Debenhams exits high street for good
Debenhams has officially left the high street for good after shutting down its final batch of stores over the weekend. The department store chain closed down its remaining 28 stores across the UK on Saturday, marking the final nail in the coffin in its 243 years of trading on the high street. It had closed down 21 stores on the Thursday prior, and in the week ending May 8 it had shut down 52 stores. Debenhams had suffered slumping sales in recent years as shoppers moved away from traditional department store models. However, the enforced closure of sites during the pandemic was the final straw, resulting in the retailer falling into administration in April last year – just weeks after the first UK-wide lockdown began. Debenhams then went into liquidation in December after the administration process failed to secure any buyers to save the business. About a month later in January, its brand, ecommerce operations and assets were purchased by Boohoo Group in a £55 million deal. The deal did not include Debenham’s store estate, which marked the end of the department store’s bricks-and-mortar estate. Administrators said at the time that it would continue running closing down sales across Debenhams’ remaining shops – which counted 118 in December – once they were allowed to reopen. On April 12, Debenhams reopened 97 stores in England and Wales to complete its final closing down sale as part of its liquidation process, and said it would continue to trade for a limited number of weeks until the stock in the stores is fully cleared. Its remaining four stores Northern Ireland reopened on April 30 when non-essential shops there were able to reopen. However, Debenhams did not reopen its 15 stores in Scotland when the country’s lockdown for non-essential retail was to be lifted on April 26. This resulted in 647 job losses. With all of Debenhams’ stores closing down permanently as part of the liquidation and wind-down process, it means up to 12,000 staff would not have their jobs saved. When it fell into administration in April last year, Debenhams went on to announce significant job cuts and store closures – including its flagship outlet on London’s Oxford Street. That administration was also the second of its kind that Debenhams had launched within the space of 12 months. The first administration in 2019 was followed up by CVA that saw it close down scores of stores immediately after the Christmas trading season that year. Before that first administration, Debenhams operated from around 160 stores across the UK.
£2.5bn spending boost forecast as indoor hospitality reopens
The UK economy is expected to enjoy a boost in the coming days amid forecasts that consumers will spend billions in the first week of indoor hospitality reopening. According to VoucherCodes and the Centre for Retail Research (CRR), 104 million people will head out to pubs, restaurants and cafes this week to spend up to £2.5 billion. Today marks the start of the next stage in the lockdown exit road map for England and Wales, whereby hospitality venues can reopen their indoor premises and serve customers inside for the first time since December. VoucherCodes and the CRR estimate that venues will seat 13.6 million customers between today and Thursday, and that they will spend £297 million eating indoors. That figure is expected to surge over Saturday and Sunday, with 34 million people set to visit hospitality venues to spend over £389 million and £426 million respectively. As a result, the knock-on effect this would have on retail sales this week is forecast to be much higher than pre-pandemic levels in May 2019. Shoppers are also estimated to spend 41.2 per cent more on Saturday, almost £427 million, compared to the same day in 2019 when it recorded £301.84 million in sales. “It’s been an incredibly tough year for the hospitality industry with large periods of closure, so it’s particularly encouraging that this report forecasts a quick and strong recovery over the next couple of years,” VoucherCodes commercial senior director Angus Drummond said.
Supermarkets consider scrapping social distancing rules
Supermarket executives will reportedly engage in talks with the government to discuss the removal of social distancing measures, including the one metre-plus rule and mandatory mask wearing. Retail bosses will hold crunch talks with government officials in the coming days after figures showed the measures were having a major impact on footfall. Retail sources said social distancing in stores would only be removed if it could be justified by scientific figures and that customer safety would remain the number one priority, The Grocer reported. The talks with the government will involve the operations bosses of both food and non-food retailers. The government is currently reviewing the future of social distancing rules, including the removal of rules on mandatory wearing of masks in shops for staff and customers, as part of plans for a major relaxation on June 21. BRC chief executive Helen Dickinson said last week businesses were waiting “with bated breath” for the go-ahead to scrap the restrictions, in stores and also in warehouses. The latest BRC-Sensormatic IQ figures showed footfall was down by 40 per cent compared with before the pandemic. The BRC said the cost of social distancing measures brought in since the pandemic was now “in the billions”.
London Fashion Week to be digital-first again despite lockdown restrictions easing
London Fashion Week will be a “digital-first” event for the second year running despite the easing of lockdown restrictions.
