Shoe Zone: Firm slams Budget tax hikes as it’s forced to close ‘unviable’ stores December 18, 2024 Shoe Zone has said it has been forced to close “a number” of stores following higher costs announced in the Autumn budget. The affordable footwear company said a combination of lower consumer confidence following the budget, plus “significant additional costs” due to the increases in National Insurance and the National Living Wage, have made the stores [...]
Why Canary Wharf has just topped the list of UK retail destinations December 18, 2024 The phrase ‘London retail’ tends to conjure up images of crowds on Oxford Street, boutiques in Marylebone or Chelsea, maybe a Westfield. Green Street, however, has just rated Canary Wharf as the number one retail destination in not only London, but the UK as a whole. Canary Wharf is certainly having a good year: In [...]
Landsec buys Liverpool One shopping centre for £490m December 17, 2024 Property giant Landsec has bought a controlling stake of 92 per cent in Liverpool’s biggest shopping destination, Liverpool One, as it looks to build its retail portfolio. It bought the stakes of the Abu Dhabi Investment Authority (Adia), which owned 69 per cent, and Grosvenor, which owned 23 per cent, for £490m. The deal has [...]
Black Friday: Retailers look to cash in as early spending surges November 29, 2024 Black Friday spending is up by more than a fifth as Brits look to find deals online and on the high street, according to early data. The discount day last year was the busiest shopping day on record for Nationwide customers, and the lender said by 9am spending was up 21 per cent compared to [...]
Dr Martens swings to the red but shares spike with analysts positive on future growth November 28, 2024 Despite a pre-tax loss from Dr Martens, analysts have remained positive on its future growth prospects as it cuts costs and shakes up its leadership team. The boot-maker told markets this morning that profit before tax swung into the red, with a loss of £28.7m in the 26 weeks ended September 29, from a profit [...]
Pets at Home: Shares crater after retailer predicts slow growth in ‘subdued market’ November 27, 2024 Animal care retailer Pets at Home described the market as subdued due to cautious consumers, and said it will grow more slowly than expected in the next six months – despite a big hit from the Budget. Shares fell more than 10 per cent in early trades, with the retailer’s share price now down nearly [...]
M&S to reset prices overseas as international sales dip November 24, 2024 M&S is looking to reset its prices in its overseas stores in a bid to turn around a slowdown in its international business. Chief executive Stuart Machin said the firm planned to “restore the competitiveness” of the company overseas and added that it was “way out of kilter on price”, The Sunday Telegraph reported. Despite remarkable [...]
How Tiktok is driving Brits to spend local instead of luxury this golden quarter November 22, 2024 Black Friday is known for being the one of the few days of the year when budget-conscious shoppers can flock to their favourite online retailer or high street shop and not feel (too) guilty with the price of their purchases. High-priced, big-name brands have traditionally taken the lead in terms of ringing in the festive [...]
Analysts say Frasers ‘was right’ about Mulberry as it faces long road to recovery November 19, 2024 Analysts have painted a grim picture for the future of British luxury fashion brand Mulberry, which announced its half-year results this morning. It implied job cuts with talk of “streamlining” the business, and told markets that retail sales and revenue dropped 17 per cent and 19 per cent, respectively. Its share price fell 10 per [...]
Boohoo completes fundraising as it struggles to return to growth November 18, 2024 Boohoo has raised just under £40m in a bid to turn itself around amid its public fight with the boardroom demands of an activist shareholder, Mike Ashley’s Frasers. This morning, the company said it had conditionally raised total proceeds of approximately £39.3m. This includes £400,000 from a retail offer and £38.9m from an investor subscription. [...]