Bedford retailer Kashif Jaffar has won the Convenience Chain of the Year award at the 2024 Asian Trader Awards ceremony held on 5 November at London's Park Plaza Westminster Bridge hotel.
Jaffar is a serial retail entrepreneur who has built a highly successful chain of convenience stores across the south-east of England.
He started out with a single store in 1994 and gradually built a chain of stores. Jaffar believes that multiple stores enables him to manage costs more effectively and strike better deals. Most important of all though, he says, is the team, who he empowers to take ownership of the stores and drive sales and profit through enthusiastic and sincere customer service.
Jaffar built a chain of 13 stores before selling seven to the Co-op. His remaining tally of eight operates under the Welcome banner of Southern Co-Op. He runs the business with his brother and they also run Costa and Pizza Hut franchises, which they say is the perfect balance, allowing them to devote their attention to ambience and merchandising detail, such as outstanding displays at the entrance and enticing impulse baskets by the checkouts.
Jonathan Reynolds speaks at the 2024 Asian Trader Awards
Business secretary Jonathan Reynolds attended as chief guest at the ceremony, which celebrated excellence in convenience retail across the UK. The event marked its 35th anniversary this year, continuing its tradition of recognising outstanding achievements in the sector.
Speaking at the event, Shefali Solanki-Nair, associate publisher of Asian Trader, highlighted the crucial role of convenience retailers in local communities, amidst the many challenges facing the sector.
“With rising energy costs, inflation, and changes in taxation, many retailers are feeling the pinch more than ever. It’s a tough environment for convenience retailers who are already working with narrow margins while striving to offer exceptional service and products,” she said.
“These challenges are daunting, but the ability to adapt and innovate speaks volumes about retailer’s character and dedication.”
Attendees at the 2024 Asian Trader Awards
Noted impressionist Rory Bremner hosted the event, which also saw 15 other retailers being honoured in different categories, including Shaan and Arshan Chaudry of Costcutter, Triple A Foodstore in Nuneaton, who won the top prize, Asian Trader of the Year.
Bestway Sher Depot, Kilbirnie Street, Glasgow won the Wholesale Depot of the Year award. Six new product launches from the last year, voted for by the retailers, were also feted.
Ramniklal Solanki Editor’s Award, instituted in the memory of Ramniklal Solanki CBE, founder of Asian Media Group, went to the sub postmasters and mistresses caught up in the Post Office Horizon scandal. Seema Misra and Vijay Parekh collected the award, representing them.
The event also raised funds for Lepra, a charity that support people affected by leprosy.
Winners of the 2024 Asian Trader Awards
Winners List
Ram Solanki Award For Excellence in Convenience and Wholesale: Sub postmasters and mistresses caught up in the Post Office Horizon scandal
Product and Manufacturer Awards
Snack Brand of the Year: McCoy's Epic Eats (KP Snacks)
Soft Drinks Brand of the Year: Coca Cola Lemon (CCEP)
Confectionery Brand of the Year: Cadbury Starbar Duo (Mondelez International)
Vape and Next Generation Brand of the Year: Blu Bar Pod (Imperial Brands)
Lager, Beer and Cider Brand of the Year: Birra Moretti Sale di Mare (Heineken)
Grocery Brand of the Year: McVitie’s Signature (pladis)
Asian Trader Awards 2024
Responsible Retailer of the Year supported by Imperial Brands: Priyesh Vekaria, One Stop Carlton Convenience, Salford, Manchester
Wholesale Depot of the Year supported by Tilda: Bestway Sher Depot, Kilbirnie Street, Glasgow
Convenience Chain of the Year: Kashif Jaffar, Southern Co-op Bromham Stores, Bromham, Bedford
Best smokeless alternatives Retailer of the year supported by VELO: Prashant and Trupti Patel, One Stop Brockworth in Gloucester
Bakery Retailer of the Year supported by Warburtons: Jess Read and Gary Hunt, Budgens of Holt, Norfolk
Next Gen Award: Harman Puni, HP Convenience Premier, Chesterfield
World Food Retailer Award supported by Tropical Sun: Reji Thomas & Siddique Chenganakattil, Essentials Supermarket, Bedford
Independent Retailer of the Year supported by Booker: Jenarthen Saravanamuthu, Premier Rassau Stores, Ebbw Vale, South Wales
Food to Go Retailer of the Year supported by KP Snacks: Priyesh Patel, Londis, Stoke Newington, London
Spirit of the Community Award supported by Mondelez International: Amarjit Singh Rakhra, Budgens Pomeroy Street, London
Symbol Retailer of the Year supported by Bestway: Kersheaup Vagadia, Costcutter Kearsley, Bolton
Off Licence of the Year supported by Molson Coors (Cobra): Pradeep Thangaraj, Wine Rack, Bicester, Oxford
Impulse Retailer of the Year supported by pladis: Bharat Khunti, Shivom Convenience Go Local, Nuneaton
Tobacco Retailer Award supported by JTI: Suresh Arulanantham, My Costcutter Murco, Rye, East Sussex
Local Hero Award: Nathalie Kaur, One Stop Partick Convenience Store, Glasgow
Businesswoman of the Year supported by Philip Morris Ltd: Sue Nithyanadan, Costcutter, Epsom, Surrey
Asian Trader of the Year: Shaan and Arshan Chaudry, Costcutter, Triple A Foodstore, Nuneaton, Warwickshire
Retailers are right to warn of potential job cuts as a result of tax increases announced at last month’s budget, Bank of England governor Andrew Bailey has said.
