20. Weekly Newsletter
Asda looking to combine retail and property
Several major supermarkets in the UK have ventured into the property market with various pledges to build houses. Asda has become the latest as they have pledged to build 1,500 homes in London and to develop its own “town centre”.
Asda, one of the three biggest UK supermarkets with an annual revenue of approximately £20 billion, is partnering with Barratt Developments to develop a large site in north-west London into an area with houses and retail units. This type of venture has become popular in recent years as real estate investors can transform run-down retail areas into versatile retail and property zones. Supermarkets and spacious car parks can easily be converted into residential blocks and smaller-scale retail shops.
Newspapers
Over the last seven days, the UK’s front page news cycle has covered varied topics. Some of the newspaper headlines from this week were:
- Financial Times- ‘Bank of England signals summer cut as it holds rates at 5.25%’
- Financial Times- ‘Poor labour market data causes problems for Bank of England’
- Financial Times- ‘Labour asks why taxpayers are set to fund HS2 work despite Sunak pledge’
- Financial Times- ‘Economic rebound offers respite for Rishi Sunak’
- Financial Times- ‘Plans to criminalise UK rough sleepers dropped after backlash’
- The Times- ‘Boost for London as Shein steams ahead with £53bn listing plan’
Terrestrial TV struggles
Multiple British broadcasters have outlined the danger that terrestrial TV is currently in, with conventional TV becoming almost economically unviable. According to data from Ofcom, the general population has swung over to online TV, with about 5.3 million households accessing TV solely over the internet using platforms such as Netflix, whereas only 3.9 million households rely on conventional TV. This has caused concerns as campaign groups have raised the issue that vulnerable members of society who cannot afford to pay for fast internet or those who lack technical skills face “exclusion”.