The British Fashion Council announced today that while London Fashion Week 2021 will include a number of “covid-secure physical activations”, the majority of collection launches and key events will take place digitally.
The event will take place between June 12 and June 14, just a week before lockdown restrictions are set to be scrapped across the UK.
It is understood that the September edition, set to take place between from 17-21, will also take a digital-first approach but will introduce live shows.
Both men’s and women’s collections will be presented during the event, featuring new launches and digital events from Ahluwalia, av vattev, Bethany Williams, Dilara Findikoglu Ltd, JordanLuca, Liam Hodges, Lyph, Marques ‘ Almeida, Nicholas Daley, Olubiyi Thomas, Per Götesson, Preen by Thornton Bregazzi, Pronounce, Qasimi, Robyn Lynch, Staxx, Teija, University of Westminster, DiscoveryLAB in collaboration with Toni&Guy featuring Abigail Ajobi, Auroboros, Azura Lovisa, Béhen, Chloe Baines, Djokic, Maxime, Mayyaagayeva, Noirgaze, Paolo Carzana, and Shek Leung.
In February, boutique luxury fashion store Machine-A launched virtual reality store to promote London Fashion Week and allow visitors to experience collections while maintaining social distancing.
The experimental initiative allows users to scan QR codes on posters and billboards, which will be posted across London, and view the collections in an AR store environment.
LFW attendees, unable to view any collections in person, can explore a digital rendering of Machina-A’s sales floor complete with the autumn/winter 2021 collections from the fashion world’s leading designers.
The virtual store will also feature unfinished pieces and personal messages from each designer explaining their inspiration behind each product.
Mamas & Papas to open further concessions with Next
Mamas & Papas has confirmed plans to open further concessions with Next after recording strong footfall and sales since non-essential retail reopened in April. The nursery and childrenswear retailer will open a 2000sq ft dedicated space in Next’s store at Brent Cross Shopping Park on May 17, followed by a similar sized location in its store at Milton Keynes Central Retail Park on July 30. Mamas & Papas opened its first Next concession in November 2018 at Bristol’s Cribbs Causeway. As well as stocking its ranges of travel systems, nursery furniture and children’s clothing, the concessions also provide in-store experiences such as personal shopping appointments, car seat consultations and fittings as well as click & collect. “Our partnership with Next has performed exceptionally well for both parties, giving customers even more reasons to shop at Next whilst bringing our brand and award-winning ranges to more new and expectant parents,” Mamas & Papas chief operating officer Nathan Williams said. “Physical retail space remains an important pillar of our multi-channel growth strategy alongside our online business. “Feedback from our customers shows they value the opportunity to touch and feel our products and the consultative experience that our specialist assistants provide in-store. “We’re excited to be expanding our partnership and plan to develop the relationship further over the coming year.” Mamas & Papas said the performance of its standalone store estate had surpassed expectations in the four weeks since non-essential retail reopened whilst its online business had delivered a strong sales growth throughout the pandemic.
Amazon reportedly on talks to buy 007, Robocop and Rocky studio MGM for $9bn
Amazon is reportedly in talks to acquire film studio giant MGM for $9 billion (£6.35 billion) in move which would massively expand its Prime Video service.
MGM (Metro-Goldwyn-Mayer) Studios, one of Hollywood’s most recognisable and long running film studios, is understood to have been exploring a possible sale since the end of last year.
Should the deal, first reported by The Information, go ahead Amazon would be able to dramatically expand its Prime Video streaming service’s back catalogue.
MGM owns the rights to some of the biggest films and television shows ever made stretching back to its foundation in 1924, racking up a whopping 177 Oscars during its history.
Most recently it has made television programmes including The Handmaid’s Tale and Fargo, alongside blockbuster movie franchises including Rocky, Robocop and James Bond.
Like many other film studios, MGM struggled to keep its head above water while cinemas were shut during the pandemic, seeing it delay the upcoming 007 movie four times.
This has led to considerable consolidation in the sector, driving what analysts are calling a “streaming arms race” between various studios and providers.
The report came just hours after AT&T announced plans to combine WarnerMedia with Discovery to form a new streaming platform which would own the rights to the Harry Potter, Batman and Game of Thrones franchises.
Amazon is in a strong position to capitalise on the struggles in the sector, and has more than its share of cash to hand to bulk up its streaming offering.
