Gap shares slump as profits unravel for most recent quarter November 17, 2016 Shares in Gap have plummeted in after hours trading, after the retail giant revealed its incomes and sales had fallen during its most recent quarter. The figures Net income for the retailer for the 13 weeks to 29 October slipped to $204m (£164.2m), down 18 per cent from $248m for the same period the year before. [...]
Londoners are the most likely to take work off to bag a bargain on Black Friday November 17, 2016 Why work when you could shop? It seems a healthy chunk of us have been asking ourselves that very question, and have decided to skip work for the year's biggest day of discounting – Black Friday. According to a survey by discount retailer The Original Factory Shop (Tofs), seven per cent of us intend to [...]
E-cigarette innovation is stalling, a leading doctor has warned November 17, 2016 Innovation in electronic cigarettes will stall unless a bridging approach to new product regulations is made. New variants of e-cigarettes and next generation products risk being tied up in development, said James Murphy, head of reduced risk substantiation at British American Tobacco. Murphy gave a keynote speech today at the Next Generation Nicotine Delivery conference in [...]
Asda records ninth consecutive quarterly sales drop November 17, 2016 Asda has reported yet another sizeable drop in sales. The struggling retailer has posted a like-for-like sales drop of 5.8 per cent in the three months to the end of September. This is the the ninth quarterly fall in sales in a row for the company which is suffering due to intense price competition from discount [...]
Staples to disappear from the UK high street November 17, 2016 The Staples brand will disappear from UK high streets over the coming months. The sale of the UK arm of Staples to restructuring business Hilco Capital puts the future of around 1,100 staff working in 106 stores across the country into question. Staples, Inc. has sold its UK retail business for a "nominal" amount while the company focuses on [...]
Retail sales defied expectations amid Brexit fears in October as prices fell everywhere except petrol stations November 17, 2016 UK retail sales grew at their highest rate since April 2002, amid fears that spending could be hampered by uncertainty around Brexit. The volume of retail sales increased by 7.3 per cent in October, compared to the same month in 2015, while the amount spend rose 6.6 per cent on an annual basis, according to [...]
Weak sterling will push up the price of wine and there’s nothing anyone can do about it, Majestic’s chief executive has warned November 17, 2016 First it came for our Marmite. Then it came for our Toblerones. Now, weak sterling is pushing up the price of wine, the chief executive of one of the UK's largest booze retailers has warned. Rowan Gormley, the boss of Majestic Wine, said consumers can expect wine everywhere to go up in price – "until we grow [...]
British consumers spend £21.7b on impulse buys each year, and more than half spend impulsively every time they shop November 16, 2016 If you can't resist picking up a few more items to add to your shopping bag while standing in the checkout queue, you're not alone. British consumers were found to spend an estimated £21.7b on impulse purchases each year. The average consumer spends an estimated £416 every year on irresistible items that they don't actually need, according to [...]
London business people gave Travelodge some of their most bizarre customer requests this year November 16, 2016 Have you ever asked your hotel staff to help out with a wedding proposal, do your VAT returns or wake you up with a bagpipe serenade? If so, your wish might have landed on Travelodge's list of the most bizarre requests from the last year. A few peculiar questions were simple mistakes made by tourists lacking knowledge of the UK. [...]
John Lewis Partnership chairman Sir Charlie Mayfield admits pay changes in retail aren’t a “genuine move forward” November 16, 2016 The chairman of the John Lewis Partnership, Sir Charlie Mayfield, has admitted that the response to the national living wage from retailers has not been a "genuine move forward" for their employees. Following the introduction of the new national living wage, several retailers have cut staff benefits while increasing basic pay rates. Minutes from a John [...]