Word: tesco
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...store: a mixed bag of weak consumer spending, pressure from no-frills grocers and domestic price wars have hit retailers at the checkout. After warning that it was headed for its first loss in its 135-year history, British grocer J Sainsbury pledged to cut prices. With rival Tesco's substantial buying power allowing it to keep costs down, "price has moved up the consumer's agenda over the last decade," says Gavin Rothwell, senior analyst at U.K. retail consultant Verdict Research. France, too, seems ready for a price war. Finance Minister Nicolas Sarkozy last week pledged to reform...
...offer gas, electricity and phone services to customers starting this month. And what else is in store? For supermarket shoppers in the U.K., it could well be an in-house lawyer. Under government plans, supermarkets could soon be allowed to set up legal services for shoppers. The so-called "Tesco law" would see an in-shop solicitor drawing up a shopper's will. Is mixing services a good idea? Most polls show U.K. consumers frustrated with their banks - why would they turn there for electricity? And lawyers aren't dancing in the aisles either. "New entrants might cherry-pick...
...your local supermarket probably pays about a hundredth of that). Moreover, such design-conscious chains as Target and Topshop have proved that they can deliver style smarts at a lower price. Indeed, luxury shoppers are now as likely to be found in Costco or Tesco as they are in Chanel. Those shoppers who traded up to luxury brands in the booming '90s fell away when the market...
...main course has yet to be served. Six potential bidders have emerged to date, trailing 11 investment banks, but so far only one offer is on the table, an unappetizing €4.4 billion stock offer from supermarketer William Morrison that Safeway no longer supports. Three bigger retailing rivals - Tesco, Sainsbury and Wal-Mart - are likely to encounter serious anti-trust obstacles if they make bids, bankers say, and the two financial bidders, KKR and Philip Green, would load the retailer up with debt. With the volume of merger activity in Europe down 62% from 2000 and off 20% from...
...Prime Minister Jean Chrétien, resigned after she was overheard privately telling a reporter that the U.S. president was a "moron." Opposition politicians accused Chrétien of further souring his relations with Bush by being slow to accept the resignation. MEANWHILE Arachnophobia Britain's largest supermarket chain, Tesco, had a hairy problem on its hands after six women found Black Widow spiders in grapes. While the chain does allow predators to protect organic fruit from pests, Tesco said its suppliers don't deliberately use Black Widows, whose venom is 15 times deadlier than a rattlesnake...