Britain's longest-running gauge of consumer confidence, the GfK survey, fell to its lowest since records began in 1974, suggesting that consumers are now gloomier about their prospects than they were during the 2008 financial crisis.
As per data released by research company GfK in a report published today (20), UK consumer confidence index fell 2 percentage points to minus 40 in May, its lowest since records began in 1974.
The survey measures how people view the state of their personal finances and wider economic prospects. Experts predict that the historic hit to living standards will make consumers tighten their belts as prices for essentials such as food, fuel and energy continue to soar.
Joe Staton, client strategy director at GfK, said, “Consumer confidence is now weaker than in the darkest days of the global banking crisis, the impact of Brexit on the economy, or the Covid shutdown.”
The fall in confidence is interlinked with soaring inflation, which reached a 40-year high of 9 per cent in April driven by rising energy prices following Russia’s invasion of Ukraine.
The fall in consumer confidence is the first sign that the UK economy is experiencing a protracted period of economic stagnation coupled with historically high inflation, a combination usually referred to as stagflation.
Throughout last year, consumer spending supported the UK’s pandemic recovery but record-low consumer confidence has raised the risk of recession, defined as two consecutive quarters of falling output.
Samuel Tombs, economist at Pantheon Macroeconomics, noted that when the GfK consumer confidence index had in the past fallen below minus 30, “households’ spending dropped” and “recession ensued”.
The UK’s economic recovery had already stalled in February and March and the Bank of England expects the economy to alternate between near-stagnation and contraction over the next two years with economic output unlikely to change significantly before the first quarter of 2024.
The Bank of England thinks inflation will climb above 10 percent later this year.
Convenience stores emerged as largest growing category in terms of store opening last year, a recent report has stated, showing overall decline in chain outlet closures with 2024 having the second fewest closures in a decade, reflecting an improving picture for retailers.
According to Store Opening and Closing Data 2024 by PwC, a total of 12,804 shops and outlets belonging to multiples and chains (those with five or more outlets) exited UK high streets, shopping centres and retail parks in 2024.
This is equivalent to 35 closures per day, a decrease from last year and the second fewest closures in a decade – closures were only lower in 2022.
Openings are following a similar trend, with numbers slowing slightly to 25 per day. This is an improvement from the number of store openings during the pandemic but lower than the 34 per day peak during the mid-2010s.
The fastest growing category this year was convenience stores, as large supermarket chains accelerated growth in the fastest growing store format in the UK grocery market.
In fact, the net growth of full-sized supermarkets slowed slightly from the previous year, as discounters in particular slowed down their roll out plans.
Coffee shops were the only other category with more than 1 net opening per week in 2024.
This category saw a continuation of openings out-of-town and in drive-thrus seen in previous years, as well as chains expanding into city centres as the pandemic working-from-home trend began to reverse.
When it comes to declining categories, half of all net closures are accounted for by four categories- chemists, pubs and bars, banks, and car-related outlets.
However, these net declines are generally smaller than those seen in previous years, reflecting the improving closure trend across the board, states the PwC report.
This year’s results show higher net closures in the South and East of the England, while Wales, Scotland and the North West have seen fewer net closures.
In line with last year’s results, retail parks have continued to grow in 2024, significantly outperforming other locations and maintaining the positive performance.
Encouragingly though, rates of decline have fallen across all other location types over the last year too. For instance, shopping centres have more than halved the number of closures in 2024, with their recovery being boosted by an increasing pivot to growing leisure categories.
Meanwhile even high streets have seen net closures decline by about a quarter compared with 2023.
This year’s data reinforces a continued move away from the high street, where slower openings that are unable to offset concentrated closures. In contrast, out-of-town locations are seeing fewer closures and a net increase in store openings.
The results for 2024 show improvement. Closures are stabilising with fewer one-off failures and restructurings leading to just 10 net closures per day, three less than in 2023.
However, long-run analysis does show the 2 per cent per annum decline in chain outlets is in-line with the wider trend of shopping and services continuing to move online, despite the stated preference of many younger consumers to shop in store.
Diageo GB has today announced that Barry O’Sullivan will become Managing Director of Diageo Great Britain, effective July 1.
Nuno Teles, the current Managing Director of Diageo GB, will move to Managing Director of Diageo Mexico. Nuno will continue in his existing role until Barry’s arrival.
Barry has spent the past four years as Managing Director of Diageo Ireland, delivering consistent, sustainable growth in the Island of Ireland market. Updates under Barry’s leadership includes last year’s ground-breaking investments in Guinness, with €100 million dedicated to decarbonising Dublin’s St. James’s Gate and a €30 million investment in the production of Guinness 0.0.
