Breakfast briefing: Retail news on Tesco, New Look, Holland & Barrett and more

Tesco’s UK finance director poised to move to New Look

Tesco’s UK finance director Mike Iddon is set to depart from the grocery retailer to take up the same position at New Look, The Times reported. Iddon’s exit will spark renewed fears of a ‘brain drain’ at the embattled grocer. According to a Tesco insider, Iddon was the leading internal candidate to succeed the chain’s finance director and his boss Laurie McIlwee. His departure suggests that Tesco will have to look outside for a finance chief. The departure emerged ahead of a trading update this morning widely expected to be gloomy.

Prices in British shops 1.4% lower in May

According to the British Retail Consortium (BRC), UK shop prices dropped 1.4% year-on-year in May, reflecting the thirteenth straight month of decline, Reuters reported. This price fall was largely due to bargains in clothing and footwear and ‘value as a mainstay’ in gardening and DIY. Annual food price inflation remained steady at 0.7%, while the prices of other goods slumped by 2.8% on the year last month.

“The high street continues to generate little inflationary pressure,” said Mike Watkins, head of retailer and business insight at Nielsen, which conducted the survey for the BRC. “The outlook for the next three months is for relatively stable shop price inflation. Helped by the increases in consumer confidence since the start of the year, this should encourage shoppers to spend more freely over the summer months,” Watkins added.

Holland & Barrett hires branding and packaging design agency Point 6

Holland & Barrett has hired Point 6 Design – a branding and packaging design agency – to handle their fruit, nuts, seeds and snack product range, The Drum reported. With a new visual design likely to launch in store this month, the range is designed to be an in-store impulse line.