Axminster Carpets bought out of administration March 5, 2020 Axminster Carpets has been rescued after a group of private investors, including the previous owner, bought it out of administration. The business, which entered administration on 19 February, has been bought by ACL Carpets – a consortium of investors including the Dutfield family that previously owned the firm. The group is expected to be renamed [...]
Boots Advantage Card payments blocked after cyber attack March 5, 2020 Boots Advantage Card has suffered a cyber attack, forcing the chemist to suspend payments using loyalty points. The cyber attack has affected around 140,000 customers, which Boots said represented less than one per cent of its online users. Scammers attempted to break into Boots Advantage Card accounts using passwords stolen from other websites, which can [...]
CMA warns firms against coronavirus rip-offs as face mask and hand sanitiser prices soar March 5, 2020 The Competition and Markets Authority (CMA) today warned companies not to gouge customers during the coronavirus scare as prices for hand sanitiser and face masks rocket. The watchdog said it would look at evidence that companies may have broken competition or consumer protection law by charging excessive prices or making misleading claims about their products. [...]
Tenant restructurings hit shopping centre owner Capital & Regional March 5, 2020 Shopping centre owner Capital & Regional posted a drop in net rental income for last year as it was hit by retailer restructurings. Net rental income fell five per cent to £49.3m compared to £51.9m the previous year after a £3m hit from retailer company voluntary arrangements and restructuring plans. Adjusted profit fell 10.2 per [...]
John Lewis cuts bonus and puts stores at risk of closure March 5, 2020 New John Lewis Partnership boss Sharon White this morning slashed workers’ bonuses and announced store closures as the struggling retailer posted a dive in profits for 2019. The figures John Lewis cut its bonus to two per cent today, down from three per cent last year, the lowest pay out to partners in 67 years. [...]
Domino’s targets London expansion March 5, 2020 Pizza takeaway chain Domino’s this morning reported a drop in profit for 2019 as it revealed a strategy to target further growth in London. The figures UK and Ireland sales increased 4.8 per cent to £1.21bn in the 52 weeks ended 29 December. However like-for-like sales growth slipped to 3.7 per cent from 4.6 per [...]
Tesco ramps up fight back against German discounters March 5, 2020 Tesco has ramped up the competition with the German discount supermarkets as it pledged to price match hundreds of products. The UK’s Big Four supermarkets – which also includes Asda, Sainsbury’s and Morrisons – have been shedding market share to budget rivals Aldi and Lidl. Tesco, which is the UK’s largest supermarket, suffered a 0.8 [...]
Coronavirus: UK retailers launch action plan to win back Chinese visitors March 5, 2020 Retailers have this morning launched a battle plan to tackle the impact of coronavirus on the sector, as a sharp drop in Chinese visitors has hurt UK high streets. The international retail sector has set up a new Association of International Retail, which has unveiled a recovery plan for the industry which will be put [...]
Lego builds sales with Star Wars and Harry Potter kits March 4, 2020 Lego built sales growth last year, defying the shrinking toy market, as shoppers snapped up Star Wars and Harry Potter themed kits. Revenue jumped six per cent last year to 38.5bn Danish krone (£4.48bn), up from three per cent the previous year, putting it ahead of Barbie owner Mattel and Hasbro, the maker of My Little [...]
Coronavirus: Retailers battle supply chain issues as consumers stockpile March 4, 2020 UK retailers are battling against supply chain issues as consumers rush to stockpile due to the outbreak of coronavirus. More than a third of UK households are worried about product shortages due to coronavirus, and one in 10 shoppers have started to stockpile. Almost a quarter of retailers also said that supply chain disruption is [...]