Daily Newsletter

05 August 2024

Daily Newsletter

05 August 2024

Morrisons freezes energy costs with warmer freezers

The move could help redefine the standard for freezer temperatures in the retail sector.

Luke Martin August 02 2024

Supermarket Morrisons is leading a charge to overhaul the frozen food industry by trialling warmer freezer temperatures.

The retail giant is testing a 3°C increase in freezer temperatures across ten UK stores in a bid to slash energy consumption and costs, the Guardian reported.

This move marks a significant departure from the longstanding industry standard of -18°C, a temperature set almost a century ago.

With energy prices soaring and sustainability concerns mounting, pressure is growing on retailers to find innovative ways to reduce their environmental impact and operating costs.

A recent study by Nomad Foods, owner of Birds Eye, found that raising freezer temperatures to -15°C could cut energy consumption by up to 11% without compromising food quality.

This finding has galvanised support from industry players, including logistics companies and food producers, who have formed the Move to Minus 15°C Coalition.

Morrisons' participation in this initiative is a major step forward.

The retailer, which has been grappling with competitive pressures in recent years, sees the potential cost savings as a crucial tool for maintaining price competitiveness and accelerating its net-zero ambitions.

While the trial is in its early stages, the potential benefits for the wider retail sector are substantial.

If successful, it could pave the way for a wholesale shift in industry practices, delivering significant energy savings and reducing carbon emissions.

“The standard temperature for the storage and transport of frozen food today looks like it is simply a convention from nearly 100 years ago,” said Ruth McDonald, corporate services director at Morrisons.

“We now have vastly better freezers and modern technology and monitoring that gives us a precise picture of frozen food temperatures throughout the supply chain.”

As the cost-of-living crisis continues to bite and environmental regulations tighten, initiatives such as this are essential for ensuring the long-term sustainability of the retail industry.

Buy Now Pay Later (BNPL) Market Overview

Per GlobalData, the BNPL market was valued at $349.4 billion in GMV in 2023. The market has witnessed exponential growth over the past few years, driven by changing consumer preferences, technological advancements, and the growing e-commerce market. As the market grows, new entrants such as banks and retailers are joining the space, either by developing their products or partnering with existing players. Per our estimates, the BNPL market will record a CAGR of >19% from 2023 to 2028.

Buy Now Pay Later (BNPL) Market Overview

Per GlobalData, the BNPL market was valued at $349.4 billion in GMV in 2023. The market has witnessed exponential growth over the past few years, driven by changing consumer preferences, technological advancements, and the growing e-commerce market. As the market grows, new entrants such as banks and retailers are joining the space, either by developing their products or partnering with existing players. Per our estimates, the BNPL market will record a CAGR of >19% from 2023 to 2028.

Buy Now Pay Later (BNPL) Market Overview

Per GlobalData, the BNPL market was valued at $349.4 billion in GMV in 2023. The market has witnessed exponential growth over the past few years, driven by changing consumer preferences, technological advancements, and the growing e-commerce market. As the market grows, new entrants such as banks and retailers are joining the space, either by developing their products or partnering with existing players. Per our estimates, the BNPL market will record a CAGR of >19% from 2023 to 2028.

Buy Now Pay Later (BNPL) Market Overview

Per GlobalData, the BNPL market was valued at $349.4 billion in GMV in 2023. The market has witnessed exponential growth over the past few years, driven by changing consumer preferences, technological advancements, and the growing e-commerce market. As the market grows, new entrants such as banks and retailers are joining the space, either by developing their products or partnering with existing players. Per our estimates, the BNPL market will record a CAGR of >19% from 2023 to 2028.

Buy Now Pay Later (BNPL) Market Overview

Per GlobalData, the BNPL market was valued at $349.4 billion in GMV in 2023. The market has witnessed exponential growth over the past few years, driven by changing consumer preferences, technological advancements, and the growing e-commerce market. As the market grows, new entrants such as banks and retailers are joining the space, either by developing their products or partnering with existing players. Per our estimates, the BNPL market will record a CAGR of >19% from 2023 to 2028.

Buy Now Pay Later (BNPL) Market Overview

Per GlobalData, the BNPL market was valued at $349.4 billion in GMV in 2023. The market has witnessed exponential growth over the past few years, driven by changing consumer preferences, technological advancements, and the growing e-commerce market. As the market grows, new entrants such as banks and retailers are joining the space, either by developing their products or partnering with existing players. Per our estimates, the BNPL market will record a CAGR of >19% from 2023 to 2028.

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