Aldi to Add 4,000 U.K. Jobs as Discount Retail Booms

(Bloomberg) — Aldi Stores Ltd. plans to create 4,000 new U.K. jobs next year as the growth of discounters boosts Britain’s otherwise shrinking retail sector.

a sign on a table: Inside An Aldi Stores Ltd. Supermarket As Chain Sets Sustainability Goals

© Bloomberg
Inside An Aldi Stores Ltd. Supermarket As Chain Sets Sustainability Goals

The German cut-price grocer said it will invest 1.3 billion pounds ($1.7 billion) over the next two years in opening 100 new stores, upgrading a further 100 and making other improvements. Many U.K. retailers are cutting jobs in order to survive the pandemic, though supermarkets have thrived during lockdowns.

a sign on a table: Inside An Aldi Stores Ltd.

© Bloomberg
Inside An Aldi Stores Ltd.

Aldi, which entered the U.K. 30 years ago, pledged the investment as it said sales in the U.K. and Ireland rose by 8.3% to 12.3 billion pounds in the year through Dec. 31, 2019, despite the grocery market growing by just 1% overall.

Although the pandemic has fueled online grocery shopping, something Aldi does on only

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Next boss warns thousands of retail jobs set to become ‘unviable’

Simon Wolfson wearing a suit and tie

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The boss of fashion retailer Next has warned that hundreds of thousands of retail jobs could become “unviable” due to a more permanent shift to online shopping caused by coronavirus.

Lord Wolfson, who heads up the British high street chain, said there were tough times ahead for the sector, following the Chancellor’s announcement of the Jobs Support Scheme on Thursday.

Read more: New wage subsidy scheme does not go far enough, warns hospitality industry

“I wouldn’t want to underestimate the difficulty that is going to cause a lot of people who work in retail, I think it’s going to be very uncomfortable,” he told the BBC.

The new scheme, which will succeed the furlough scheme at the start of November, will require employers to pay more of their staff’s wages, while the government will pay just 22 per cent.

At the peak of the furlough

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Thousands of retail jobs unviable, Next boss warns

The boss of one of the UK’s most successful and resilient High Street chains has told the BBC that hundreds of thousands of traditional retail jobs may not survive in the wake of the coronavirus crisis.

Lord Wolfson, who runs clothing firm Next, said there was a clear threat to thousands of jobs, which are now “unviable” because the lockdown has triggered a permanent shift to online shopping.

“I wouldn’t want to underestimate the difficulty that is going to cause a lot of people who work in retail, I think it’s going to be very uncomfortable,” he said.

His comments came just hours after the chancellor announced a new Job Support Scheme that would see the government top up the pay of people unable to work full time.

But the government’s contribution to workers’ pay will fall sharply compared with the furlough scheme. Under furlough, it initially paid 80% of

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EXPLAINED: How to apply for SBI home, car, education, retail loan restructuring online

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The country’s largest lender State Bank of India (SBI) has said that it has launched a facility on its website to help retail customers check their eligibility for one-time loan restructuring announced by the RBI. Last month, the Reserve Bank of India (RBI) had announced a one-time restructuring scheme for personal loan and corporate borrowers affected by COVID-19 stress.

Are you eligible?

– The customers can check their eligibility for the restructuring of their loans through this portal sitting at their home/office or from anywhere as per their convenience and comfort.  

– Under this resolution framework framed by RBI, such borrowers are eligible whose loan accounts were classified as standard and not default for equal to or more than 30 days as on March 1, 2020, and their incomes are impacted by COVID-19.

– The approval of borrowers’ loan restructuring application under this scheme –

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Investec cuts jobs, retail rebounds, pound gains

Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and around the world:

Investec axes jobs

International banking giant Investec (INVP.L) said today that it’s planning to cut 210 jobs in London to “simplify and focus the business.” The statement was made as part of its trading announcement for the first half of the year.

The business added that a challenging economic backdrop, primarily caused by COVID-19, resulted in reduced economic activity and increased market volatility for the business.

Adjusted operating profit for the six months to the end of September was expected to be between 50 and 60 per cent behind the £175.6m ($228m) posted in the same period last year, the company said.

Retail sales registered their fourth month in a row of growth in August, the Office for National Statistics (ONS) said on Friday.

Spending in

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How Olivela Has Reinvented Retail And Accelerated Growth By Supporting Girls Education

Businesses that marry purpose with profit shape meaningful narratives, build bonds with consumers and carve out a competitive advantage. An excellent example of a company driving growth through impact is Olivela. Unlike many well-intended brands in the fashion and accessories space that make meaningful contributions, Olivela was designed to put impact first which in turn has accelerated its growth. I had the opportunity to speak with the luxury retailer’s Founder and CEO, Stacey Boyd, about how Olivela exemplifies how a brand can exist to solve a systemic social challenge.

Simon Mainwaring: Stacey, tell us about the origins of Olivela.

Stacey Boyd: Oli stands for ‘all of the trees’ and is a symbol of growth. Vela is Latin for the ‘sails of a ship.’  The idea is that we help

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50,000 jobs in London’s retail sector at risk as coronavirus pandemic sees drop in overseas visitors

a group of people walking down a street in front of a store

© Provided by Evening Standard

Tory MP Nickie Aiken has warned that as many as 50,0000 jobs could be lost in London’s West End due to the lack of visitors.

The MP for Westminster said the loss of international visitors had majorly impacted London’s economy.

Aiken said: “Almost half of the £10 billion annual spend in the West End is from overseas travellers and then the lack of office workers who have not been back at their desks since March, that has a huge effect on the overall turnover of West End shops and hospitality.

“Between about 70-80% – you’re basically looking at about 50,000 job losses retail job losses in West End retail alone.”

Aiken added that she suspected a “huge fall off in confidence” regarding the perceived safety of public transport was partly behind the drop in shoppers.

She continued: “We’ve got to get that back, we’ve got

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