High street firms face ‘battle’ to recruit staff after labour pool shrinks October 18, 2022 High street businesses are facing a “battle” to recruit staff against the backdrop of a shrinking workforce, with many workers having left the country or unable to work due to sickness. Industry chiefs lamented the vacancy crisis facing businesses ranging from retailers to restaurants to care homes at a committee meeting of the economic affairs [...]
THG share price lifts after SoftBank sells stake to boss Moulding and Qatar October 18, 2022 Beleaguered retailer THG saw its share price leap after SoftBank is to sell its stake to the group’s co-founder Matthew Moulding and Qatar’s sovereign wealth fund. THG’s shares were boosted 13 per cent on Tuesday afternoon, after the loss-stricken Japanese investment management firm said it would offload its stake. SoftBank’s stake was once valued at [...]
Dear Diary: Moleskine wants to win the TikTok generation with notebook vending machines October 18, 2022 Beloved by wordsmiths across the globe, Moleskine notebooks are based on the black books of Parisian cafes in the 19th century – where artists would meet up over a glass or three of wine to share notes and experiences. But the firm’s boss is not looking back today – Daniela Riccardi’s eyes are very much on tomorrow’s [...]
Khan: Crossrail’s Bond Street station can revitalise “tired” parts of Oxford Street October 18, 2022 London Mayor Sadiq Khan has said the opening of Bond Street’s Elizabeth Line station next week will help revitalise a “tired” part of Oxford Street – and keep big-ticket retailers in the West End. The station is the last of the Crossrail stations to open, having been delayed due to the complexity of the build. [...]
Khan: Tourist tax-free shopping u-turn bad for London’s businesses October 18, 2022 Sadiq Khan has slammed the government’s decision to u-turn on a plan to give tourists tax-free shopping. The Mayor of London said he “absolutely” shared the concerns of West End businesses, who have expressed disappointment that the capital will lag behind other cities’ in efforts to welcome high-spending foreign visitors. “VAT-free shopping for international tourists [...]
Asda to open Express convenience stores in bid to gain market share October 18, 2022 Asda will open its first convenience stores this winter, as the supermarket hopes to appeal to more shoppers on the go. The first Asda Express store will open in Sutton Coldfield next month, followed by a store in Tottenham Hale in December. Some 30 more stores will be rolled out across 2023, in a scheme [...]
Uber Eats launch quick commerce partnership with Iceland October 18, 2022 Uber Eats has launched a new quick commerce offering this morning, trialling a new partnership with Iceland to deliver groceries across London. Following the success of rapid delivery start-ups like Gopuff, ‘Uber Eats Market’ will use Uber’s technology and Iceland’s in-store infrastructure to deliver goods in as little as 20 minutes. Over 1000 branded and [...]
Pubs and brewers disappointed by alcohol duty reversal ahead of ‘toughest winter in history’ October 17, 2022 Pubs will be “hit extremely hard” this winter after the government scrapped an upcoming alcohol duty freeze, industry chiefs said. The duty freeze was one of many policies consigned to a bonfire of tax cuts from newly-appointed Chancellor Jeremy Hunt on Monday. Announced just a few weeks ago by Hunt’s predecessor Kwasi Kwarteng, the move would [...]
Matalan secures deadline extension for £350m debt payment October 17, 2022 Matalan has announced that its debt payments have been kicked back several months, buying the high street retailer more time to find cash. The discount clothes retailer said that a January deadline to refinance £350m of debt has been pushed back to July. Matalan described the update as “an important milestone” in its recapitalisation plan [...]
VAT free shopping U-turn ‘major blow’ for West End as tourists shun London for Paris and Milan October 17, 2022 Scrapping VAT free shopping for tourists is a “major blow” for London and the country’s economy, a group representing luxury stores in the West End and other retail hotspots has said. Paul Barnes, chief executive of the Association of International Retail (AIR) – whose members range from Bicester Village to Heathrow Airport – told CityA.M. the [...]