Capital & Regional in talks to sell majority stake to South Africa’s Growthpoint September 11, 2019 Shopping centre owner Capital & Regional is in talks to sell a majority stake to South African property firm Growthpoint as the Johannesburg-based company takes advantage of weak UK retail property prices. Shares in Capital & Regional, which owns eight malls across the UK including Walthamstow, Wood Green and Ilford, rose more than 10 per [...]
Mike Ashley survives shareholder vote at Sports Direct meeting September 11, 2019 Mike Ashley emerged from today’s Sports Direct meeting relatively unscathed as shareholders voted to re-elect him as a director of the FTSE-250 firm. In total, 90.99 per cent voted to reappoint Ashley as a director and 9.01 per cent voting against. However, Ashley owns 61 per cent of the shares. Read more: Mike Ashley to [...]
Zara owner Inditex reports strong growth in first half September 11, 2019 Zara owner Inditex – the world’s biggest retailer – reported strong profit and sales growth in the first half. The retail giant, which also owns brands including Bershka and Massimo Dutti, reported net profit of €1.55bn for the six months to 31 July. Read more: Zara owner Inditex boosts sales with rapid online expansion Sales [...]
New Look sales drop due to ‘unseasonable’ weather September 11, 2019 New Look sales plunged in the first quarter as the retailer battled challenging high street conditions. The figures Core like-for-like sales were down 10.1 per cent, which the company blamed on lower footfall due to “highly unseasonable weather” and consumer uncertainty. Read more: New Look posts £500m loss as turnaround continues Total revenue was £238.3m in [...]
Warehouse and Oasis staff face redundancy as retailer cuts costs September 10, 2019 Warehouse and Oasis staff are under threat of redundancy as the retailer attempts to slash costs in a further blow for the struggling UK high street. Staff have been told their hours could be cut, in some cases by up to half, with some senior store positions demoted to sales advisor roles, City A.M. understands. [...]
Mike Ashley to face shareholder anger at Sports Direct meeting September 10, 2019 Retail tycoon Mike Ashley is preparing to face frustrated Sports Direct shareholders at a meeting tomorrow following a turbulent year for the business. The founder and chief executive of the sportswear retailer has come under fire from shareholder advisory groups in the run up to tomorrow’s annual general meeting. Read more: Mike Ashley makes move [...]
‘Customers aren’t ready’: Sainsbury’s ends till-free store pilot at Holborn branch September 10, 2019 Sainsbury’s has said not all customers are ready for a till-free store as it ended a smartphone-only pilot scheme at a central London branch. The three-month trial came to an end as the supermarket reintroduced a manned till and two self-checkout points in it’s Holborn Circus store. Read more: Sainsbury’s partners with Deliveroo on pizza [...]
Oasis and Warehouse buy London menswear website September 10, 2019 The Oasis and Warehouse group has moved into menswear for the first time with the acquisition of a London-based online fashion brand. The Idle Man, which is headquartered in Shoreditch, was founded in 2014 by former Asos buyer Oliver Tezcan. The e-commerce platform sells men’s brands and its own labels. Read more: Oasis and Warehouse [...]
Alibaba chairman Jack Ma steps down September 10, 2019 Alibaba chairman Jack Ma will retire from the Chinese e-commerce giant today, marking the occasion with a huge farewell party. Ma co-founded the business, which has become one of the world’s biggest internet firms, 20 years ago in Hangzhou in eastern China. Read more: Alibaba delays Hong Kong listing over protests The entrepreneur will hand [...]
Travelodge ‘super rooms’ boost revenue September 9, 2019 Travelodge reported boosted revenue in the first half of the year driven by the success of the budget hotel chain’s more up-market options. The firm’s “super rooms” and Travelodge Plus brands, which offer additional facilities and extra comfort, helped drive sales up six per cent to £337.3m the first six months of the year. Ebitda [...]
