The top stories dominating the first week of 2017

#1 John Lewis the latest to fall victim to post-Christmas slump

John Lewis recorded a 36 surge in sales in the week before Christmas, but then had a 9.4 per cent slump in the final week of 2016 as the timing of bank holidays impacted on trading.

The department store chain raked in £175.6 million in sales in the week leading up to December 24 due to a surge in last-minute Christmas shopping coupled with two extra days of trading that bolstered sales.

However, the week between Christmas and new year was impacted by the timing of the bank holidays.

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#2 Morrisons kicks off 2017 price war with reductions across 800 items

Morrisons has wasted no time since 2017 began by kicking off the latest phase of the supermarket price war with 800 items having their prices slashed.

Morrisons is the first of the Big 4 to cut prices, with other retailers expected to follow, in an attempt to attract customers on a tighter budget after the festive season.

The retailer‘s price reductions, which come into effect this week, include the cost of two-pack avocados falling from £1.80 to £1.47 while King Edward potatoes will drop from £2 to £1.67.

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#3 Sir Philip Green and Dominic Chappell under fresh scrutiny over property deals

BHS is undergoing an unprecedented investigation as its liquidators probe the property transactions of Sir Philip Green and Dominic Chappell.

Sources close to the investigation told The Guardian that FRP Advisory, who are handling the liquidation of the retailer, have undertaken a “massive exercise in data collation” in detail rarely seen before.

The pair have already faced intense scrutiny over their handling of the sale of BHS and its subsequent downfall, which resulted in 11,000 job losses and a £571 million pension deficit which is yet to be fully paid off.

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#4 Tesco’s senior independent director’s shock


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