Tesco Responds to Report on Chain Power
London, Tesco executives describe as exaggerated a report that criticized large food chains. The report, from the All Party Parliamentary Small Shops Group, painted a bleak picture for the future of independent retailers in the United Kingdom. Tesco said it disagreed with the findings of The High Street Britain 2015 report suggests that if the big four chains—Tesco, Asda, J. Sainsbury and Wm Morrisson— are not brought under increased regulatory control, the traditional cornershop will disappear in 10 years.
The final report is expected to be published later this month or in February.
According to the Independent newspaper, a Tesco spokesman responded: “Ultimately, it will be the consumer who will decide the shape of the high street in the future. Our market share is no protection. Just over 10 years ago, Sainsbury was the market leader.”
Study: Thanksgiving Shopper Traffic Flat
Chicago, Acompany that tracks shopper traffic at malls and retail centers found a relatively flat sales performance for the Thanksgiving weekend. ShopperTrak RCT Corp.’s Retail Traffic Index (SRTI) today reported that total U.S. retail traffic during the first two days of the annually strong Thanksgiving weekend rose 0.1% as compared to same two-day period in 2004, paralleling the rather flat sales performance reported in the company’s NRSE sales data from the same period this holiday season. On a daily basis, preliminary traffic for Black Friday fell 0.6%, and Black Saturday faired a bit better, rising 1.1%.
Garden Ridge to Close Store in Airtex, Texas
Houston, Garden Ridge will close its second-oldest store in the chain, and will relocate it later in 2006. The 35-store Garden Ridge chain lost its Airtex store lease, and will close its doors in January. “This is a bittersweet moment in the history of Garden Ridge,” said CEO Tom Kibarian. “Closing one of the original stores in the chain is hard on everyone, but with Airtex store sales representing less than 2% of the chain, we feel it’s time to relocate the store to achieve continued growth and future expansion.” The store will stay in the Houston area.