Top stories in the papers this week 1 – 8 October 2010
Tesco Ireland plans expansion as sales up 8%; M&S sales beat forecasts; Farmers need EU backing to tackle power of retailers, conference told
Print7 October 2010
1. Tesco Ireland plans expansion as sales up 8%
Tesco Ireland’s sales rose by 8% to €1.34 billion in the six months to August 28th, the supermarket giant revealed this week. The Irish Times reports the British retailer said 6% of this growth was like-for-like from existing stores, while 2% was attributable to new shop openings. According to Tesco: “Significant uplifts in volumes have now more than offset the impact of sharply lower prices, resulting in positive like-for-like sales growth and a solid profit performance.”
2. M&S sales beat forecasts
British retailer Marks and Spencer said trading conditions would get tougher as austerity measures hit consumers, as it beat forecasts with a 5.3% rise in second-quarter underlying British sales. The Irish Times quotes the retailer as stating it remains cautious about the outlook for the remainder of this year and next,” because consumers’ disposable incomes will come “under greater pressure from increased VAT rates and public spending cuts."
3. Farmers need EU backing to tackle power of retailers, conference told
Farmers need European Union backing to achieve greater balance in their dealings with the large multiple retailers, IFA president John Bryan told EU authorities at a COPA conference in Brussels this week. The Irish Examiner reports Bryan pointed to “Tesco’s announcement of a massive increase in profits," as evidence of unfairness within the food supply chain. He added EU regulation is overdue and a rebalancing of the share out of the consumer spend on food is needed within the EU.
4. Four companies going out of business each day
The number of companies in Ireland going out of business has continued to soar, with an average of four firms going bust every day between January and September, according to new insolvency figures. The Irish Independent reports that 12.5% more companies failed compared to the corresponding period in 2009, according to Insolvencyjournal.ie. Within the retail sector, 16 firms have been declared insolvent during the month, bringing the year-to-date tally to 140.
5. Is Aldi ready to move into the property market?
The Irish Times ponders if Aldi is about to move into Dublin’s oversupplied apartment market. The retailer has just got the green light from the planning appeals board for 90 apartments and a crèche at Finglas Road in north Dublin. The German discounter first bought the site in 2003, but was refused planning permission for a discount store because of the impact it would have on traffic along the busy road.
Also:
Dublin bus gate to remain over Christmas (RTE)
Tesco given green light for store at controversial Co Down site (Belfast Telegraph)
Sainsbury market share grows – interim results (Business and Leadership)
Dublin retail rents fall at slower pace in Q3 (Irish Independent)
Consumer sentiment falls sharply (Irish Times)
Retail: Widespread lack of confidence in retail (Evening Herald)
Shoppers’ paralysis hits the tills (Sunday Independent)
Retail sales up 1% on back of strong car sales (Irish Examiner)
Retail sector reaction to new consumer sentiment figures (IBEC)
500,000 cigarettes seized in Tralee (Evening Herald)
Liffey Valley €350m sale close to agreement (Irish Times)
Dundrum centre seeks rent increase (Irish Times)
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