Chinese tourist spend on shopping in the UK has risen by almost a third, bolstered by the visitor numbers from China breaking the half-million mark for the first time. According to annual visa figures from the UK China Visitor Alliance (UKCVA), Chinese visitors to the UK soared by over 150 per cent in the five years since 2012, from 211,000 visitors to 532,000 in 2017
Three former senior Tesco executives will face a court jury for the second time over an accounting scandal after their first trial was abandoned last month. The trial, relating a £326 million back hole that was revealed in Tesco‘s trading update on August 2014, came to abrupt halt in February not long before the jury was to hand down their verdict. READ MORE: Tesco fraud trial thrown out as Rogberg suffers heart attack Former Tesco executives begin accounting scandal trial today SFO clears former Tesco CEO Philip Clarke over 2014 accounting scandal One of the accused, former finance director Carl Rogberg, had suffered a heart attack and was admitted to hospital and Judge Deborah Taylor dismissed the jury, stating his illness could prejudice their decision
Dulma Clark may be part of the UK’s most prominent family of cobblers, but her entrepreneurial spirit comes with a difference. Her online retail business, Soul of Africa, is a social enterprise that sells handcrafted shoes made in Ethiopia, providing local women and young people with skills and employment
Reports have emerged that online retail behemoth Amazon is planning to open many as six more Amazon Go stores this year. The news was first revealed by technology website Recode , which said “multiple sources familiar with the company’s plans” have said the new high-tech, cashierless grocery stores are likely to open in Seattle and Los Angeles. Amazon is reportedly eyeing at least three locations in Seattle, where the first Amazon Go is based and where the company has its global headquarters.
Tesco has revealed a gender pay gap of 8.7 per cent, making it the first of the big grocers to report its figures ahead of a government deadline in April.
Retail sales at the start of the year continued to slow down, seeing unexpected declines across all sectors except non-food.
The governor of the Bank of England has criticised the use of the Retail Prices Index (RPI) for its “known errors” and that it would be better to focus on a single measure of inflation. During a hearing in the House of Lords today, Mark Carney urged the government to scrap the use of RPI on future contracts. The RPI is used to determine rail fare costs, interest rates on student loans and to calculate returns on index-linked gilts
Retail sales throughout the Christmas period saw the worst performance since 2010, coming dramatically below economists’ already cautious forecasts. The latest figures from the Office for National Statistics (ONS) have revealed a worrying picture of the high street, with retail sales volumes falling 1.5 per cent month-on-month over one of the most vital periods for the industry. Analysts had predicted a 0.6 per cent sales decline.
Inflation throughout December eased slightly, offering hope that analysts’ predictions that inflation has peaked are correct. Following a six-year high of 3.1 per cent in November, the Office for National Statistics (ONS) has revealed that inflation dropped to three per cent last month. This will come as good news to consumers, who have seen stagnant wage growth alongside soaring inflation, leading to a sharp decline in spending power.
Smartphone retailer Carphone Warehouse has been slapped with a £400,000 fine after millions of customer information was accessed in a data breach. The Information Commissioner’s Office (ICO) issued one of the largest fines seen in recent years due to “multiple inadequacies” in the retailer’s security system, which it argues Carphone Warehouse should have ensured was robust. The 2015 data breach, in which hackers exploited out-of-date WordPress software, revealed the names, addresses, phone numbers, dates of birth and marital status of three million customers and 1000 employees