Card payments have become the most popular form of payment for the first time ever, as cash payments continue to decline. According to new data from UK Finance, cash payments dropped by 15 per cent over the last year to 13.1 billion, while a boost in card payments in the final quarter saw them pull ahead for the first time with 13.2 billion. A huge increase in contactless payments helped tip the balance over 2017, rising 97 per cent to 5.6 billion, with an estimated 63 per cent of UK adults now using the technology regularly
Petco Animal Supplies Inc. has tapped a tech executive as its new chief executive.
Art Van Furniture has appointed a veteran retailer as its next chief executive.
B&Q’s parent company Kingfisher has revealed falling sales and profits in its fourth quarter results as it warned of a “more uncertain” UK market.
Ocado has recorded another quarter of revenue growth, although it admitted heavy snow and winter storms adversely impacted sales in the final weeks of the period. The online grocery retailer reported an 11.7 per cent rise in retail revenues to £363.4 million for the first quarter to March 4, but in the final week nearly one per cent off its sales were wiped off as it battled to deliver orders in the “most trying conditions”. It comes after sales growth was also held back in final quarter of last year, when a shortage of drivers saw sales growth slowdown to 11.6 per cent compared to the 13.1 per cent growth recorded in the third quarter
Marks & Spencer has hired grocery supply chain expert Lawrence Christensen to work as independent adviser for the high street giant’s turnaround scheme. Christensen has garnered a reputation for fixing supply chain issues for several grocers, including Sainsbury’s during its problems in the mid-2000s. He will work with M&S for three days a week, focusing on the retailer’s food retail arm on how to best transport food from supplier to store
Conviviality chief executive Diana Hunter has stepped down as the company continues to grapple with a surprise £30 million tax bill. The alcohol wholesaler and off-licence retailer said Hunter, who has been chief executive since 2013, will be replaced by non-executive chairman David Adams, who will become executive chairman until “further notice”. The parent company of Bargain Booze and Wine Rack added that Hunter would remain with the company for a period of time to provide “transition support”.
Bedding retailer Dreams has reportedly posted a growth in profits and sales for the fourth year in a row, defying the woes facing many of its competitors on the high street. According to Retail Week , Dreams’ pre-tax profits grew 7.2 per cent to £29.2 million in its full-year period ending December 24. Like-for-like sales went up by 3.3 per cent against strong comparatives, while total sales enjoyed a 7.2 per cent uptick to £300 million
The co-founder and CEO of Chewy.com, Ryan Cohen, is stepping down from role as chief executive.
Toys R Us’ US arm has announced that it will close all 885 of its stores jeopardizing more than 30,000 jobs. After it filed for bankruptcy late last year, the US toy giant has failed to secure a buyer and was already in the process of shuttering 20 per cent of its store estate. The retailer has since failed to find funds to meet debt deadlines and will now close entirely