Last week Amazon, which has refused to comment on speculation surrounding the deal, issued its largest ever bond borrowing $18.5 billion in cash investors said it “doesn’t need”.
This came just weeks after Amazon reported another record first quarter, seeing sales soar 44 per cent to over $100 billion.
Landsec in recovery phase after £1.4bn annual loss
Landsec has revealed it plunged to a £1.4 billion annual loss as lockdowns left many of its properties lying empty and hammered rent collections. One of the UK’s biggest commercial landlords saw losses for the 12 months to March 31 widen sharply from £837 million the previous year after like-for-like rental income across its London-focused properties plunged 30.4 per cent. Restrictions and stay at home measures meant the “vast majority” of its portfolio was either closed or largely left unoccupied for more than half of the year, according to Landsec. Landsec also saw the value of its combined portfolio across offices, retail and leisure tumble 13.7 per cent to £10.8 billion. It insisted it was now in the “recovery phase” as lockdown restrictions have lifted for non-essential retailers and hospitality, with some workers also beginning to return to offices. The property firm hiked its full-year revenues to 27p a share, up from 23.2p in 2020, in a sign of confidence in the outlook. However, it admitted that hybrid working – a combination of remote and office working – was “here to stay” and said the impact on commercial property demand remains “far from clear and will not be uniform”. Landsec said demand was likely to remain strong for prime locations, but that this trend was set to hit rents in secondary sites – of which it has “very little” exposure. Chief executive Mark Allan, who took the helm in the early days of the Covid-19 crisis in April last year – said: “We are now entering the recovery phase. “Government action to support the economy was swift and the speed of the ongoing vaccination programme impressive. “As a result, there is the real prospect of a strong consumption-led recovery across the remainder of 2021 and 2022.” Last month’s reopening of non-essential retail and outdoor hospitality has driven a strong recovery for its retail sites and Landsec added it expects to see “even more” from this week’s further easing of measures.
Reebok eyed by Forever 21 owner for £704m takeover
Forever 21 owner Authentic Brands Group is considering purchasing Reebok in a $1 billion (£704 million) deal. British footwear brand Reebok was bought by fellow sportswear company Adidas in 2006 for $3.8 billion (£2.7 billion). Adidas confirmed in February that it was weighing options for Reebok after shifting its focus on its eponymous products. Adidas had bought Reebok to better compete with top rival Nike. The retailer is expecting offers from the Chinese groups, Anta Sports, which acquired Amer Sports – the owner of the Salomon and Arc’Teryx brands – in 2019, and Korean-owned Fila. US company Authentic Brands also owns Aeropostale, Brooks Brothers, Juicy Couture, Nine West, and Airwalk. Last year, Reebok’s sales declined by 19 per cent to €1.4 billion (£1.2 billion). Adidas had previously considered selling Reebok for a sum of €1.7 billion (£1.5 billion) in 2014, with possible buyers at the time including a Thai mogul and Emirati investment funds.
Asos mulls takeover of Feelunique & Cult Beauty
Asos is reportedly considering potential takeovers of online beauty retailers Cult Beauty and Feelunique. According to Sky News, Asos is among a number of potential bidders for the two beauty specialists. Both Feelunique and Cult Beauty have been put up for sale by their current owners. Nothing is confirmed and Asos would only likely proceed with a bid for one of the two businesses, or may not make a bid at all. Other online retail giants reportedly looking at making bids for Cult Beauty and Feelunique include The Hut Group and Zalando. Beauty has become an increasingly important category for Asos and the online retailer has previously indicated interest in expanding it. The news also comes after Asos revealed in its half-year trading update last month that sales of face and body products had increased by 114 per cent. Sky News said both Cult Beauty and Feelunique were working with advisers on sale processes as they seek to capitalise on growing demand from online customers during the Covid-19 pandemic. Sky News also reported that each could be likely to be valued “in the low hundreds of millions of pounds”. Should a takeover of either platform be successful, it would become another major acquisition for Asos in less than six months. In January it splashed out £330 million to takeover the Topshop and Topman fascias from the administrators of Arcadia Group. In addition, in April Asos launched a £500 million convertible bond issue to invest in growth.