Barry joined Diageo Ireland in 2021 after serving as managing director for Mars Petcare in Australia and New Zealand, with previously roles for Mars in Mexico, the Middle East, Turkey and Africa.
Nuno joins Diageo Mexico after three very successful years in GB, where he consistently grew the business despite challenging market conditions. Nuno has also made bold decisions to reshape the GB business, including last year’s creation of the Diageo Luxury Company to streamline and refocus the market’s focus on the luxury sector. Nuno has always championed a people-first culture at Diageo GB, ensuring Diageo’s purpose of celebrating life every day thrives in GB culture.
“I cannot wait to get started in Diageo’s home market of Great Britain, where some of the country’s most iconic and loved brands are at the heart of celebrations." said O’Sullivan. "After four wonderful years in Ireland, I look forward to bringing my experience to this new role and build on the incredible legacy that Nuno leaves behind.”
Nuno Teles said: “While I am excited by the opportunity ahead, I will be very sad to leave the remarkable market that is Diageo GB. Barry is a brilliant leader and hugely respected across the business, and I have strong confidence that Diageo GB will thrive under his leadership and continue our commitment of brilliant execution.”
As these changes take place, Diageo is also announcing the appointment of Louise Ryan as the new Managing Director of Diageo Ireland.
The number of retail jobs in 2024 slumped to the lowest since the data began in 1996, despite total jobs in the economy continuing to rise, shows the latest report by the ONS,
there were 2.88m jobs in retail in December 2024.This is traditionally the high point of the year, with retailers employing more people during the key Christmas quarter. The four-quarter average was 2.84m jobs, 70,000 fewer than at the same point last year, and 249,000 fewer than five years ago.
On a four-quarter average there were 1.50m part-time and 1.34m full-time jobs. The number of full-time jobs is down 106,000 on five years ago. Meanwhile, the number of part-time jobs is down 142,000 on five years ago.
Commenting on these figures, Helen Dickinson, Chief Executive at the British Retail Consortium, said, “The number of retail jobs in 2024 was the lowest since the data began in 1996, despite total jobs in the economy continuing to rise. While this decline in retail jobs should be a concern to communities everywhere, worse could be yet to come.
"Last October’s Budget forced retailer wage bills up by over £5bn, and both the rise in employer NICs and increased National Living Wage have made hiring significantly more costly.
"A recent survey of retail Finance Directors showed that half were planning hiring freezes or cutting jobs, both in head offices and stores across the UK.
“Jobs cuts are likely to fall disproportionately on part-time roles. 200,000 part-time jobs have already been lost over the last seven years, and up to 160,000 more part-time roles are at risk in the next three years.
"This matters: flexible retail roles are an important stepping stone for many people, whether it’s a first job out of school or a part-time role for those returning to the workforce or with caring responsibilities.
"As the Government’s welfare reforms aim to increase the numbers in work, flexible retail roles offer a first rung back onto the career ladder.
“Retailers face uncertainty around the new Growth and Skills Levy and on implementation of the Employment Rights Bill which could make it more difficult to offer flexible part-time roles or retrain people.
"Reducing part-time and reskilling opportunities in retail would not only be a loss to the industry, the UK’s largest private sector employer, but would also punish the millions of people who benefit from flexible, local jobs.
"If Government can ensure these policies help, rather than hinder, recruitment and investment in training, the industry can help provide routes back into work for those who need it.
"Government must join the dots on these different policies to create a win-win for employees, employers, and the wider economy.”
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EUROSPAR is celebrating its 25th anniversary with a £25,000 giveaway
As EUROSPAR marks 25 years of serving local communities, the brand is celebrating its long-standing relationships with local charities, community groups, schools and sports teams.
To continue the 25th anniversary celebrations following their £25,000 giveaway, EUROSPAR is also giving away five family passes for the Belfast Giants end of season fixture.
Giving back has been a central focus for the EUROSPAR brand since the first stores opened in 2000, creating significant partnerships, enabling not only the brand, but individual stores to give back to their local communities and charities that are close to their hearts.
One of the key partnerships was set up 14 years ago in 2011 with EUROSPAR’s charity partner, Cancer Fund for Children. Since then, EUROSPAR stores across the country have dedicated their time and energy into fundraising initiatives including taking on cold sea dips and braving the shave, raising almost £1.9 million in the process.
Many EUROSPAR stores across Northern Ireland also take part in the annual event which kicks off September’s Childhood Cancer Awareness Month each year, the Community Coffee Mornings. The Community Coffee Mornings began in 2017 and are the biggest fundraising events for the retailer each year, raising approximately £50,000 for Cancer Fund for Children annually.
