No longer 'Never Knowingly Undersold'

 

Department store chain John Lewis has said it will drop its "Never Knowingly Undersold" price pledge this summer. The price promise, which began in 1925, means the retailer matches prices on branded products with national retailers, but not online-only sales. John Lewis said the pledge was becoming less relevant as shopping moves increasingly online. Instead, the employee-owned retailer says it will spend £500m on keeping prices down. "Never Knowingly Undersold has been a cherished sign of trust for John Lewis for a century but it doesn't fit with how customers shop today as more purchases are made online," said executive director Pippa Wicks. John Lewis says it expects shoppers to become more cost conscious as budgets are squeezed by the higher cost of living. Prices are currently rising faster than at any time in the past 30 years and wages are failing to keep up, meaning people's money is not going as far.

John Lewis

ColdSnap

A machine which uses a pod-based system to create frozen treats, including ice cream, cocktails and coffee, has been developed. mThe company behind the machine, ColdSnap, say they want to change how these type of products are made and stored and in doing so significantly reduce emissions. This clever, Keurig-like appliance gets so cold that it can rapid freeze smoothies, alcohol and sweet treats in just 90 seconds. Like a Keurig coffee maker, or perhaps the Bartesian cocktails machine, ColdSnap is a pod-based system that dispenses single-serve desserts and drinks. Choose your pod, insert into ColdSnap's countertop apparatus, and in 60-90 seconds ColdSnap says you'll be ready to indulge. Unfortunately, we're hesitant about the price. According to CNET's hand-on with a ColdSnap prototype, the machine is expected to cost somewhere between $500 and $1,000 when it starts rolling out in the second quarter of 2021. The pods come at an additional cost of up to $3, which is how much a 48-ounce container of Breyers or Edys could be at the supermarket.

ColdSnap

Co-op Boss Takes Break

The boss of the Co-op's food division is taking a four-month break to support her sons during their exams. Jo Whitfield, chief executive of Co-op food, said she will step away from the business from May to help her two sons study for their GCSEs and A-Levels. She said she wanted to spend more time with her sons to "ease the challenge" in what was a "big year" for them. It sparked a mixed reaction, with some praising her and others noting only the rich could afford the time off. Ms Whitfield, who took home £1.4m in 2020 according to the company's annual report, will take four months of unpaid leave. The opportunity to apply for an unpaid leave of absence is available to all Co-op staff, according to the company. Some praised Ms Whitfield online, with one tweeting: "Good on her for putting her kids first." But others said it was a luxury few workers could afford.

Exam Break

Fishing Net Phones

 

Samsung has announced a range of new Galaxy smartphones, offering improved cameras and the option of a stylus. The firm talked up the use of recycled materials such as repurposed fishing nets and used water bottles. Its "Galaxy for the Planet" is a five-year plan to eliminate plastics in packaging and stop manufacturing waste going to landfill. The nylon fishing nets are turned into polyamide resin pellets used in the production of brackets which hold the volume and power keys in place. Discarded water bottles and CD cases are also being used to create components. Today, most consumers have no clue how damaging it is for the planet to regularly renew their smartphone hardware. Once they realise, sustainability will become a key way to differentiate between premium smartphone brands. The new range includes the Samsung Galaxy S22, the Samsung Galaxy S22+, and the Samsung Galaxy S22 Ultra. Prices range from £769 to £1,499. The smartphones go on general sale on 11 March.

Recycled Phone

Primark x Greggs

 

Fast food and fast fashion may not seem like natural bedfellows, but that is set to change. Retailer Primark has announced it will launch an exclusive clothing range with the bakery chain Greggs, sparking a mixed response on social media. A limited-edition, 11-piece clothing collection will be available in 60 Primark stores later this month. Greggs will also open a 130-seater café in Primark's flagship Birmingham store. More details of what will be included in the clothing range will be shared nearer the launch date, but photos of a hoodie featuring the Greggs logo and the message "It's a pastry thing" written along one arm have been published. The two retailers teased the tie-up last week, when mannequins at several Primark stores were seen adorned with Greggs' sausage rolls and steak bakes. It has attracted a mixed response on social media, with some people asking if it was a parody and one tweeting: "PR Stunt of the Day". Raymond Reynolds, business development director at Greggs said: "Greggs clothing is something our customers have continually asked for, so it's great that together with Primark we can now make our first official range available across the UK."

Tasty by Greggs

Peloton Up For Sale?

Home fitness firm Peloton Interactive is turning the heads of potential buyers such as e-commerce giant Amazon and sports brand Nike, reports say. Peloton is deciding whether to accept any bids, according to the reports. Sales of its exercise bikes and treadmills soared during the pandemic as people stayed at home but demand has slowed after lockdowns were eased. The once-stock market favourite has seen its shares slump in recent months, losing more than 80% of its value in the last year. As the pandemic saw gyms close in 2020 demand for Peloton's exercise equipment and remote workout classes jumped, sending its share price soaring. However, as lockdowns eased the appetite for its bikes and treadmills has dwindled. In August, the firm cut the price of its flagship bike by 20% to $1,495 (£1,105), as it revealed that its losses had widened and revenue growth had slowed. Peloton and its customer base are "extremely attractive" to companies like Nike, Apple, Disney and Sony, that are looking to boost their presence in the home, health and wellness and media spaces.

Peleton

Worlde Sold

 

The inventor of word game sensation Wordle has spoken of being overwhelmed by its success, following a sale to the New York Times (NYT). Software engineer Josh Wardle released the free simple online game in October, and has now sold it for an undisclosed seven-figure sum. He said the game, which has millions of players, "has gotten bigger than I ever imagined. It has been incredible." The NYT wants to use the game to boost its online subscriptions. The media group said it will "initially remain free" to play, raising questions that the intention in the long term is to charge. Mr Wardle always wanted the game to remain free, but the unexpected success of something he devised during lockdown for just two people - him and his partner - has come as a shock. He said: "It has been incredible to watch the game bring so much joy to so many and I feel so grateful for the personal stories some of you have shared with me - from Wordle uniting distant family members, to provoking friendly rivalries, to supporting medical recoveries.

Wordle

Jacked It In

 

Tesco has said it will close down seven of its Jack's stores, while the remaining six branches will be converted into Tesco superstores. The move will affect 130 jobs but Tesco said it will try and find alternative roles for the staff affected. Tesco also said that meat, fish and deli counters at 317 store sites would be also be shut down because of changes in customer demand. It launched Jack's in 2018 to tackle the threat from rivals Aldi and Lidl. Tesco said that Jack's had enabled it to bring in new customers from other supermarkets. Jason Tarry, chief executive of Tesco UK and Ireland, said: "We have learnt a huge amount from Jack's and this has helped Tesco become more competitive, more efficient and strengthened our value proposition, including through the launch of Aldi price match." Jack's stores sold 2,600 products - far fewer than the 35,000 carried by a Tesco supermarket - with 1,800 branded "Jack's". In the first six months after the launch, Tesco had planned between 10 and 15 Jack's stores for new locations, next to existing Tesco stores, and a small number of converted Tesco stores but a total of 13 were built. Staff working on the meat, fish and hot deli counters listed for closure in 317 of Tesco's stores will also be offered different roles.The supermarket chain said the changes will "ensure" Tesco remains "focused and competitive in a fast-changing market".

Jacks