Rain rain go away: Wettest May on record dampens footfall hopes for high streets June 3, 2021 The reopening of indoor dining and socialising did not serve up the hoped for rise in footfall in May, as shoppers were put off by rain and ‘rule of six’ limitations. The wettest May on record saw footfall on high streets, in shopping centres and in retail parks fall versus the same period in 2019. [...]
Amazon to dethrone both Tesco and Sainsbury as UK’s largest retailers within four years June 3, 2021 Amazon is to overtake Tesco as the UK’s largest retailer within the next four years, with sales expected to hit more than £77bn by 2025, according to new research, shared exclusively with City A.M. this morning. Last year, Amazon UK’s total sales were £36.3bn while Tesco’s sales were almost double at £64bn. However, by 2025, [...]
Private equity firm CVC bags A Bathing Ape while it eyes expansion June 3, 2021 Private equity firm CVC has bagged an investment in Japanese streetwear brand A Bathing Ape, also known as BAPE, where it will have co-control over the company. With plans to bolster the brand’s expansion, CVC will look to grow BAPE’s presence in Europe, the US and China. With the rise in popularity of online shopping [...]
Mayfair restaurant Le Gavroche shuts for lunch indefinitely, citing Brexit-driven staffing shortage June 2, 2021 Mayfair restaurant Le Gavroche will only open for dinner service until further notice, with the restaurant highlighting a “major” lack of well-trained hospitality staff due to a combination of Brexit and the pandemic. From 14 June, the two Michelin-starred restaurant owned by French celebrity chef Michel Roux will only open from 5pm onwards, meaning punters [...]
Arch-Brexiter Wetherspoons boss Tim Martin pushes for work visa for EU pint pullers June 2, 2021 Brexit-backing Wetherspoon pubs boss Tim Martin has added his name to the list of those wanting to relax work visa rules for EU migrants. Martin, who toured the country’s Wetherspoons pubs espousing the benefits of a hard Brexit, says that the UK should make it easier for lower-skilled EU workers to relocate here. His comments [...]
A post-pandemic high street must be experience-led, says Geek Retreat CEO June 2, 2021 In a post-pandemic world, the high street needs to offer customers something more experiential – something online giants like Amazon can’t offer – the CEO of ‘geek culture’ store Geek Retreat has said. Geek Retreat, the retailer that sells everything from comics and graphic novels to action figures, and also offers customers access to gaming [...]
Etsy targets Gen Z fashionistas with $1.6bn Depop takeover June 2, 2021 Etsy is buying second-hand fashion resale platform Depop for $1.6bn (£1.1bn) as it looks to attract younger shoppers. London-based Depop, which was founded in 2011, has become wildly popular among Gen Z shoppers, with more than 90 per cent of its users under the age of 26. Last year the company booked gross revenue of [...]
Exclusive: Kimberly-Clark’s EMEA president on Kleenex demand exploding overnight June 2, 2021 Since Covid took over our lives, the demand for personal care and hygiene products has gone through the roof, changing consumer behaviour and buying patterns forever. To discuss how this has impacted one of the biggest players in the industry, City A.M. sits down with the EMEA president of Kimberly-Clark, the owner of brands like [...]
B&Q owner Kingfisher signs £550m credit deal linked to sustainable targets June 2, 2021 Kingfisher has signed a £550m three-year credit deal that will see it benefit from a lower interest rate on the loan if it delivers specific targets to help tackle climate change. Kingfisher, which also owns Screwfix, has updated its climate change targets to reduce emissions by 2026 in a way that will not contribute to [...]
Food could be about to get more expensive after more muted price falls in May June 2, 2021 Prices in shops fell again in May, as bargain hunters benefitted from lower prices, however price rises could be on the cards in the near future, the BRC has warned. Shop prices fell 0.6 per cent year-on-year last month, marking the slowest rate of price declined since February 2020. On average, in the last six [...]