Britain's Co-op says finance chief to succeed CEO
Britain's Co-operative Group said its chief executive Steve Murrells would step down in May and be succeeded by finance chief Shirine Khoury-Haq as interim CEO. Khoury-Haq will become the 1st woman to lead the Co-op group after May's annual meeting.
LuLu Express Fresh Market opened in Bahrain
Deputy Prime Minister of Bahrain, Sheikh Khalid bin Abdulla Al Khalifa, inaugurated the new venture by LuLu group ‘LuLu Express Fresh Market’ in Danaat Al Lawzi in Hamad Town in Bahrain. The speciality of the newly-opened Fresh Market is that it is completely run by women. The market has bakery products, fruits, vegetables and other food products.
Lidl GB to create over 1,200 new warehouse jobs by end of 2025
Lidl GB has announced that it will be creating more than 1,200 new warehouse jobs by the end of 2025 as it begins recruitment for its new Regional Distribution Centre (RDC) in Luton. Despite the pandemic, construction began on Lidl’s new 1.2mln sq ft distribution centre in Luton last year. Once complete, it will become the discounter’s largest RDC in Great Britain - as well as being Lidl’s largest globally. When fully operational, the RDC will service more than 150 stores in London and the surrounding counties.
Alibaba is "worth more than people think"
Chinese e-commerce giant Alibaba plans to buy back 25bln dollars' worth of its own shares. The current slump in share value is unjustified and not a fair reflection of the real value, the management says.
Croatia: Studenac gets antitrust nod for Lonia Trgovina acquisition
Croatia's competition authority (AZTN) has approved the acquisition of supermarket chain Lonia Trgovina by Studenac. The authorities established that the deal would not have a negative effect on competition in areas in which the 2 chains are active. These include the city of Zagreb, as well as the Sisak-Moslavina, Bjelovar-Bilogora, Požega-Slavonia, Brod-Posavina, Karlovac, Varaždin and Koprivnica-Križevci counties.
Britain's Sainsbury's faces shareholder vote on workers pay
Sainsbury’s shareholders are set to vote on a resolution at this year’s annual meeting calling for Britain’s 2nd biggest supermarket group to commit to paying the so called real Living Wage to all its workers by July 2023. Responsible investment group ShareAction, which is co-ordinating the move, said the resolution has been filed by an investor coalition managing 2.2tln pounds ($2.9tln) that includes Legal and General Investment Management, Fidelity International, HSBC Asset Management and Nest. It is the 1st resolution calling for a listed firm to become a Living Wage accredited employer.
With JioMart Express, Reliance to intensify the war for instant grocery delivery in India
The war for instant grocery delivery in India is going to intensify as Reliance Retail is going to enter the market with its ‘JioMart Express’. Reliance will soon begin trials for ‘JioMart Express’ in Navi Mumbai, through which it will sell and deliver around 2,000 stock-keeping units (SKUs) in just a few hours. The 2 senior industry executives aware of the plans told EconomicTimes.
Russia: Sberbank to sell 44% stake in Fortenova Group
Slovenian retailer Mercator has welcomed the news that Russian bank Sberbank is to sell its 44% stake in parent company Fortenova. 'We're convinced that this will strengthen the stability and development of Mercator', the company said in a statement.
Turkey opens probe into supermarket chains for suspected price-fixing
Turkey’s competition board has opened an investigation into 5 chain stores and 15 suppliers for possible price-fixing, said Birol Küle, the board’s chairman. The authority will present a report on whether the companies broke competition law on April 26, Küle told news channel A Para, according to the Dünya newspaper.
French retailer Auchan says it plans to remain in Russia, Ukraine calls for boycott
Privately-owned French retailer Auchan plans to maintain its presence in Russia, its CEO said in an interview published in the French newspaper Journal du Dimanche, prompting Ukraine to call for a boycott of the international chain.
Walmart CEO: We're not about to enter Israel
In an exclusive interview with Globes, Doug McMillon, CEO of Walmart explains why Walmart is not entering Israel or any other new market at present, why he is willing to cut profit margins sometimes even down to zero, outlines why he prepared to fight tooth and nail for low prices and online sales, and why he loves the fact that Walmart, although a public company, is also a family business.
Canada: Too Good To Go launches in Calgary
A week and a half after announcing its expansion to Quebec City, Too Good To Go has launched in Calgary. The app-based product enables consumers to purchase “Surprise Bags” of surplus food - ranging from sushi to produce and pastries - that would otherwise be thrown away. Consumers pay about one-third of the actual retail price.
US: Meijer readies pair of supercenter openings
Meijer plans to open 2 new supercenters in northeastern Ohio next month, marking its 1st new supercenter locations in nearly a year. Grand Rapids, Michigan-based Meijer said that supercenters in Brunswick and Canton, Ohio, are scheduled to open their doors on April 28. M
US: Instacart cuts valuation by 40%; squeezed by tech selloff, heated delivery wars
Instacart Inc cut its valuation by nearly 40% to about $24bln due to recent market turbulence, in an unusual move that shows how public market volatility affects high-flying private companies.
US: Plant-based food sales reach record high of $7.4bln in 2021
Sales of plant-based food at retail grew 3 times faster than total food retail sales in 2021, according to data released by the Plant Based Foods Association (PBFA), The Good Food Institute (GFI) and wellness-focused data company SPINS. Amidst turbulent economic conditions amplified by the pandemic, supply chain issues and inflation, the data shows U.S. retail sales of plant-based foods grew 6.2% in 2021 over a record year of growth in 2020, bringing the total plant-based market value to an all-time high of $7.4bln.