Dunelm improves profit outlook again as sales skyrocket 59%
Dunelm has said full-year profits will smash City expectations after seeing sales soar in the wake of store reopenings, and as Britons refurbish their homes ahead of summer. Shares in the furniture and homewares retailer raced more than seven per cent higher after its second profit upgrade in just over a month. It comes after Dunelm saw total sales jump 59 per cent in the seven weeks since March 28, against pre-pandemic levels two years ago. It added that sales have “performed significantly” ahead of the wider market since stores reopened on April 12, with growth online remaining solid. The impressive performance in its fourth quarter so far means Dunelm now expects pre-tax profits to be more than £148 million – far higher than the £128 million to £134 million expected in the City. The retailer had already upped its annual profit outlook in early April, before shops reopened. “This high sales growth reflects the strength of our customer proposition and a variety of other factors, including pent-up demand following the extended store closure period, a buoyant homewares market and some benefit from the unseasonably cold spring weather,” Dunelm said. Demand for homewares and DIY products has rocketed since the start of the Covid-19 pandemic as Britons stuck at home with time on their hands have focused on housing and garden renovations.
Fashion prices a key driver in doubling UK inflation
Britain’s rate of inflation more than doubled in April as energy costs soared and fashion retailers hiked their prices, according to official figures. The ONS said Consumer Price Index (CPI) inflation jumped from 0.7 per cent in March to 1.5 per cent in April, the highest level since March last year. Rising prices in fashion was a key driver behind the increase after non-essential retail started to reopen on April 12. The ONS data showed that clothing and footwear prices rose 2.4 per cent on the month as stores reopened with new seasonal ranges at full prices. It comes after months of discounting across the sector, which has suffered amid lockdown restrictions. The inflation increase is also attributed to a sharp rise in electricity prices rose sharply, as the default tariff cap was increased recently compared with a cut a year earlier, as well as the rising cost of crude oil that saw motor fuel inflation rise at its fastest pace for more than four years. “Inflation rose in April, mainly due to prices rising this year compared with the falls seen at the start of the pandemic this time last year,” ONS chief economist Grant Fitzner said. “This was seen most clearly in household utility bills and clothing prices. “As the price of crude oil continues to rise, this has fed through to the cost of motor fuels, which are now at their highest since January 2020.” April’s CPI hike had been expected by economists, but there are concerns over soaring inflation this year as the global economy recovers from the Covid-19 pandemic. The Bank of England forecast earlier this month that UK inflation will increase above its two per cent target, to 2.4 per cent in the final three months of 2021. However, Governor Andrew Bailey has sought to reassure that the spike is likely to be temporary and should return to around two per cent in the medium term. Meanwhile, the Retail Price Index (RPI), a separate measure of inflation used to calculate train ticket price rises and student loan interest, leapt higher to 2.9 per cent in April from 1.5 per cent in March. This marked the highest RPI rate since June 2019.
Tesco to rebrand Metro stores as Express format
Tesco is reportedly set to scrap its Metro stores almost two years after launching a review of its stores. A total of 89 Metros will be rebranded as Tesco Express stores, with the remaining 58 becoming superstores. The changes, which will be carried out over the next few months, were announced internally to staff yesterday, The Grocer reported. In August 2019, Tesco scrapped 4500 jobs after carrying out a major overhaul of Metro. The overhaul came as Tesco raised concerns about the rise of discounters. The changes saw a major range rationalisation, as well as cuts to management. Tesco’s own research shows nearly 70% of its Metros are now being used for top-up shops and food to go, with 31 per cent typically being used for main shops. The latest announcement comes despite the changes to range and simplification of prices and promotions. “Over the last few years, we have seen our customers’ shopping habits change and we have taken the decision to rebrand all of our Metro stores to better reflect this,” Tesco said to staff. “Our Metro format was originally designed for larger, weekly shops, but today nearly 70 per cent of customers use them as convenience stores, buying food for that day. “To ensure our offer continues to serve the needs of our customers, 89 of our Metro stores will rebrand to Tesco Express. “The remaining 58 Metro stores will have their Metro signage removed and be referred to as Tesco Superstores. “These stores will receive new fascias over the coming months but will continue to trade normally.”
