Apparel Online Bangladesh Magazine August Issue 2018 | Page 63

RETAIL CURRENT
Another job cut! British retailer M&S
to sack 351 more workers
British retail giant Marks & Spencer
(M&S) has announced to cut more
than 300 jobs majorly related to
store management roles. However,
the latest job cut is not related to
its plan to shut 100 stores in the
country by 2022.
The company states that
store closures are part of its
transformation plan to modernise its
UK store estate and better meet the
changing needs of customers. The
move is aimed at making savings in
a brutally competitive market as the
retailer witnessed decline in profit
in two consecutive years and the
third year (2018-19) is also expected
to be unfavourable for the company.
The report has claimed that 351
people would lose their jobs after the
new development which has been
described as tough but necessary
in order to ensure that its stores
support the future of the business
and provide the best service to its
customers.
The retail brand also cut 525 jobs
from its London head office in 2016.
M&S currently operates 1,025 stores
across the UK with 302 clothing,
home and food stores; 684 food-only
shops; and 39 outlets.
Tesco, Carrefour join hands to curb rising prices
UK-based leading supermarket
chain Tesco and French
supermarket retailer Carrefour
have entered into a long-term
purchasing coalition, as they look
to reduce costs.
The global alliance will allow
both companies to enhance their
relationships with suppliers.
It will be governed by a three-
year operational model which
will enable both retailers to
enhance the quality and choice of
products at best possible prices
to strengthen their presence in
the market.
Dave Lewis, Chief Executive,
Tesco Group, said, “I’m thrilled
to be entering into a strategic
partnership with Carrefour.
With our joint product expertise
and sourcing capability, we will
cater to our consumers more
efficiently.”
Alexandre Bompard, Chairman
& CEO, Carrefour Group echoed
similar sentiments saying that
they were hoping to improve the
quality and choice of products
available to their customers
‘at even lower prices thereby
enhancing their competitiveness’.
Interestingly, Carrefour,
announced earlier this year that
it will invest more on e-commerce
and revealed plans to cut
expenses and jobs while seeking
a partnership with Chinese global
investment holding company
Tencent in a bid to compete with
its competitors like Amazon and
other leading retailers in the
world.
Furthermore, both leading
retailers will carry forward their
work with domestic and national
supplier partners.
www.apparelresources.com | August 2018 | Apparel Online Bangladesh
63