Could Mega May save retail? Hopes are riding high on King’s coronation and bumper May Day bank holiday boost April 21, 2023 Could the coronation of King Charles III help lift the UK’s post-Covid retail industry? Our retail reporter Laura McGuire finds out. March has proved to be another challenging month for the retail industry as sales fell 0.9 per cent due to soaring living costs and the third wettest March in history. However, with Royal celebrations [...]
Retail: Sixth wettest March on record dampens sales as shoppers’ fail to weather inflation hike April 21, 2023 Retail sales fell 0.9 per cent in March as wet weather conditions and high inflation hit consumer spending during the month. Despite Mother’s Day falling within the month retail, non-food sales such as clothing and homeware, fell by 1.3 per cent as the sixth wettest March on record since 1836 deterred shoppers from hitting the [...]
Flat packing in the USA: Ikea invests £1.7bn in stateside arm April 20, 2023 Ikea will invest €2bn (£1.7bn) into the US market, its biggest investment into a single market to date, as the home furnishings giant looks to capitalise on the current economic climate. The flat pack retailer said it plans to open eight new sites in the US alongside nine planning studios and order points, The Financial [...]
Deliveroo: Nine per cent dip in orders as Brits lay off takeaways in hard times – but revenues propped up by ads April 20, 2023 Deliveroo reported a disappointing nine per cent drop in takeaway orders but it was not enough to dampen a spike in its revenue for the first leg of the year. Tthe average number of customers visiting the app fell to 7.1 million from 7.6 million in the same period last year, as high inflation and [...]
Two pints at the Tesco? Supermarket to open a London pub for coronation weekend April 20, 2023 Tesco will open a pub for the King’s Coronation right in the heart of the City as it aims to dish out affordable pints to cash strapped boozers over the bank holiday weekend. Located in London’s Farringdon, on 61 Cowcross Street, The King in the Castle, will offer a Coronation-themed menu featuring products such as [...]
Zara chief bags former BBC base in West End April 19, 2023 Spanish billionaire and founder of popular fashion chain Zara Armancio Ortega has closed a deal purchasing luxury residential offices – and former BBC base – in the West End. Ortega’s firm Pontegadea shelled out £82m for the 1920s building, the private firm announced today. Last month Ortega purchased a luxury residential property with 120 apartments [...]
Live music, wine and food savings on offer as The Co-op follows Tesco and Sainsbury’s with £240m ‘members only’ drive April 19, 2023 The Co-op has revealed plans to invest more than £240m into its membership proposition in a move which will cut prices for customers. The group, which runs more than 2,400 food stores and 800 funeral homes around the UK, announced the five-year investment plan as it continues with its broader turnaround efforts. It said the [...]
Just Eat: Takeaway giant embarks on £132m share buyback scheme after 14 per cent dip in orders April 19, 2023 Just Eat will undergo a €150 million (£132m) share buyback scheme after the takeaway giant posted a 14 per cent loss in orders in the first leg of the year. The Danish company said that it was impacted by a “difficult pandemic comparison” as an end to lockdowns and a tightening on consumer spending pushed [...]
THG boss Matt Moulding lashes out at media, investors and analysts in six minute video that includes quotes from Nelson Mandela April 18, 2023 THG’s chief executive Matt Moulding published a lengthy video on Instagram Tuesday night taking aim at the media, institutional investors, stockbrokers and analysts in the latest escalation of his war with the City’s financial services sector. Moulding’s video quotes extensively from the Wolf of Wall Street, whilst also seeming to compare THG’s expansion in the [...]
Coronation: 250,000 tourists set to serve up a multi-million pound boost to London’s pub and retail sector April 18, 2023 London’s retail and pub businesses are gearing up for a multi-million pound boost in trade over the weekend of the King’s Coronation in May as tourists flocking to the city will send sales in drinks and shopping to new highs. Sarah Willingham, owner of bar group Nightcap PLC, told City A.M that the celebration is [...]