UK: Co-op appoints Shirine Khoury-Haq as first female chief in 159 years
The Co-op has appointed its former chief financial officer and interim boss Shirine Khoury-Haq as group CEO. The group’s former boss Steve Murrells stepped down in May following the company’s annual general meeting.
Australia No. 2 grocer Coles grows FY profit, warns of cost pressures
Australian No. 2 supermarket chain Coles Group posted a jump in annual profit, bettering analyst forecasts, as it reined in spending amid surging inflation, but warned cost pressure was set to continue, sending its shares down sharply. Net profit for Coles rose 4.3% to A$1.05bln ($724mln) in the year to end-June, compared with the median analyst forecast of A$988mln, according to Refinitiv Eikon.
China: Tencent-backed startup seeks pre-IPO funds at $1.5bln value
Yonghui Fresh Food, the fast-growing grocery supply affiliate of one of China’s biggest retail conglomerates, is seeking to raise about $200mln ahead of a Hong Kong initial public offering next year, people familiar with the matter said. The business-to-business-focused startup is aiming for a valuation of 10bln yuan ($1.5bln) despite the cooling climate for private investment, the people said, asking for anonymity when discussing a private deal. The seven-year-old firm has also been in talks with financial advisors for a Hong Kong listing that could take place as soon as the second quarter of 2023, the people added.
New Zealand: Major grocery shake-up to drive cheaper prices
An unprecedented shake-up of the grocery sector will see the supermarket duopoly forced to sell groceries to their competitors at set prices and terms if they fail to adequately wholesale market voluntarily, the Government has announced. “No ifs or buts, greater competition, a wider range and cheaper products will be provided to New Zealanders through these changes”, Commerce and Consumer Affairs Minister, David Clark said. “The Commerce Commission found New Zealand supermarkets earn $1mln a day in excess profits because of a lack of competition. These regulatory measures will deliver a more competitive wholesale grocery market”.
Ireland: VisionR signs international agreement with SPAR
VisionR (formally known as Glimpse), a Dublin based start-up that provides bricks-and-mortar retailers with the same insights as their online counterparts, has announced an international agreement with SPAR to leverage instore, shopper-driven insights across its retail network in 48 countries. SPAR International recently announced 3.3% growth as global sales reach €41.2bln, with over 13,600 stores around the world meeting the needs of 14.5mln customers each day.
South Africa: Food Lover’s new R100mln flagship store in Cape Town
Retailer Food Lover’s Market is gearing up to launch a new R100mln flagship store in Bothasig, Cape Town, as part of a R400mln expansion drive. Departments within this new store will include: fruit and vegetables; gourmet butchery with artisanal blockmen; a bakery; a fresh seafood department; cheese and deli counters; wine department; hot and prepared foods; a dried fruit and nut bar; a sushi bar; a biltong bar; and Seattle Coffee Co will be available at the entrance to the store.
China’s $89bln e-commerce giant JD.com posts slowest quarterly growth on record
JD.com beat top and bottom line expectations in the second quarter. Revenue rose 5.4% in the April to June quarter, marking the Chinese e-commerce giant’s slowest year-on-year growth on record. JD.com reduced marketing and general and administrative expenses for the quarter versus the same time last year, while narrowing losses in its new business segment as it focuses on cost control.
Kenya’s iProcure closes $10.2mln Series B round to expand supply network serving African farmers
Kenyan startup iProcure, a tech and data-driven agricultural inputs supply company, has announced the close of a US$10.2mln Series B funding round to support its expansion into Uganda and Tanzania, as well as the launch of a credit offering for agro-retailers to purchase supplies on credit. Launched in 2013, iProcure has developed its own distribution infrastructure, connecting major agricultural input suppliers directly to local agro-dealers via its proprietary distribution technology system.
Acquisition of Selfridges and Bijenkorf is completed
Investors Central Group and Signa Holding have completed the acquisition of Selfridges Group, the parent company of De Bijenkorf. Together, the two companies are building a strong European luxury department store group. The deal, which was announced in December last year, is now complete. Thai retail holding company Central Group and Austrian property investor Signa Holding are the new owners of Selfridges Group, which operates 18 luxury department stores in three countries: Selfridges in England, Brown Thomas & Arnotts in Ireland and De Bijenkorf in the Netherlands.
US: Kroger launches another pair of Ocado ‘spoke’ facilities
Two more automated “spoke” supporting facilities have been opened as The Kroger Co. continues to build out its e-commerce network driven by Ocado Group technology. Cincinnati-based Kroger said that a 40,000-square-foot spoke on Polk Avenue in Nashville, Tennessee, and a nearly 80,000-square-foot spoke in Maywood, Illinois, are now operational. The spokes serve as a last-mile cross-dock sites for online grocery delivery and help extend the reach of delivery service.
US: Alltown Fresh partners with Mable on wholesale distribution of local specialty foods
Fresh convenience market Alltown Fresh is helping provide customers with locally sourced healthy food in a convenience format by partnering with Mable, an online wholesale platform for grocery. The partnership enables wholesale distribution of local specialty foods to Alltown Fresh’s 12 store locations in the Northeast.
US: Walmart, Canoo finalize EV delivery fleet
Electric vehicle (EV) startup Canoo and Walmart have completed a pilot program in which Canoo’s Lifestyle Delivery Vehicles (LDVs) were used to make last-mile deliveries in the Dallas-Fort Worth area for Walmart’s eCommerce business. Based on experience gathered during this real-word deployment, the companies have finalized the configuration of the vehicles that are to be used for InHome delivery from Walmart stores to customers’ homes, according to a press release.