Bailey appeared before the cross-party Treasury select committee on Tuesday (19), after almost 80 retailers claimed rising costs would make “job losses inevitable, and higher prices a certainty”.
“I think there is a risk here that the reduction in employment could be more. Yes, I think that’s a risk,” Bailey said, adding that depending on how companies respond, there could be a bigger reduction in employment as a result of the NICs rise than the 50,000 jobs projected by the government’s spending watchdog, the Office for Budget Responsibility (OBR).
Bailey suggested the Bank’s monetary policy committee (MPC) would continue to reduce interest rates slowly from their current level of 4.75%, allowing time to assess the impact of the tax changes.
Rachel Reeves’s first budget increased taxes by £40bn, which Labour said would be used to fund creaking public services. The biggest revenue-raiser was a £25bn rise in employer national insurance contributions (NICs), which has prompted a backlash from business groups.
In a letter to the chancellor, retail bosses claimed this and other changes would cost the sector £7bn and lead to layoffs. Signatories included senior figures from Tesco, Greggs, H&M, B&Q and Specsavers.
The letter, which was organised by the British Retail Consortium (BRC) and signed by 80 companies, warned the industry faces £7bn in increased costs as a result of changes to employers’ National Insurance, a higher minimum wage rise and levies on packaging.
It added that job losses were now “inevitable”, as a result of the “sheer scale” of the new costs on business.
The letter continued: “For any retailer, large or small, it will not be possible to absorb such significant cost increases over such a short timescale. The effect will be to increase inflation, slow pay growth, cause shop closures and reduce jobs, especially at the entry level. This will impact high streets and customers right across the country.”
The BRC estimates that retailers will face a £2.3bn bill from April, after the implementation of the increase in employer NICs from 13.8 per cent to 15 per cent, as well as the reduction in the earnings threshold when they must start paying it, from £9,100 to £5,000.
Meanwhile, retailers are understood to have been contacted by the Treasury last week to find out whether they planned on giving their support to the letter, which criticised the Chancellor’s decision to impose extra costs on the industry. One industry source suggested the Government had been thrown into a “tizzy” by the prospect of a public letter rebuking the Chancellor.
The British Independent Retailers Association (Bira) has urged independent shop owners to reach out to their local councils about the government's newly announced High Street Rental Auction (HSRA) powers, which aim to tackle persistently vacant commercial properties on UK high streets.
Introduced through the Levelling Up and Regeneration Act 2023, the HSRA legislation will come into force on 2 December. It will give local authorities the ability to put the leases of long-term empty shops up for public auction, allowing businesses and community groups to secure short-term tenancies.
Andrew Goodacre, CEO of Bira, said: "The introduction of High Street Rental Auctions is a positive step forward in revitalising our town and city centres. For far too long, disengaged landlords have been allowed to leave key commercial properties sitting vacant, to the detriment of local businesses and communities."
"We urge all independent shop owners who have experienced issues with persistently empty premises in their area to engage with their local council. These new rental a provides an opportunity for retailers and other organisations to gain access to high street spaces that may have previously been off-limits."
The government has committed over £1 million in funding to support the HSRA process, which aims to breathe new life into town centres by bringing businesses, community services and customers back to the high street.
Goodacre added: "High streets are the beating heart of our local communities, and we cannot allow them to wither away due to landlord inaction. These new rental auction powers give opportunities to established or new retailers to secure affordable, short-term tenancies and expand their reach within their community."
Britain's annual inflation rate jumped more than expected in October to back above the Bank of England's target as households and businesses faced higher energy bills, official data showed Wednesday.
The Consumer Prices Index reached 2.3 per cent from a three-year low of 1.7 percent in the 12 months to September, the Office for National Statistics said in a statement.
CPI was last at 2.3 percent in April, the ONS added in a statement, while analysts' consensus had been for the rate to climb back to 2.2 percent.
The Bank of England (BoE) target stands at 2.0 percent.
"Inflation rose... as the increase in the energy price cap meant higher costs for gas and electricity compared with a fall at the same time last year," ONS chief economist Grant Fitzner said of October's data.
Britain's energy regulator Ofgem sets a price cap quarterly that suppliers can charge customers. The latest increase in October was 10 per cent but this is expected to drop markedly in January according to forecasts.
The regulator had cited rising prices on international energy markets owing to increasing geopolitical tensions, and extreme weather events driving competition for gas, as the reasons behind the sharp rise.
"We know that families across Britain are still struggling with the cost of living," senior Treasury official Darren Jones said in reaction to Wednesday's inflation reading and saying the Labour government needed to do more to help.