Poundland to launch local store format
Poundland is set to open two new stores this weekend, the first in a pilot of its new convenience store format. The Poundland Local format will be located in South Yorkshire and East Yorkshire, both former Fultons Foods stores that became part of Poundland in last year. The new stores will employ a total of 24 people and trade from 7am to 9pm. Poundland Local at Kendray will open on May 21 in Barnsley. The 2500sq ft store will have 12 colleagues, creating four new jobs in the area. Meanwhile, the second Poundland Local will open in Hornsea on May 22. The 2800sq ft store will also have 12 colleagues, creating five new jobs in the area. Poundland Local stores aim to be smaller than a typical Poundland and the compact design is due to allow it to open in small towns, residential and urban neighbourhoods not currently served by Poundland. Prices will be identical to larger Poundland stores. All of the items available are from Poundland’s core ranges, including everyday groceries, snacks, household products, health and beauty, batteries, toys, stationery and homeware. There will be additional ranges customers expect in a convenience store, including fresh fruit and vegetables, chilled and frozen food, extended range of bread, beer, wines and spirits, nappies and formula milk, and hot pies and pasties and fresh cakes supplied by Poundbakery. “The launch of Poundland Local is a really exciting development and we hope customers are as excited as we are,” Poundland transformation and retail director Austin Cooke said. “While our Local format will have the ranges customers would expect in a neighbourhood store, they won’t have to pay more for that doorstep convenience.”
Games Workshop hands £12m to staff after bumper year
Around 2500 staff at retailer Games Workshop have landed share bonuses worth £12 million thanks to soaring profits as demand surged among locked-down hobbyists. The group said each employee will receive £5000 in shares under its profit-share scheme. The share bonuses – paid out during the year to May 30 – mark a £10 million hike on the £2 million awards given to staff the previous year. Games Workshop, which trades as Warhammer on the high street, said they were handed out to staff on an equal basis. Its bonus cheer comes as the Warhammer maker said annual pre-tax profits were set to nearly double to at least £150 million, up from £89 million the previous year. Sales are expected to hit “not less than” £350 million, up 30 per cent on the year before, thanks to fans of its table-top games spending more on its products as they remained stuck at home during Covid-19 restrictions. Games Workshop said the share bonuses were made “in recognition of our staff’s contribution to these results”. As well as the staff share awards, Games Workshop also delivered good news to investors as it said it would pay out a 50p-a-share dividend in July, taking its total dividends for the year to 235p-a-share, up from 145p-a-share the previous year. Games Workshop has been able to offset lockdown store closures by shifting sales online and through wholesale trading. In its first half, sales through its ecommerce platforms increased by 87.7 per cent to £46 million, while wholesale trade sales increased 33 per cent to £104.9 million. It revealed in January that pre-tax profits jumped by 56.3 per cent to £91.6 million for the six months to November 29, compared with a year ago.
Issa brothers now Castore's biggest external investors
Billionaire brothers Mohsin and Zuber Issa have become the biggest external investors in fast-growing sportswear brand and retailer Castore. According to The Times, the brothers, who recently acquired Asda from US giant Walmart, have reportedly invested in Castore a few months ago via their Jersey-based investment firm Monte Group. Brothers Tom and Phil Beahon own a controlling majority in Castore, which was founded five years ago and operates from two bricks-and-mortar stores plus an ecommerce presence in 57 countries. “Since the brothers have invested they really pushed us to grow the business and have helped enormously to accelerate our strategy,” Tom Beahon said. Just weeks before the Covid-19 pandemic brought the UK to a halt via the first nationwide lockdown in March last year, Castore raised £7.5 million from undisclosed private investors to help expand its range into professional team sports kit and footwear as well as accelerate international growth. In 2019 it announced a partnership with tennis champion Andy Murray, which saw him become a shareholder as well as wear Castore kit on court at Wimbledon and the Australian Open. Castore aims to reach £100 million in sales this year and there is speculation it might enter the stock market.
