Tuesday, November 21, 2017

Another heatwave could deliver £290m boost for retailers, says Co-op

19

Another heatwave this summer could bolster food retailers by £290 million, according to an analysis by the Co-op.

With many retailers being affected by a wet, colder-than-usual start to summer in June, food retailers are pinning their hopes on a late heatwave this month as Brits stock up on barbecues, burgers and cold beers.

The Co-op said when average temperatures rose above 21 degrees, food sales also increased by 10 per cent – and with an average weekly spend of £2.9 billion at UK food retailers, this could mean a £290 million boost in a week.

In addition, a 10 degree rise in temperature can lead to a 300 per cent spike in barbecue meat sales, while cold beer sales goes up by 135 per cent.

Co-op chief executive Steve Murrells told The Telegraph that shoppers spend less time cooking in summer, opting to make last-minute meal decisions.

“It is a challenge for food retailers to ensure that we are ahead of the weather and have the right products in stock at the right time: shoppers quite rightly expect that their local convenience store will have the food they want: whatever the weather,” he said.

The Met Office is predicting sunny, warm days for much of the UK next week, despite the below-average temperatures for the month as a whole.

Click here to sign up to Retail Gazette’s free daily email newsletter