The teams behind EUROSPAR also raise money for the charity through donations from their Christmas Sandwiches and the iconic Big Red Stetsons at the annual Balmoral Show, all made possible thanks to shoppers who have also given generously over the years.
EUROSPAR is giving away five family passes for the Belfast Giants end of season fixture on 5 April
“Being EUROSPAR’s charity partner for the past 14 years has been nothing short of incredible, seeing the dedication from the brand and the individual store staff, who always go the extra mile in their fundraising efforts,” Phil Alexander, chief executive at Cancer Fund for Children, said.
“The EUROSPAR Community Coffee mornings go from strength to strength every year and they are one of the highlights in our charity’s fundraising calendar. The vital funds each store and member of staff has raised have helped thousands of families through the toughest times of their lives, enabling us to ensure children and their families feel supported, connected and better able to cope with the emotional impact of cancer.
“We want to extend a big thank you for the invaluable support and monumental amount of money and awareness of the impact of cancer on families across NI that EUROSPAR has raised during our partnership and send a huge congratulations for 25 successful years of serving their local communities.”
EUROSPAR has demonstrated an ongoing commitment to their neighbourhoods throughout the past 25 years. Since 2004, stores have been providing sports kits to local schools for their Sports Days. Last year, over 600 sports day kits were supplied to primary schools across the country from their local stores.
As part of the celebrations this year, EUROSPAR is making School Sports Days more exciting and memorable by giving away £250 to five lucky schools, to help them purchase much needed Sports Day equipment.
In 2022, EUROSPAR stores began taking part in the Litter Pick Campaign, in which store team members clean up their local area. Henderson Group, which owns the EUROSPAR brand in Northern Ireland, provide stores with litter pick kits including large bin bags, pickers, high visibility vests and gloves to enable litter picks to take place in almost every town and neighbourhood in Northern Ireland. Teams from 54 Henderson Retail stores across the country have collected more than 2,098 bags of rubbish, cleaning up their local communities and creating better spaces for their neighbours to live in.
EUROSPAR stores across the country also show support to their local Foodbanks with regular donations from collections in-stores, donating 27,242 items through 475 donations since the initiative began in 2023.
“Our partnerships with local charities, community groups, schools and sports teams are so important to us and every single one of our EUROSPAR stores across NI,” Bronagh Luke, from EUROSPAR NI, commented.
“Our teams are so dedicated to their local communities, always looking for new ways to raise money, make donations or provide support in any way they can. This commitment runs through our brand and our store teams and has done since opening our first EUROSPAR store 25 years ago.
“It’s important to us to make a positive impact on our communities, and it is especially significant when we can help charities and local groups that our store staff hold close to their hearts. We wish to thank all local charities, organisations and groups for partnering with us and our stores over the years and we look forward to many more years of meaningful partnerships.”
Loyal and local suppliers
As part of the 25st anniversary celebrations, the brand has also highlighted its long-standing relationships with its loyal producers and suppliers.
When EUROSPAR opened its first stores in Northern Ireland back in 2000, so too began important relationships with some of the best local suppliers across the country: Orrs Potatoes, Willowbrook Foods, McColgan’s, Allied Bakeries, Irwin’s and Hovis, and now over 75 per cent of fresh food is sourced locally from 180 local suppliers.
These significant partnerships with local suppliers have enabled EUROSPAR stores to provide everything needed for meal inspirations and tonight’s tea right on shoppers’ doorsteps.
“We take pride in delivering fresh, locally sourced products, making sure our shoppers’ trolleys are filled with the best Northern Ireland has to offer, and our partnerships with local suppliers have allowed us to do just that since our first EUROSPAR supermarkets opened 25 years ago,” Clare Bell, from EUROSPAR NI, explained.
“Over the past 25 years, EUROSPAR NI has been dedicated to developing high-quality own-brand products to meet the evolving demands of our customers. By working closely with local farmers and suppliers, we’ve been able to source the best ingredients to create delicious, value-driven products that our shoppers love.
“Our award-winning The Kitchen range, crafted by Chef Carl Johannesson, features a range of family favourites such as luxury beef lasagne and meals for one including street food-inspired dishes and takeaway-style meals, all designed to bring quality, convenience, and great taste to your table.”
Richard Orr, from William Orr and Son. The farm has been a long-standing supplier of EUROSPAR
Richard Orr, from William Orr and Son, commented: “We’ve had such a successful partnership with EUROSPAR NI, helping bring our quality potatoes to shoppers across Northern Ireland. It’s been incredible to see our produce on their shelves and used in customers homemade meals and recipes, alongside ingredients from other local suppliers. EUROSPAR’s commitment to supporting local farmers and delivering the best to their customers has been at the heart of our journey, and we’re proud to be part of it.”
