German-owned discounter Aldi has overtaken the Co-operative to become Britain's fifth biggest supermarket group, according to the latest industry data.
Aldi's sales rose 12.4% year-on-year in the 12 weeks to January 29, taking its market share to 6.2% ahead of the Co-op's 6.0%, market researcher Kantar Worldpanel said.
Tesco PLC (LON:TSCO) remains the clear sector leader with more than 28% market share, while William Morrison Supermarkets PLC (LON:MRW) - the smallest of the ‘Big Four’ - increased its market share for the first time since June 2015.
Fashion victim …
Privately-owned fashion retailer New Look has posted a 37.6% drop in third-quarter profits on the back of "extremely challenging" conditions in the UK market.
The high street group saw its pre-tax profit fall to £30.1mln In the 13 weeks to December 24, down from £48.2mln in the same quarter a year ago.
Group like-for-like sales were down 4.6% in the quarter, with UK like-for-likes 4.7% weaker on the previous quarter, while in the year-to-date group like-for-likes fell 7%, while UK sales declined 7.3%.
High street troubles …
UK consumers reined in their spending last month, according to an industry survey, adding to signs that they are turning more cautious as last year's Brexit vote pushes up inflation.
The British Retail Consortium said like-for-like sales fell by 0.6% compared with January last year.
It was the first decline in like-for-like sales since August last year, which was shortly after voters decided to leave the European Union
House prices suffer …
UK house prices also saw their first fall in monthly terms since August last month, according to the latest survey from mortgage lender Halifax.
In a latest sign of a slowing in the housing market, Halifax said house prices fell 0.9% in January, after a 1.6% jump in December.
Annual house price growth slowed to 5.7%, down from 6.5% in December.
Purchasing powers …
China has already surpassed the US as the most powerful economy in world but India will also overtake the States by 2050, according to a report by professional services giant PWC.
In a report entitled "The long view: how will the global economic order change by 2050?," PWC ranked 32 countries by their projected global GDP, measured by purchasing power parity (PPP).
As of 2016, India is in third place in PwC's table with a PPP of US$8,721bn, but by 2050 it is projected to grow to a huge $44,128bn.