Retailers will need to brave fierce headwinds in 2017 January 2, 2017 The high street's cold snap over Christmas and the New Year is not just seasonal. Several chills running through the sector could finally be felt with their full force in 2017. Rising inflation, falling wage growth, escalating costs and sterling's depreciation are all expected to weigh on retailers in the coming months. If inflation takes [...]
Retail cold snap: New Year footfall plummets at Britain’s shopping centres January 2, 2017 The UK high street experienced a sales cold snap at the weekend as new figures showed footfall fell nearly 13 per cent nationwide while in shopping centres it slumped by a massive 50 per cent. Poor weather, an early December spending spree and bank holiday trading hours deterred shoppers from venturing outdoors on New Year’s Day, [...]
Sports Direct shareholders to vote on fate of chairman this week, following investors’ revolt at AGM January 2, 2017 Sports Direct shareholders will meet on Thursday to decide whether the retailer's chairman should keep his seat. Dr Keith Hellawell, a former chief constable in his 70s, failed to find favour with investors in the company's annual general meeting in September, with just 47 per cent of independent shareholders voting to keep him as chair. Although the [...]
The UK tourism industry is set to gain £24.1bn next year as more overseas visitors flock to Britain December 30, 2016 The weak pound has wreaked all kinds of havoc on British industries, but there's at least one that's celebrating as predictions are made for 2017. More inbound visitors than ever before, 38.1m, are set to crowd the UK's streets next year. That's up four per cent from this year, which is set to reach around 36.7m, according [...]
Jobs melting away: Hundreds of jobs may be lost as Cadbury Fingers could be made outside the UK December 29, 2016 The government has been urged to take action to safeguard hundreds of jobs at one of Britain's best-known chocolatiers. Cadbury's parent company, Mondelez, bought back the licence from fellow confectionery company Burton's Biscuits to produce some of the UK's best-loved snacks. Previously, Cadbury Fingers were produced under a licence by Burton's at its factory in Edinburgh alongside other lines made by [...]
Co-op focuses on London and South East expansion as it sets its sights on 100 new store openings next year December 28, 2016 The Co-operative Group is planning to spend £70m to open 100 new stores across the UK in 2017, creating around 1,500 new jobs. The supermarket has said the new Co-op convenience outlets will be predominantly based in London and the South East, with other stores in Yorkshire, Scotland and Wales. Read more: Co-operative Group profit [...]
No tears for Boohoo as it nears $20m acquisition of US firm Nasty Gal’s assets December 28, 2016 Boohoo's share price rose this morning after the online fashion retailer announced it has initially agreed to snap up several assets from US group Nasty Gal for a cool $20m (£16.2m). Joint chief executives Mahmud Kamani and Carol Kane said the purchase agreement, which is Boohoo's second acquisition announced this month, is an "ideal next step" [...]
Sports Direct sells Dunlop brand to Japanese buyer for £112m as it refocuses on becoming “Selfridges of sports” December 27, 2016 Sports Direct is selling the Dunlop brand for $137.5m (£112.3m) to Japan's Sumitomo Rubber Industries (SRI) as part of its bid to become "the Selfridges of sports retail". The high street chain is re-focusing on developing its relationship with third party brands and its core UK business and has agreed to sell Dunlop's sporting goods and licensing businesses [...]
Philip Green says BHS successor Dominic Chappell must pay part of pension fund black hole December 26, 2016 Sir Philip Green, the former owner of BHS, wants regulators to force his successor to contribute towards plugging the black hole in the collapsed company’s pension fund, according to reports. A payment by Dominic Chappell, who infamously bought the retailer from Green for £1, is one of the conditions of the billionaire Green making his [...]
Boxing Day footfall slump points to domination of the online retailers December 26, 2016 Boxing Day high street retail sales have fallen sharply year on year as UK shoppers stay at home and push online sales to record heights, according to early data. Half day footfall fell by six per cent compared to Boxing Day last year, according to data from retail monitors Springboard. A decline of 16.6 per [...]