significantly less than they expected, according to official data.The Office for National Statistics found half of 16 to 17-year-olds in 2011/12 expected to earn £35,000 by the age of 30 if they’d achieved a degree and £25,000 if they did not. In reality, the average salary of a 30-year-old last year was £23,700. Pay growth for British workers rose 2.9% in the three months to the end of July – its strongest rate for three years.
Things are looking good for the owner of Peppa Pig, as the company raised the value of its library of TV shows and films. London-listed Entertainment One reported its library of content grew to £1.5bn from £1.3bn, despite taking a £64 million impairment charge at one of its distribution businesses. The company is on track to launch Peppa Pig: My First Movie Experience in Chinese cinemas early next year with Chinese e-commerce giant Alibaba, in time for the Chinese year of the pig.
Idea of the Day: In one’s career progression, knowing what to do is as important as knowing what not to do, says Goldman Sachs’ Dane Holmes.