Food and non-alcoholic beverage prices rose by 1.9 per cent in the year to October, up from 1.8 per cent to September 2024. The annual rate of 1.9 per cent in October compares with 10.1 per cent in the same month last year.
Analysts said despite prices rising faster than expected, the BoE remained on course to keep cutting British interest rates.
"But it lends some support... that the Bank will skip the December meeting and cut rates only gradually, by 25 basis points in February and at every other policy meeting until rates reach 3.50 percent in early 2026," forecast Ruth Gregory, deputy chief UK economist at Capital Economics research group.
The central bank earlier this month trimmed borrowing costs by 25 basis points to 4.75 per cent.
Following its decision, the BoE added that a maiden budget from Britain's Labour government in October, featuring tax rises and increased borrowing, would boost growth but also lift inflation.
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Nestle logos are pictured in the supermarket of Nestle headquarters in Vevey, Switzerland, February 13, 2020
Nestle on Tuesday said it will increase investment in advertising and marketing to 9 per cent of sales by the end of 2025. The company also announced plans to make its waters and premium beverages activities a global standalone business from New Year.
Unveiling a plan to fuel and accelerate growth at a Capital Markets Day for investors and analysts, the Swiss group also said it aims cost savings of at least CHF 2.5 billion (£2.25bn) above existing initiatives by end 2027 to fund increased investments.
“Our iconic brands and innovative products connect with people every day, at every stage of their lives. These strengths give us a unique advantage and position us to win in the marketplace. We will now invest further in our brands and growth platforms to unlock the full potential of our products for our consumers and our customers,” Laurent Freixe, Nestlé chief executive, commented.
“Our action plan will also improve the way we operate, making us more efficient, responsive and agile. I am confident that we can deliver superior, sustainable and profitable growth and gain market share, while transforming Nestlé for long-term success.”
Nestlé confirmed its 2024 guidance, with organic sales growth of around 2 per cent, underlying trading operating profit margin of around 17 per cent and underlying EPS broadly flat in constant currency. Looking ahead to 2025, the company expects an improvement in organic sales growth compared to 2024, with the underlying trading operating profit margin anticipated to be moderately lower than the 2024 guidance.
Nestle last month lowered its outlook for 2024 to 2 per cent as the company reported falling sales for the first nine months of the year.
The consumer goods major, whose brands range from Nespresso coffee capsules to Purina dog food and Haagen-Dazs ice cream, had already cut its annual sales growth expectations from 4 per cent to 3 per cent in July.
The company on Tuesday said it expects organic growth to be over 4 per cent in the medium term, in a normal operating environment, with an underlying trading operating profit margin of over 17 per cent.
Nestle said the its new action plan will allow it to drive category growth and improve market share performance.
Actions will include targeted investments in winning brands and growth platforms, more focused innovation activities to drive greater impact, and systematically addressing underperformers.
Nestle will step up investment in advertising and marketing to support growth. The necessary resources will be generated through cost savings and growth leverage.
As part of the action plan to drive operational performance, Nestle’s water and premium beverages activities will become a global standalone business under the leadership of Muriel Lienau, head of Nestlé Waters Europe, as of January 1, 2025.
Nestle said the new management will evaluate the strategy for this business, including partnership opportunities.
A single UK-wide scheme deposit return scheme (DRS) would be far more successful, efficient and effective, retailer body the Federation of Independent Retailers (the Fed) has stated, expressing surprise and some concerns over Welsh government’s decision to press ahead with its own deposit return scheme for bottles and cans and not to join a UK-wide DRS.
The Fed’s National President Mo Razzaq has further warned that this decision by Wales - coupled with its intention to include glass in its scheme - would cause unnecessary confusion. He commented: “While we applaud Wales’s desire to make its deposit return scheme a success, we would prefer to see one single scheme for the UK.
“Interoperability across the UK is vital, so that anyone buying a drinks can in England will have the confidence that they can return it in Wales.”
Razzaq added, “A single UK-wide scheme would be far more successful, efficient and effective, enabling shoppers to understand and embrace DRS as quickly as possible.”
In a written statement yesterday, the Welsh government confirmed that it “was not able to proceed with the joint process.
It had always maintained that glass would be part of its deposit return scheme. Earlier this month, the UK government confirmed that it would not include glass in the scheme.
Deputy First Minister Huw Irranca-Davies, who has responsibility for climate change, confirmed Wales’s deposit return scheme “supports the transition to reuse for all drinks containers including those made from glass.”
Through DRS, consumers will pay an additional 20p when they purchase a drink in a single-use container. This is redeemed when they take the container back to a return point operator.
Razzaq added: “The Fed has always been very supportive of a UK-wide DRS as we believe it has huge potential to boost recycling and curb litter – two issues that impact on the environment and people’s quality of life.”
Welsh member Vince Malone added: “This is a concerning development, as Fed members believe a Welsh DRS scheme can only work effectively if it has a UK scale and is aligned with the rest of the country.”
According to Keep Britain Tidy’s National Litter Survey, by volume, drinks containers make up 75 per cent of the litter found on streets. Estimates suggest that more than eight billion drinks containers are wasted across the UK each year.