Today, we look at the losses this year of the Food-to-Go market, how Waitrose have joined the ranks of Britain's stores to start closing unprofitable stores and how Cathedral Cheese is going to make its way to America. Enjoy!
The Food to Go Market is facing a £6 billion loss
The value of UK food-to-go market is set to decline by £6 billion in 2020 because of the coronavirus pandemic and the stresses and burdens that has bought with it. However, Lumina Intelligence's new UK Food To Go Market Report 2020forecasts a recovery to 2019 levels by the end of 2022.The food-to-go market in the UK experienced a decade of growth through the 2010's. Lumina Intelligence valued the market at £21.3 billion for 2019, a growth of 2.4%. However, the impact of the pandemic is set to result in a decline of 29% this year, taking the market value to £15 billion. Relative to the overall eating out market, food-to-go is somewhat insulated and as a result this decline is lower than that forecasted for the total sector. Consequently, Lumina Intelligence predicts that the share of the total eating out market held by food-to-go will increase to 27.4%, up from 23.3% in 2019.The Government's 'stay at home' message during the height of the pandemic resulted in 60% of people working from home, causing a major decline in city centre footfall. Food-to-go visits have dropped steadily by 25%. We can only hope Lumina Intelligence is correct in their assessment, and this all picks up again in the next couple of years.
Cathedral Cheese is going Stateside
Saputo Dairy UK has announced the launch of its Cathedral City brand in the US. The launch follows the brand's debut in Canada earlier this year. Saputo, formerly known as Dairy Crest, said it has started to secure listings for Cathedral City in national retailers spanning the whole of the US. The cheddar is expected to be on sale in over 2,000 stores by the Thanksgiving holiday in November. The cheese will continue to be made in Cornwall, before being packed and shipped across the Atlantic. Good to know the yanks will be getting some pure cheddar!
Waitrose are closing 'unprofitable stores'
Waitrose announced yesterday that it plans to close another four stores because it cannot make them profitable amid challenging trading conditions. Three shops in Caldicot, Ipswich and Shrewsbury will shut in December, whilst the fourth in Wolverhampton has been sold to Tesco. 124 staff face redundancy, whilst the 140 workers in the Wolverhampton store will transfer to Tesco. Waitrose has been shutting underperforming stores since it launched a review of its estate back in 2017. After the latest closures, Waitrose will trade from 331 stores “ 272 supermarkets and 59 local stores.