UK economy set for much-needed spending boost thanks to Chinese tourists February 5, 2019 The UK economy is set to receive an international spending boost as tourists from outside the EU continue to splash out in spite of Brexit worries. International spend will increase four per cent year-on-year over the next 90 days, according to forecasts from tourism shopping firm Global Blue. Read more: China's success will depend on the [...]
Major HMV stores in London to be axed following chain’s sale February 5, 2019 HMV is set to shut its flagship London stores in Westfield and Oxford Street as part of a swathe of closures following a rescue deal with Sunrise Records. The Shepherds Bush outlet is one of 27 stores in line for closure after Canadian music entrepreneur Doug Putman confirmed he had bought the retailer this morning. [...]
Cost-cutting overhaul lifts jewellery maker Pandora’s share price February 5, 2019 Jewellery maker Pandora’s share price soared in early morning trading today, as investors welcomed a radical cost-cutting plan put forward by the embattled fashion group. The Danish jeweller saw the value of its shares climb 14 per cent this morning after the retailer revealed plans to save 1.2bn Danish crowns (£141.1m) in a bid to [...]
Ocado boss Tim Steiner refuses to comment on M&S tie-up reports February 5, 2019 Ocado chief executive Tim Steiner today refused to be drawn on reports of a potential tie-up with Marks & Spencer after reporting a revenue boost in the firm’s full-year results. “We’re in the business of talking to retailers; we’re constantly talking to different retailers all around the world about opportunities we may have with them,” Steiner [...]
Odeon director Welch joins Hammerson board February 5, 2019 Shopping centre landlord Hammerson has appointed Odeon director Carol Welch to its board. The move, which comes as Hammerson embarks on a radical overhaul of its business, follows on from last week’s announcement that former Argos boss Terry Duddy was stepping down from the board in the wake of his new role at Debenhams as interim chairman. [...]
High end hostel operator Safestay’s expects revenue to surge amid demand from ‘digital generation’ February 5, 2019 One of Europe’s leading hostel operators saw its share price jump this morning after saying that it expected full-year revenue to soar in the wake of demand from young backpackers. Safestay, a high-end hostel owner listed on London’s Alternative Investment Market (Aim), is forecasting a 39 per cent rise in total revenues to £14.6m in the 12 months [...]
Aldi and Lidl bag more market share as Veganuary boosts supermarkets’ fresh produce sales February 5, 2019 Aldi and Lidl enjoyed the strongest growth of any UK supermarket over the past 12 weeks, according to the latest industry figures, as Veganuary boosted fresh produce sales across the sector. Around 18.3m households shopped in at least one of the discount supermarkets in the 12 weeks to 27 January, industry research firm Kantar Worldpanel data revealed [...]
Carpetright sales drop as CFO leaves but pace of decline slows February 5, 2019 Carpetright’s UK like-for-like sales fell in the three months to the end of January, but the pace of decline slowed compared to the first half of the year, the retailer said in a trading update today. “Trading patterns have remained volatile week to week, against a backdrop of uncertainty and weak consumer confidence,” the company [...]
Supermarket sales boost consumer spending but high street woes continue February 5, 2019 Consumer spending returned to growth in January thanks to increased purchases of essentials, but high street retailers continue to feel the strain. Spending rose 2.9 per cent year-on-year last month thanks to a strong performance from supermarkets, which saw their highest rate of growth since April 2017 at 6.8 per cent, according to data from Barclaycard. [...]
Ocado’s revenue nears £1.6bn but losses widen February 5, 2019 Online food retailer Ocado announced 13 per cent revenue growth to nearly £1.6bn today, but losses after tax increased more than fourfold to nearly £45m. The company has seen its share price more than double over the last year, with news late last month that it was in talks for a partnership with Marks & [...]