Sweden: Axfood sees strong growth amid high inflation
Retailer Axfood has posted 29.3% growth in net sales to SEK35.1bln (€3.3bln) in the first half of its financial year. Operating profit amounted to SEK1.6bln (€150mln), including SEK143mln net, in items affecting comparability.
7-Eleven begins drone delivery trials in South Korean resort town
Convenience store chain 7-Eleven is trialing 3-minute drone delivery services in Gapyeong, a quaint resort town in South Korea that has gained popularity because of its easy accessibility from Seoul. During the pilot program, which will run until the end of this year, there is no minimum order amount requirement, and delivery through drones is also being offered free of charge.
Britain's M&S seeks food supply chain control with $173mln Gist buyout
British retailer Marks and Spencer said it would acquire its key logistics services provider Gist Ltd for 145mln pounds ($173.06mln) in an all-cash deal as it seeks to take control of its food supply chain. The deal, which is expected to add to the company's profits next year, will help M&S navigate supply chain snags and optimize costs at a time inflation has been soaring.
The Aussie startup looking to save fruit and vegetables from going to waste
Fruit and vegetable prices in Australia are soaring due to supply chain and climate issues - yet supermarkets continue to reject produce based on looks alone, says the founder of food rescue business Good & Fugly, Richard Torino. Good & Fugly was launched two years ago as a social enterprise to collect produce that would otherwise go to waste, selling it directly to consumers, usually on a subscription basis. Tourino estimates that 25% of crops go to waste on farms because while they are perfectly nutritious and fresh - they do not meet high appearance standards set by retailers. This month, a crowdfunding campaign was launched through Birchal “to allow everyday Aussies, who have a true passion for the environment and Australia’s food waste issue, to get on board”, explains Tourino.
UK convenience market set to grow 3.1% this year, study finds
The convenience market is set to reach a value of £45.2bln (€53.1bln) this year, a 3.2% increase on 2021, according to a new study by Lumina Intelligence. The Lumina Intelligence UK Convenience Market Report 2022 found that the convenience segment is set to grow at a CAGR of 2.6% between now and the mid part of the decade, and be worth £48.6bln by 2025.
US: Amazon Fresh grocery store opens in Encino
Amazon Fresh has expanded its Southern California footprint with the opening of a new supermarket in Encino, featuring the company’s “Just Walk Out” technology. The 44,000-square-foot store, at 16325 Ventura Blvd., is the 16th Fresh in California. It will employ hundreds of full- and part-time workers at a starting wage of $16.40 an hour, the company said.
US: Inflation disrupts natural foods retailers, alters consumer behavior
Rising prices force retailers to thread multiple needles. Store owners and managers shrink from raising prices, for fear of alienating customers. But they also pay more for the goods that line store shelves; if they don't boost prices, profits sink. "The part that is bothering me the most is the fact that we aren't charging what we should be able to for our products. We can if we want to, but if you do then customers will just go to Amazon, and that's the biggest thorn in our side right now - Amazon", says Marylee Visnovske, the owner of Earth Mother Health Foods in Farmington, Missouri, the largest natural foods shop in southeast Missouri. "The first five months of this year we dropped $5,000 a month. You keep doing that, and it's $60,000 by the end of the year. It's hard to not get discouraged”.
US: Uber Eats ups the ante in online grocery
This summer, Uber Eats plans to roll out an updated online grocery delivery experience, roughly two years after it entered the U.S. e-grocery market. Starting next week in selected cities, consumers will see new features in the Uber Eats app and website designed to make grocery shopping more convenient, intuitive and reliable, San Francisco-based Uber Technologies said. New functionality includes after-hours ordering, live order tracking and simpler item replacements for customers and improved support for personal shoppers.
Convenience store chain 7-Eleven lays off about 880 U.S. employees
Convenience store chain 7-Eleven slashed about 880 corporate jobs in the United States, a company spokesperson said, as it finalises its organization structure. The retail chain, owned by Japanese retailer Seven & i Holdings Co, cut jobs at its support centers and field support operations in Irving, Texas and Enon, Ohio, the spokesperson said in an email to Reuters.
US: Whole Foods Market moves into West Michigan
Whole Foods Market is welcoming shoppers to its first store in West Michigan with the impending opening of a location in the Grand Rapids market. The latest Whole Foods at 2897 Radcliff Avenue SE in the suburb of Kentwood will be unveiled August 17.
Misfits Market looks to 'reroute' food waste for discounted groceries, CEO says
Misfits Market Founder and CEO Abhi Ramesh joins Yahoo Finance Live to discuss food waste, how the company is looking to bridge the gap between affordability and sustainability, supply chain woes, and the outlook for inflation.