The hot weather kept British consumers out of the shops during July, despite prompting sales of food and drink for barbecues and World Cup celebrations, according to the latest British Retail Consortium figures (The Financial Times £). Britain’s hot summer has masked the weakness of consumer demand by prompting the sharpest monthly growth in food spending in five years, the latest snapshot of the high street has shown (The Guardian). Fans and cooling equipment “flew off the shelves” but sales of furniture, computing and footwear all registered declines (Sky News).
Britons were splashing the cash last month, especially on food, drinks and “experiences” as the nation basked in record-breaking hot weather (The Times £).
In a snapshot of the retail environment in the UK, the FT finds Britain’s high street malaise reaches prosperous Bournemouth with flagship stores shut up shop amid soaring costs and online competition. (The Financial Times £)
Pepsico’s long-time chief executive is to leave the drinks company after more than two decades at a time of growing competition from industry heavyweights and smaller challengers (The Times £). Nooyi leaves Pepsi after trying to shape healthier future, writes the FT. “Nooyi, who is stepping down at the age of 62, developed a strategy that largely built on her predecessor’s legacy through international expansion and a recognition that people wanted to eat less salt, fat and sugar in their diets” (The Financial Times £).
Indra Nooyi, one of the world’s most high-profile female chief executives, is stepping down from the top job at PepsiCo after 12 years (The Guardian). She is among the world’s most prominent female business leaders and has consistently appeared on Forbes’ list of the 100 most powerful women, ranking 11th in 2017 (The BBC).
Tesco has sealed a buying alliance with French rival Carrefour to pursue better terms with suppliers as the retailers face tough competition in the grocery sector. Britain’s biggest supermarket chain said the long-term partnership with Carrefour would come into force in October, helping the pair to reduce the cost of their supply. (The Telegraph)
Britain would run out of food on this date next year if it cannot continue to easily import from the EU and elsewhere after Brexit, the National Farmers’ Union has warned. (The Guardian)
Food manufacturers are fighting back against Aldi, accusing it of producing knock-offs of their products. The German discounter was labelled a ‘parasite’ after it was found selling a range of products almost identical to those made by smaller firms. (The Daily Mail)
The founders of Fever-Tree are set to toast a £73m payday, after unveiling plans to sell another tranche of shares in the mixer maker. (The Telegraph)
More than half of adults in the UK are struggling to afford to drink in pubs, according to the Campaign for Real Ale (The Guardian). A survey by CAMRA found 56% of 2,000 adults thought a pint was too much, and only one in four respondents said prices were about right (Sky News).
Wine and spirits merchants BI Fine Wine & Spirits, chaired by City tycoon Michael Spencer, has seen sales hit a seven-year high thanks to strong demand for Champagne. (The Telegraph)
A muscular performance from its beef division helped Tyson Foods top Wall Street’s expectations for quarterly profit, but the US meat giant behind such brands as Ball Park hot dogs and Jimmy Dean sausages continued to flag potential fallout from the Trump administration’s trade disputes. (The Financial Times £)
Investors shed Weight Watchers shares in after-hours trade in the US on Monday after the company said its end-of-period subscribers slipped from the first quarter and revenue missed some analyst estimates, even as its earnings topped forecasts. (The Financial Times £)
A trade union has reignited controversy over Deliveroo’s employment practices, arguing that the takeaway app’s new data protection obligations undermine the right of couriers to appoint substitutes (The Financial Times £)
Kees Kruythoff, who has been at Unilever for more than 20 years, has bought shares in the firm worth £303,000. (The Daily Mail)
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