Italian luxury brand Prada warns over coronavirus impact on sales March 18, 2020 Luxury fashion house Prada said today that all of its efforts will be directed to overcoming the financial damage done by coronavirus. Prada reported strong growth in the year to the end of January, but said the outbreak “interrupted [its] growth trajectory”. The Italian designer brand said today that it expects the epidemic to have [...]
Coronavirus: B&Q owner Kingfisher to negotiate rent payment terms March 18, 2020 B&Q owner Kingfisher is preparing to negotiate its rent payment system with landlords as it tries to save cash amid the coronavirus crisis. Kingfisher, which also owns Screwfix Direct, will ask to pay rents across its 950 UK stores on a monthly basis, rather than each quarter, Sky News reported. Retailers are increasingly facing cash [...]
Selfridges shuts after London staff test positive for coronavirus March 18, 2020 Luxury department store Selfridges has closed its doors after three members of staff contracted coronavirus. The retailer, which yesterday said it was planning to cut hours, announced this morning that its four stores across London, Birmingham and Manchester will close this evening. This morning the department store said that three employees at its flagship Knightsbridge [...]
Marston’s scraps £20m dividend to save cash amid coronavirus crisis March 18, 2020 Shares in pub chain Marston’s jumped 43 per cent this morning as it outlined its coronavirus battle plan, which included cutting a £20m dividend. The company said that the need for social distancing as a measure to combat the spread of the virus means it is “unlikely” that it will recommend an interim dividend in [...]
Coronavirus: Supermarkets ramp up measures to keep shelves stocked March 18, 2020 Supermarkets have ramped up measures to keep shelves stocked amid panic buying and stockpiling during the coronavirus crisis. Tesco has reduced opening hours to allow staff more time to restock shelves and Waitrose has applied limits to some items. This morning the Waitrose website is down as it has been unable to cope with the [...]
Coronavirus: Business rates holiday granted for all retail and leisure firms March 17, 2020 Pub, restaurants and shops will be hoping that emergency measures unveiled by the chancellor this evening, including a business rates holiday for all firms, will be enough to keep the sector afloat through the coronavirus crisis. Rishi Sunak has announced that all retail and hospitality firms will be exempt from paying business rates for 12 [...]
Coronavirus: Morrisons ramps up delivery service to cope with demand March 17, 2020 Morrisons has launched a range of measures to help customers and employees during the coronavirus pandemic, including ramping up delivery options and a hardship fund for workers. The grocer has expanded its home delivery service including extra slots, a new range of “simple to order food parcels” and a phone ordering option for those without [...]
Guinness owner Diageo launches fund to prop up pub staff wages March 17, 2020 Guinness owner Diageo has launched a £1m fund to support bar staff wages as pubs across the UK teeter on the brink of collapse due to coronavirus. The community fund will help some pubs and bars to pay a proportion of staff wages if they are forced to close as customers are urged to stay [...]
Major UK retailers urge chancellor for immediate business rates suspension March 17, 2020 Major British retailers have called on the chancellor to go further with measures to protect the retail, hospitality and leisure sectors from the dramatic economic impact of coronavirus. Primark, Arcadia and New Look are among the firms to sign a letter this afternoon urging Rishi Sunak to immediately suspend business rates bills until normal trading [...]
Coronavirus to spark record drop in international travel March 17, 2020 Coronavirus is expected to cause a 10.5 per cent drop in international travel this year – the worst fall on record – as the outbreak sparks chaos across the tourism and leisure industries. Industry consultancy Tourism Economics has downgraded its estimate as coronavirus continues to spread across Europe, prompting governments to impose travel bans and [...]
