M&S looks to refresh its ailing Ocado deal, writes The Times. An Ocado Retail “reset” is under way, as outlined at M&S’s annual meeting, with the retailer deepening its collaboration with the technology business. Part of the turnaround includes improving customers’ experience, introducing cost-cutting measures and making the most of the potential of the M&S customer base through its increased offering. (The Times £)
Marks & Spencer’s chairman has admitted its turnaround has ‘taken too long’. In a radio interview, Archie Norman also said the state of the high street retailer was ‘fragile’ and that it ‘could slip back’ if executives took their eye off the ball. (Daily Mail)
Frozen food chain Iceland has forecast it will make its highest profit for a decade this year, in an admission that will intensify scrutiny over whether supermarkets are profiteering in a cost of living crisis. (The Times £)
A government press release claiming that Sainsbury’s, along with three other supermarket chains, was “ripping off” shoppers and putting upwards pressure on inflation has pushed the buttons of Sainsbury’s CEO Simon Roberts. He summoned an urgent meeting at his office in Holborn, London, to “set the record straight” on why supermarkets had not been profiteering from inflation. (The Times £)
Wilko, one of Britain’s biggest discount retailers, is racing to secure a cash injection as it prepares to launch a financial restructuring aimed at securing its future. (Sky News)
The build-to-rent property ambitions of the John Lewis Partnership have run into further trouble after a local councillor branded its plans “just not acceptable” and said colleagues had vowed to oppose the housing project (The Times £). John Lewis’s flagship housing scheme is at risk after local councillors vowed to oppose the project and accused the partnership of a “lack of respect” (Telegraph £).
US Senate Majority Leader Chuck Schumer has called on regulators to investigate an energy drink promoted by high-profile YouTubers KSI and Logan Paul. Schumer alleges the drink is being targeted at children despite its high caffeine content. (BBC)
Demand for warehouse space has plunged to the lowest in a decade as the online shopping boom fades. (Telegraph £)
Coca-Cola Hellenic Bottling Company has upgraded its annual profits guidance after it continued to benefit from price hikes and strong demand in the first half. (Daily Mail)
The billionaire brothers who own Asda are bankrolling a fledgling zero-emission lorry company and plan to create Britain’s first network of hydrogen fuel stations to support the decarbonisation of Britain’s 300,000 heavy goods vehicles. (The Times £)
The Guardian looks at the increasing prices for British barbecues. In the past five years, the price of four frozen beef burgers has jumped 64.4%, from £2.02 to £3.32, much of that in the past year alone, when the price has increased by 80p. Sausages have also soared, with the price of 1kg rising by more than £1.50 since 2018, up 30.8% compared with May 2018. (The Guardian)
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