Retail Sales Hit by Biggest Slump on Record June 4, 2019 | City Talk Retail sales have taken a dramatic tumble in May, as already challenging retail conditions are set against a background of Brexit uncertainty. In total, sales for May declined by 2.7 per cent, the biggest drop since the British Retail Consortium (BRC) started the monthly survey 24 years ago. Britain’s retailers are warning that the decline [...]
Matalan boosts revenue despite ‘tough retail climate’ June 3, 2019 Budget fashion brand Matalan boosted profits and revenue last year despite a “tough” retail climate which has seen other retailers forced to launch store closure programmes. The figures Revenue was £1.1bn in the year to 23 February 2019, up from £1.06bn in the previous year driven by a 31 per cent rise in online sales. [...]
Amazon hits back at Hammond’s digital tax with high street venture June 2, 2019 Amazon is launching a programme to help digital businesses find success on the high street, with a series of pop-up stores across the UK. The move follows comments from chancellor Philip Hammond that the tech giant and other online behemoths hold a “near-monopoly” over physical stores, contributing to retail's economic downturn. The e-commerce giant will open [...]
Sir Philip Green makes bid to slash retail empire’s business rate bill June 2, 2019 Sir Philip Green is launching an audacious bid to slash the amount his retail empire pays in business rates, in a move likely to trigger fresh controversy around the embattled tycoon. Sources have warned that, if implemented, the demands made by Green’s Arcadia group not to pay some of its business rate bills until April next [...]
Consumer sentiment hits eight-month high despite Brexit uncertainty June 1, 2019 UK consumers reported an improvement in their personal finances and more positive outlook for the year ahead in May, according to the monthly survey by market researchers GfK. The economy has continued to grow slightly thanks to solid demand from households, despite businesses pausing any major investments as they await the latest in the Brexit [...]
Sir Philip Green must stump up extra £50m to save Arcadia from administration May 31, 2019 Sir Philip Green must plough another £50m into the pension scheme of his Arcadia retail empire to prevent it collapsing, it is reported. Read more: Sir Philip Green to close Miss Selfridge's flagship Oxford Street store The Pensions Regulator (TPR) has ordered the Topshop tycoon to add the £50m in addition to £100m his family [...]
Burberry fails to stop the selling May 31, 2019 | City Talk Hard-won gains continue to evaporate as Burberry does no more than expected, writes our head of markets. Still being in the early stages of its transformation plan is dragging on these full-year numbers, but there is little doubt that Burberry's (LSE:BRBY)aspirations are high. Revitalising its iconic brand may take some time, but Burberry seems well-positioned. [...]
Mountain Warehouse eyes store expansion as profits jump May 31, 2019 Outdoor clothing group Mountain Warehouse is eyeing an expansion on the high street this year after reporting today a double-digit rise in annual pre-tax profits and sales. The retailer, which currently runs 350 stores and employs 3,500 staff, is planning to open a further 50 stores this year, including roughly 20 in the UK, following [...]
Yacht a result: Smooth sailing for luxury manufacturer Princess as it cruises to record results May 31, 2019 Britain’s biggest luxury yacht maker has steamed ahead of its rivals over the last year, enjoying record turnover and profit. Read more: Yacht the hell? Lack of interest sinks London boat show Princess Yachts enjoyed a 24 per cent rise in turnover to £340m and a 178 per cent rise in operating profit to £30m for [...]
Monsoon Accessorize landlords ‘call for stake’ in retailer as CVA approaches May 30, 2019 Four property giants have reportedly offered to support a financial restructuring at troubled fashion retailer Monsoon Accessorize – but only if it gives them an equity stake in the firm. Read more: Retailer Monsoon Accessorize 'plans to close dozens of stores' across UK British Land, Hammerson, M&G Investments and Roubaix Group have teamed up to [...]