According to Verdict, Tesco opened 2 million sq ft (185,800 sq m) of shopping space in 2006, from a total of 4 million sq ft (371,600 sq m), once closures were factored in. Asda - number two in Britain's super league - called the figures 'staggering'.
The Sunday Telegraph reported that Tesco will trigger a supermarket price war by cutting prices on 600 key items by£80 million. Tesco trading director Richard Brasher said that other supermarkets 'don't seem to want to talk about price at the moment'.
Next will issue a downbeat trading update on Thursday, according to The Sunday Telegraph. The retailer is likely to announce that like-for-like sales between August 1 and Christmas Eve fell by more than 5 per cent. This figure is below a fall of 2 per cent to 5 per cent range the retailer had given the City as guidance.
The Mail on Sunday said executives at River Island are in line for bumper bonuses of up to£1 million each in the new year, on the back of sparkling Christmas trading. The fashion chain, led by chief executive Clive Lewis and managing director Richard Bradbury, is wholly owned by the Lewis family through its Lewis trust group.
In September, River Island bucked the high street by announcing profits for the full year had soared 70 per cent to£139 million, The Mail on Sunday added.
According to The Sunday Times, the UK's second biggest supermarket group Asda will compete head on against Ikea, Argos and Next in a£500 million assault on the£9 billion a year UK furniture market.
The retailer launched an internet site yesterday dedicated to furniture and, over the next two weeks, 800,000 catalogues will be distributed in stores across the UK as part of a drive to seize a 5 per cent share of the market.
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