John Lewis mulls cutting Oxford Street flagship store space by 40 per cent September 16, 2020 John Lewis is reportedly preparing to slash the size of its flagship Oxford Street department store due to a steep drop in West End footfall during the coronavirus pandemic. The retailer has applied to Westminster council to allow it to reduce its trading space by up to 40 per cent, while the third, fourth and [...]
Waitrose axes 124 jobs amid closure of unprofitable stores September 16, 2020 Waitrose has announced plans to axe four unprofitable stores, putting 124 jobs at risk. The supermarket said it will close shops in Caldicot, Ipswich Corn Exchange and Shrewsbury, while a fourth branch in Wolverhampton will be sold to Tesco. Waitrose said today that trading at the stores had been “challenging” and it had not found [...]
New Byron owner Calveton mulls acqusition of rival chain Gourmet Burger Kitchen September 16, 2020 Gourmet Burger Kitchen’s South African owner is pushing ahead with a process to sell the casual dining chain, with the new owner of Byron reportedly plotting to buy the firm. Deloitte has begun contacting prospective buyers of GBK over the past week, Sky News reported, which would make it the latest restaurant group to be [...]
The Hut Group raises £1.88bn in biggest London stock market listing since 2015 September 16, 2020 The Hut Group began trading on the London Stock Exchange this morning, raising £1.88bn in the largest UK initial public offering (IPO) since 2015. The Manchester-based online retail giant is valued at around £5.4bn following its stock market listing, which the firm said is the UK’s largest ever technology IPO. The Hut Group, which owns [...]
A New Look for high street retail? Here’s what matters in the Covid-19 world September 16, 2020 It has been what Sir Alex Ferguson used to call “squeaky bum time” for fashion retailer New Look these past few days. On Monday it was being reported that British Land and Landsec, two of the chain’s biggest landlords, were preparing to vote against the proposed company voluntary arrangement (CVA) which would have switched the [...]
New Look landlords approve switch to turnover rents September 15, 2020 New Look’s landlords and creditors have given the struggling retailer the green light to push ahead with restructuring plans. The majority of landlords have approved plans to allow the high street chain to switch to turnover-based rents at 402 of its UK stores, which will align rent payments with future sales performance. The remaining 68 [...]
Next agrees deal to rescue Victoria’s Secret UK business and 500 jobs September 15, 2020 Next has agreed a deal with Victoria’s Secret owner L Brands to rescue its UK business, which is currently in administration, in a move that will save around 500 jobs. The joint venture will operate all Victoria’s Secret stores in the UK and Ireland, subject to approval from its landlords. Its UK online business, which [...]
Eat Out to Help Out wipes £155m off supermarket sales September 15, 2020 The government’s Eat Out to Help Out discount scheme saw £155m knocked off supermarket sales last month as consumers ate fewer meals at home. Brits spent less at supermarkets in the four weeks to 6 September compared to July as the discount scheme encouraged people to venture out to restaurants and cafes. Alcohol supermarket sales [...]
H&M makes fashionable comeback in coronavirus turnaround September 15, 2020 H&M surpassed analyst estimates on profit in its most recent quarter, helping the world’s second biggest fashion retailer to bounce back after the coronavirus pandemic weathered sales. Profit before tax for the three months to the end of August was around 2bn Swedish crowns (£177.1m), beating analysts’ mean forecast of 191m crowns according to data [...]
Ocado sales surge as consumers switch to online shopping September 15, 2020 Ocado sales soared in the third quarter as more customers continued to switch to online shopping due to the pandemic. Retail revenue surged 52 per cent to £587.3m in the 13 weeks to 30 August due to high demand for home grocery deliveries. Ocado’s share price jumped 5.99 per cent this morning after it forecast [...]