Lockdown entrepreneurs given chance to secure West End retail space September 29, 2020 Entrepreneurs that have established new brands during the UK coronavirus lockdown could secure physical retail space in the West End through a pop-up incubator initiative. West End landlord Shaftesbury has launched a scheme to offer retailers the chance to operate from a pop-up store in Seven Dials in a bid to support new businesses. The [...]
B&M raises profit forecast as sales soar during lockdown September 29, 2020 Discount chain B&M has bucked the trend of struggling retailers after posting revenue growth of 25.3 per cent for the first half of its financial year and raising its profit forecast. The group saw sales jump between 29 March and 26 September as the coronavirus lockdown hit, citing its “well-attuned business model to the evolving [...]
Ex-Sainsbury’s boss Mike Coupe joins NHS Test and Trace September 29, 2020 Former Sainsbury’s chief executive Mike Coupe has been appointed as a director at the UK’s beleaguered coronavirus testing service. Coupe, who was once caught on camera singing “we’re in the money” in relation to a since canned merger between Sainsbury’s and Asda, has been appointed testing director of NHS Test and Trace. The former supermarket [...]
Report: ‘Worst-case’ Covid-19 scenario could “wipe out” London’s cultural sector September 29, 2020 The West End could suffer a 97 per cent slump in added value by 2024 if stricter long-term coronavirus restrictions are imposed, businesses have warned. A new report showed that the Covid-19 pandemic could cost the West End’s arts and culture sector £4.7bn annually in 2024 under a “worst case scenario” involving a year-long lockdown. [...]
Retail rent arrears to exceed £2bn after third quarter September 29, 2020 Retail rent arrears could exceed £2bn after today’s third quarter payment deadline, property industry body Revo has warned. The organisation said this morning that less than 50 per cent of rent due is expected to be paid by operators as the coronavirus crisis continues to impact the high street. So far this year the unpaid [...]
Card Factory says second half sales recovering, gives no outlook September 29, 2020 Britain’s Card Factory said today it has had an encouraging start to the second half of the fiscal year as its stores reopened, but could not provide a forecast for the rest of the year as it faced the impact of a new wave of coronavirus lockdowns. “In the short term, as well publicised, recovery in the retail [...]
Coronavirus: Supermarkets ramp up online services amid second wave fears September 28, 2020 Supermarkets are ramping up their online delivery services amid fears over a second wave of coronavirus, after demand outpaced capacity during the UK-wide lockdown this summer. Demand for home deliveries has recently spiked again over concerns that the government will impose stricter lockdown rules as coronavirus cases have surged. It was reported today that London [...]
High street footfall plunges after 10pm hospitality curfew introduced September 28, 2020 High street footfall dropped sharply last week following the introduction of a 10pm curfew for pubs and restaurants as part of measures to reduce the spread of coronavirus. Retail footfall has been gradually increasing as coronavirus restrictions have been lifted. However fears over a second wave of the virus prompted the government to impose a [...]
Walmart selects billionaire brothers as preferred bidders for Asda September 28, 2020 US retail giant Walmart has selected a consortium led by the billionaire brothers behind petrol station chain EG Group with private equity firm TDR Capital as the preferred bidder to buy Asda. The deal would value the UK supermarket chain at more than £6.5bn, Sky News reported. The broadcaster said that Mohsin and Zuber Issa, [...]
Diageo shares pop as Guinness maker hails improved trading September 28, 2020 World’s largest spirit maker Diageo said that it had made a “good start” to the new financial year, driven by its US business, which is performing ahead of expectations. Shares in the FTSE 100 drinks maker rose 6.1 per cent as markets opened this morning. In an update before the firm’s AGM, chief executive Ivan [...]