SCS shares jump as furniture sales soar after lockdown July 30, 2020 Shares in furniture retailer SCS jumped this morning as it reported a surge in demand following the coronavirus lockdown. Order intake before lockdown was down 4.2 per cent on the previous year, plunging 92.5 per cent below 2019 levels during lockdown. Demand bounced back as restrictions were eased, with order intake between 24 May and [...]
John Lewis may convert department stores into affordable housing July 30, 2020 John Lewis is considering converting some of its store estate into housing in an attempt to strengthen its services business as the high street battles the impact of the coronavirus crisis. The retailer, which owns the department store chain and Waitrose, said it is exploring the concept of new mixed-use affordable housing with third parties. [...]
Hermes second quarter sales plunge 42 per cent amid store closures July 30, 2020 Luxury brand Hermes announced this morning that sales fell 42 per cent in the second quarter as the coronavirus pandemic forced it to close stores and pause production. The French designer group, which makes the £7,000-plus Birkin bag, said revenue in the first half of the year was down 25 per cent to €2.5bn. The [...]
Business rates aren’t fit for purpose but Rishi Sunak’s digital tax is a sticking plaster, not a solution July 30, 2020 Long before the coronavirus pandemic, our high streets were struggling. Faced with the rise of online sales, many well-known retailers were either closing stores, entering a form of insolvency known as a company voluntary arrangement (CVA), or falling into administration. The oft-quoted analysis of this demise was that the costs of running a physical store [...]
Fuller’s reports £10m hit on trading due to coronavirus pandemic July 30, 2020 Pub chain Fuller, Smith and Turner said this morning it has taken a hit of more than £10m this year due to the impact of coronavirus on trading. The figures Fuller’s said revenue in the year ended 28 March was up three per cent to £333m. Profit before tax was £174.5m, including proceeds from the [...]
Pizza Hut hires advisers to explore insolvency agreement July 29, 2020 Casual dining chain Pizza Hut has reportedly hired advisers to explore a potential insolvency agreement, which could involve significant job cuts. Pizza Hut Restaurants has hired restructuring firm Alvarez & Marsal to weigh up a company voluntary arrangement (CVA), Sky News reported. A final decision has not yet been taken but an insolvency agreement is [...]
Covid-19 could push up prices for online shoppers, experts say July 29, 2020 Online shoppers could face more expensive deliveries as e-commerce retailers grapple with mounting costs due to soaring demand during the coronavirus pandemic, according to the latest research. The spike in demand for home deliveries during the coronavirus pandemic has increased costs for retailers, which will eventually be shared with consumers, experts said. Online sales surged [...]
Mr Kipling owner Premier Foods reports sales jump due to surge in home cooking July 29, 2020 Premier Foods, the owner of Mr Kipling and Bisto, said sales soared during lockdown as consumers cooked more meals due to home working and the closure of restaurants and cafes. Group sales in the 13 weeks to 27 June increased 22.5 per cent compared to the previous year, with branded sales up 27 per cent. [...]
BRC: Retailers ease discounting in July as lockdown relaxed July 29, 2020 British retailers discounted their goods less in July than the month before, after consumer demand picked up in many sectors as coronavirus lockdown restrictions eased, data from the British Retail Consortium (BRC) showed today. Average shop prices in July were 1.3 per cent lower than a year before, compared with 1.6 per cent lower in [...]
The City takes the lead as Ebay reports 335 per cent jump in UK businesses July 29, 2020 The number of UK businesses signing up to become sellers on Ebay spiked more than 300 per cent in June, with the City of London taking the top spot for the most new companies on the site during lockdown. Ebay said the number of new businesses on its website jumped 335 per cent in June [...]