Lidl unveils £500m London expansion plan for 40 new stores June 12, 2019 Lidl has unveiled a £500m expansion plan to create 40 new stores in the capital, including its first central London store. The German discount supermarket said the openings would create 1,500 new jobs over the next five years. Read more: Big Four supermarkets stall amid fast rise of Lidl and Aldi A proposed Tottenham Court [...]
Fast fashion: Boohoo bucks high street gloom with soaring revenue June 12, 2019 Fast fashion retailer Boohoo has again defied a gloomy retail sector, reporting 39 per cent sales growth in the last quarter. The firm’s offering, of selling cheap own-brand clothing and accessories online, has chimed with younger consumers in recent years. Boohoo’s rise comes at the same time as high street rivals such as Topshop fight [...]
Landlords pick a fight with the CVA June 12, 2019 Is this the week Britain’s retail landlords fight back? After a slew of company voluntary arrangements (CVA) from the likes of Carpetright, Mothercare, Jamie’s Italian, New Look and House of Fraser, it seems there are only so many controversial rescue deals that high street property owners are willing to stomach. Today the biggest and most high [...]
West End landlord Shaftesbury sued by tycoon shareholder Samuel Tak Lee June 11, 2019 Hong Kong billionaire Samuel Tak Lee has launched legal proceedings against one of London’s largest landlords over a capital raise. West End property group Shaftesbury announced that Lee, its largest shareholder, was suing the company over a share placing in December 2017 and was seeking £10.4m in damages. Read more: West End landlord Shaftesbury braced [...]
Ted Baker shares slide as retailer warns on profits in ‘difficult trading conditions’ June 11, 2019 Ted Baker’s share price plunged 25 per cent this morning after the fashion retailer warned on profits amid “extremely difficult trading conditions”. The company said underlying profit before tax for the year ending 25 January 2020 is likely to be between £50m to £60m, compared to a company compiled consensus of £70.9m. Read more: Ted [...]
Ramen chain Tonkotsu eyes expansion with YFM backing June 11, 2019 Ramen restaurant Tonkotsu has received £5m of funding from investment firm YFM Equity Partners as it eyes expansion. YFM will take a minority stake in the Japanese-inspired restaurant chain as it expands its presence in London. Read more: Gordon Ramsay’s restaurant empire returns to profit The group will open restaurants in Peckham and Shoreditch this [...]
Ocado pumps £17m into vertical farming joint venture June 10, 2019 Online grocer Ocado has invested £17m in the emerging vertical farming industry as it looks to bolster its technology offering. Vertical farming involves the production of food in indoor facilities, where crops are grown on a series of levels in a controlled environment. Read more: Ocado set to cut 400 jobs as it looks to [...]
High street retailers take hit from drop in footfall June 10, 2019 High streets, retail parks and shopping centres all suffered a year-on-year drop in footfall last month, according to new figures which underline the tough trading conditions facing bricks and mortar firms. The number of shoppers plunged by 3.5 per cent in May, compared with a drop of 0.4 per cent during the same month last [...]
Beyond Meat shares surge a day after debut results June 7, 2019 Shares of plant-based burger startup Beyond Meat surged 27 per cent in pre-trading, a day after it debuted its earnings as a listed company. The company estimates that it will double its sales this year as consumer interest in plant-based meat alternatives peaked in the first three months of the year. Shares rose to $131.50 [...]
Sir Philip Green offers landlords cash to save Arcadia rescue plan June 7, 2019 Sir Philip Green has offered landlords £10m a year of his family’s cash to offset the impact of rent cuts in a bid to secure their backing to rescue his retail empire. Landlords had been asked to slash rental costs by 30 per cent to 70 per cent across 194 of Arcadia’s 566 UK and [...]