Bell continued: “Thanks to customer feedback and a commitment to local sourcing, we continue to expand and refine our own-brand offering, ensuring that EUROSPAR NI remains your go-to for affordable, high-quality meals for every occasion.”
£25,000 giveaway
To celebrate their 25th anniversary, EUROSPAR is giving back in a big way with an exciting £25,000 giveaway.
A total of £25,000 is up for grabs, with 10 lucky winners each taking home £2,500 to spend however they like.
Shoppers just need to do is visit their local EUROSPAR store and scan the QR code for the chance to win. The competition will run until Sunday, March 30.
To continue the celebration, EUROSPAR is also giving away five family passes for the Belfast Giants end of season fixture on Saturday 5th April.
Back in January 2000, the first two EUROSPAR stores were opened, McVeigh’s EUROSPAR Warrenpoint, an independent store operated by the McVeigh family and EUROSPAR Rathgael Road operated by Henderson Retail. Twenty-five years later, there are 90 EUROSPAR supermarkets in Northern Ireland.
“This is a huge milestone for the EUROSPAR brand and one thing that hasn’t changed since the opening of our first stores is our commitment to our shoppers. This giveaway is our way of saying thank you to our loyal customers who’ve supported us throughout the years,” Bell said.
“As we look ahead to the next 25 years, we are excited to grow and develop our community supermarkets even further, while remaining deeply rooted in our local communities and providing, everyday essentials, key services and value on our shoppers’ doorsteps.
“Keep an eye out throughout the year for more EUROSPAR parties and celebrations instore and help us mark the momentous occasion as we thank you for helping us become the brand we are today.”
Wholesale businesses are urged to drive change by creating more female role models as a recent report shows that the number of women at board level in wholesale firms has fallen to its lowest recorded level.
Food and Drink Wholesale UK (FWD) and Women in Wholesale (WiW) on Tuesday (18) unveiled a new research report which was launched at a landmark Parliamentary Reception to mark ten years of the Women in Wholesale movement.
According to the report, the number of women at board level has fallen to its lowest recorded level – just 16 per cent in 2025, down from 20 per cent in 2022 and 17 per cent in 2019.
With the UK national average for board-level female representation at 48 per cent, wholesale is severely under-indexing, highlighting an urgent need for action.
The research also found that 67 per cent of respondents cited male-dominated workplaces as the biggest challenge for women in wholesale.
44 per cent identified a lack of female role models as a key barrier to career progression while only 30 per cent of businesses have a written menopause policy, and just 25 per cent provide menopause awareness training for managers.
Unconscious bias remains a critical issue, with 43 per cent of respondents saying it impacts decision-making and promotions.
Despite these challenges, there are signs of progress. The report adds that flexible working options are now offered by 65 per cent of businesses.
At the event, FWD urged wholesale businesses to take the following actions:
Increase the visibility of female role models – 53 per cent of respondents believe this is key to driving change.
Introduce unconscious bias training – currently, only offered by 33 per cent of businesses.
Enhance parental leave and flexible working policies – only 36 per cent of businesses go beyond the statutory minimum.
Develop mentorship opportunities for women – a major gap, as just 12 per cent of companies currently provide this.
FWD called on government to engage directly with representatives from the wholesale industry in the Employment Rights Bill consultations, including those on equal pay and flexible working, to ensure reforms are practical for the sector.
The wholesale body is also calling on the government to rethink its approach to business rates reform and exempt food and drink wholesalers, to ensure they can continue their vital role in supporting public services, local businesses, and communities.
The wholesalers are also demanding protections for wholesale workers and ensure that all wholesale premises are covered in the upcoming Crime and Policing Bill.
While quotas have been debated, with 56 per cent of respondents concerned they may undermine merit-based hiring, the solution lies in fostering an environment where women naturally progress.
“Empowering women in wholesale is about more than quotas,” said Elit Rowland, founder, WiW. ”It’s about creating real, sustainable change through workplace culture, policies, and leadership.”
“The wholesale sector has made progress, but the drop in female board representation is a wake-up call. We need real, structural support at every stage – from early career to maternity, menopause, and leadership. Now is the time for businesses to act, not just talk, to create a culture where women can thrive.”
Lyndsey Cambridge, head of external affairs, FWD agreed: “Our landmark report serves as both a reality check and a roadmap for the future.
"The message is clear: women working within the wholesale sector want businesses to address gender disparity, champion for change, and create the role models who will inspire the next generation of female leaders.”