Aldi market share soars; Co-Op profits plunge 16% and Tesco halts plans for Chinese expansion
Aug 27 2012
1. Superquinn, Dunnes lose large market share as Aldi soars
Dunnes stores and Superquinn have continued to get hammered in the retail war, reports the Irish Independent. Both operators have recorded significant drops in market share over the summer. Latest figures from Kantar Worldpanel show that Dunnes market share fell 5.5% while discount store Aldi posted the biggest gain, its market share soared 25.2% to 5.7%.
2. Co-operative Group profits plunge 16%
Profits at the Co-operative Group have fallen by a third after its food store suffered "fierce" competition from supermarkets. The Belfast Telegraph notes the company's banking arm has also been heavily hit by the recession. Underlying sales in the division fell 1.2% in the 26 weeks to June 30, while operating profits dropped 16% to £119m. Chief executive Peter Marks says the conditions are the worst in 40 years.
3. Banks call in €83m of loans to Greenstar
Banks have called in €83m worth of loans owned by waste firm Greenstar. The Irish Independent reports that the move follows more than a year of difficult negotiations between the company, its parent firm, NTR and a syndicate of seven banks that are owed money by the waste firm. Greenstar's Irish operations generated €126.2m in revenue in the 12 months to the end of March 2012.
4. Tesco slams brake on Chinese expansion
The Times states that retail giant Tesco may be poised for a further slowdown of its expansion in China after it closed four provincial hypermarkets. The closure comes as supermarket retailers react to rising labour costs. A spokeswoman said that as a result of a more challenging economic environment in China "we were taking a more cautious approach to our capital investment in the market."
5. Discount stores boom as upmarket shoppers boast of saving money
The Guardian reports that shopping at discount stores has begun to loose its stigma as shoppers look for a bargain. The runaway success of chains such as Primark, as well as TKMaxx, Aldi and Lidl, has helped remove the stigma associated with value retailing, says Poundland chief executive Jim McCarthy: "It has become classless. People are proud to save money... They abhor waste of any kind."
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