Kingfisher hikes forecast as quarterly sales skyrocket
The parent company of B&Q and Screwfix has hiked its profit forecast as the DIY boom continues to see its sales and like-for-likes skyrocket. For its first quarter period ending April 30, Kingfisher said total sales came in at £3.44 billion, marking a 60 per cent year-on-year increase. Like-for-likes also enjoyed soaring growth, with Kingfisher booking a 64.2 per cent increase compared to the same period last year, and a 22.5 per cent increase when compared to the same quarter in 2019 – well before the Covid-19 pandemic forced people to stay home. Kingfisher said it enjoyed growing sales ahead of market in its core countries UK and France, and that the strong performance in the latter came despite Covid restrictions affecting the business throughout most of the quarter. In its UK and Ireland market, Kingfisher saw first quarter sales surge by 66.8 per cent year-on-year to £1.82 billion, while like-for-likes grew 65 per cent compared to last year, and 38.6 per cent compared to In France, quarterly sales almost doubled to £1.17 billion, marking a 97.4 per cent year-on-year growth. On the other hand, Kingfisher said French like-for-like sales growth was a whopping 101.7 per cent compared to last year, and 18.1 per cent compared to 2019. Kingfisher added that total ecommerce sales for the quarter was up 63 per cent – or a huge 258 per cent compared to the pre-online shopping boom in 2019. Ecommerce also comprised 21 cent of the firm’s total group sales, compared to 18 per cent at the end of its last financial year. For its current quarter to date, Kingfisher said like-for-like sales was up by 8.2 per cent, reflecting strong demand as shops reopen across its core markets in the UK and France. The positive performance prompted the DIY retailer to raise its full-year sales outlook to “mid-to-high teens” from the previous “low double-digit”. It also expects first half adjusted pre-tax profit to be ahead of previous expectations, in the range of £580 million to £600 million. “With the strong start to the year, we now anticipate first half sales and adjusted pre-tax profit to be ahead of our previous expectations,” Kingfisher chief executive Thierry Garnier said. “Whilst the second half of the financial year remains naturally uncertain, we continue to see supportive long-term trends for our industry and are confident of continued outperformance of our wider markets.”
Asda the cheapest grocer for branded goods - Which?
Shoppers could be paying four times more for the same branded grocery products depending on where and when they shop, according to an investigation. Which? found Asda had the lowest average prices for branded groceries while Waitrose and Ocado were the most expensive, in a survey of 493 items at six major supermarkets last year. Shoppers could pay almost four times more for Lavazza Qualita Rossa Ground Coffee (250g) at Ocado on different days, with the price ranging from £1.30 on 63 days to £5 on 130 days – a 284 per cent difference. Ocado said the price fluctuation was an error that had been corrected. Muller Light Greek Luscious Lemon yogurts fluctuated substantially in price at Sainsbury’s between £1 and £2.75 – a 175 per cent difference – at roughly three-week intervals. The same product was also available for £1 or less in at least one of the major supermarkets for about 85 per cent of the year, Which? found. Other price variations included Carte D’Or Vanilla Ice Cream and Loyd Grossman Tomato and Basil Sauce at Asda, of 133 per cent and 125 per cent respectively. Jordans Country Crisp Four Nut Cereal at Tesco cost £1.35 on some days and £3 on others, a variation of 122 per cent. The investigation also analysed pricing across 19 product categories, finding the cost of branded cakes and biscuits fluctuated by 48 per cent on average. A 10-pack of Cadbury Chocolate Mini Rolls at Asda had the biggest price difference, ranging between £1.20 at its cheapest but more than doubling to £2.60 on certain days. Juices and smoothies varied in price by 41 per cent on average, followed by cooking sauces (38 per cent), crisps (36 per cent) and cereal (35 per cent). Across all the 19 categories, Asda had the lowest average prices for branded groceries, making it the best option for shoppers who prefer branded items but do not want to pay over the odds. Waitrose was the most expensive supermarket for branded items in eight categories including energy drinks, ice cream and tea, and Ocado for seven categories including juice drinks, coffee and cheddar. Almost all the products in the investigation varied in price and could be found discounted at one or more supermarkets at any time. However, a Which? survey found one in five shoppers are confused by grocery promotions and the majority (73 per cent) would prefer consistently low prices. Aldi and Lidl were not featured in the investigation as they stock fewer branded goods. “Our research reveals just how wildly food and drink prices can fluctuate from day to day, meaning people are at risk of massively overpaying for branded groceries depending on when and where they shop,” Which? retail editor Ele Clark said. “We would recommend keeping an eye on the prices of your favourite products and stocking up when they’re discounted to avoid paying over the odds.” An Ocado spokeswoman said: “Ocado is committed to offering customers the best range, service and value in the market. “As part of this commitment, we are proud to offer over 49,000 products – more than any other supermarket. “The fluctuation in price for the Lavazza product was due to a technical error and has since been resolved. “The regular price is now back in place and is in line with most other major grocery retailers.” Waitrose said: “We constantly review prices to ensure that we offer the highest quality products at fair prices, combined with fantastic customer service.”