Hammerson pins hopes on ‘£800m’ raise to survive crisis August 3, 2020 Retail landlord Hammerson is considering tapping investors for up to £600m in a bid to shore up its finances during the coronavirus crisis. Hammerson, which owns Birmingham’s Bullring shopping centre and Brent Cross in north London, also confirmed that it is in advanced talks to sell its 50 per cent stake in Via Outlets to [...]
DEBATE: Is Rishi Sunak’s digital tax a good idea to save the high street? August 3, 2020 Is Rishi Sunak’s digital tax a good idea to save the high street? Jordan Shlosberg, co-founder of proSapient, says YES. High street retail is not fundamentally unprofitable, but is disadvantaged compared to online retail through higher taxes and overpriced leases. Through shifting the national tax burden from physical to online retail, the government can support [...]
Byron saved from bankruptcy but 650 staff to be axed July 31, 2020 Burger chain Byron has been saved from bankruptcy this afternoon after it was bought by Calveton UK, with current investors taking a minority stake. However, more than half of the popular high street restaurant’s stores and employees will be axed as a result of the deal. Only 20 of Byron’s 51 restaurants will continue to [...]
UK retailers must adapt business models to survive pandemic, experts say July 31, 2020 Around half of UK retailers must pivot their businesses in order to avoid collapse during the coronavirus pandemic, industry experts said. UK retailers need to move away from traditional, store-centric models and embrace online shopping, the latest KPMG Ipsos Retail Think Tank (RTT) said. The coronavirus pandemic has accelerated changes that were already happening in [...]
Pets at Home shares rise on jump in pet ownership July 31, 2020 Shares in Pets at Home jumped this morning after the retail chain reported a surge in demand for pet ownership after the coronavirus lockdown. Pets at Home said there were “tangible signs” of an increase in animal owners “as people adopt new attitudes to work and leisure pursuits” following the lockdown. A jump in pet [...]
British American Tobacco beats half-year profit forecasts July 31, 2020 British American Tobacco (BAT) smashed half-year profit expectations for as premium cigarette sales soared and it enjoyed strong demand for vaping products in the US, it said today. The figures The Lucky Strike brand owner posted an 18.8 per cent jump in pre-tax profit to £4.59bn for the six months to the end of June. [...]
DEBATE: Is the plan to revitalise John Lewis likely to be a success? July 31, 2020 Is the plan to revitalise John Lewis likely to be a success? Emma Revell, head of communications at the Institute of Economic Affairs, says YES. Bricks and mortar retail was in decline well before coronavirus hit and large department stores were struggling to afford sky-high rents on their enormous buildings. By recognising the changes in [...]
Retail vacancies to spike in coming months, experts warn July 31, 2020 Retail vacancies crept up in the second quarter but the industry warned of a spike in empty properties when the full impact of the coronavirus pandemic hits the high street. In the second quarter the shop vacancy rate in Britain increased to 12.4 per cent, from 12.2 per cent in the first three months of [...]
Argos scraps catalogue after 50 years as shoppers move online July 30, 2020 Argos will stop printing its iconic catalogue after almost 50 years due to the increasing shift to online shopping. The retailer said it would stop producing the catalogue due to changing customer shopping habits. The bi-annual catalogue will no longer be regularly printed by the end of January 2021, according to reports. Argos first launched [...]
Tui to close 166 high street stores and cut 270 jobs July 30, 2020 Package holiday firm Tui will close 166 of its high street stores, it announced today, after a slump in the travel sector caused by the coronavirus pandemic. The tour operator said that the decision will impact 900 jobs, but only 270 of these are at risk of being cut. Tui will try to move the [...]