Treasury mulls over temporary VAT cut to boost economy June 15, 2020 Chancellor Rishi Sunak is considering a temporary VAT cut to help boost consumer demand and confidence. The Treasury is considering either a blanket cut in VAT or a more targeted reduction in a bid to stimulate the faltering economy. The measure would mirror the temporary VAT cut taken by former chancellor Alastair Darling during the [...]
Shops reopen to long queues as social distancing measures come into force June 15, 2020 Retailers this morning flung open their doors to the public for the first time since the coronavirus lockdown was imposed in March. People formed long queues outside Primark outlets in London and Birmingham this morning before the shops reopened at 8am, in a signal that despite fears that footfall would be low initially, there was [...]
Cineworld sparks legal row by pulling out of £1.6bn Cineplex takeover June 15, 2020 Cineworld has pulled out of its £1.6bn deal to become the biggest cinema chain in America, sparking bitterness and the potential of a legal battle. The London-listed company claims Cineplex, Canada’s biggest cinema chain, has suffered a “material adverse effect” under the terms of the deal, which included a ceiling of $725m (£578m) on its [...]
H&M sales halve during lockdown months as retailer hopes for June recovery June 15, 2020 Sales at H&M halved during the second quarter of the year, after the coronavirus lockdown forced it to close four-fifths of its global stores during the outbreak. The world’s second-biggest fashion retailer’s net sales for the three months to 31 May were 28.7bn crowns (£2.45bn), 50 per cent lower than the same period last year. [...]
Three in ten independent retailers to stay shut today June 15, 2020 Thirty per cent of independent retailers are planning to keep their doors closed today, as lockdown restrictions ease and allow some shops to reopen. Just over a third of stores predicted they would be trading at pre-lockdown levels by December 2020, rising to 56 per cent who felt they would be back to normal by [...]
Shorter hours and portable loos: How London’s West End is reopening shops after lockdown June 15, 2020 The West End was one of the first areas of London to suffer the economic damage wrought by coronavirus, even before lockdown. By mid-February, people were already avoiding the usually bustling restaurants of Chinatown, following false reports that the disease could be caught more easily there. Now, after months of lockdown-induced hibernation, businesses across the [...]
Retail footfall down 80 per cent in May amid coronavirus lockdown June 15, 2020 Retailers suffered a decline in footfall of more than 80 per cent in May, as the coronavirus lockdown kept consumers at home and shops shuttered across the country. Footfall plunged 81.6 per cent compared to the same period last year, according to the British Retail Consortium. This was a shallower decline than in April, however, [...]
Unilever to invest €1bn in climate-focused fund June 14, 2020 Consumer giant Unilever will today reveal a dedicated fund to combatting climate change, with a total investment of €1bn to be spent over the next decade. The investment will be made across all of its brands, which include household names such as Ben & Jerry’s, Knorr and Vaseline. Named the Climate and Nature Fund, Unilever [...]
Boohoo gears up for row over chief executive’s £1m pay packet June 14, 2020 Fast fashion chain Boohoo is preparing for a potential investor revolt this week over a £1.04m payout to its chief executive. In a report issued to shareholders, Institutional Shareholder Services (ISS) recommended that investors vote against the group’s proposed remuneration policy. The advisory group said no explanations were provided by Boohoo for the size of [...]
Oxford Street braces for just 20 per cent of usual footfall when shops reopen June 13, 2020 Shops on London’s usually bustling Oxford Street are bracing themselves for as little as one-sixth of their usual footfall when they reopen on Monday. Coronavirus lockdown restrictions ease on 15 June, allowing retailers on Oxford Street, Regent Street, and others to fling open their doors for the first time since March. However, Jace Tyrrell, chief [...]