H&M sales drop as second Covid-19 wave slows recovery December 15, 2020 H&M reported a sharp drop in sales in the fourth quarter as the second wave of coronavirus restrictions curbed spending. The world’s second-biggest fashion retailer said sales dropped 10 per cent, driven by a slowdown in the final quarter of the month. H&M said the recovery seen in the third quarter had continued into the [...]
Online estate agent Purplebricks expects to beat profit forecasts December 15, 2020 Online estate agent Purplebricks said it will beat full year profit expectations due to a surge in demand during the coronavirus pandemic as homebuyers shifted to technology-led platforms. The figures The company said there are “reasons to remain cautious on the economic outlook” but said it is confident that Ebitda for the full year will [...]
West End landlord Shaftesbury swings to £700m loss December 15, 2020 West End landlord Shaftesbury swung to a loss of almost £700m this year as the value of its retail and hospitality properties plummeted due to the coronavirus pandemic. The figures Shaftesbury this morning reported a loss after tax of £699.5m, compared to profit of £26m in the previous year, due to revaluation deficits. Net property [...]
Snakes and Ladders: Who is moving jobs in the City this week? December 3, 2020 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of the crisis. This week, [...]
Central London footfall surges in Wild Wednesday shopping spree December 2, 2020 Footfall levels in central London surged today as shoppers and office workers returned to the capital after England’s second coronavirus lockdown came to an end. Central London reported a 91.1 per cent jump in visitors by 5pm, compared with the same day last week as the city entered Tier 2 coronavirus restrictions. Footfall remains down [...]
Activist investor Browning West attempts to oust Countryside chairman December 2, 2020 Activist investor Browning West has called for developer Countryside to remove its chairman and sell its private house building business in a letter to the FTSE-250 firm’s board. The US-based shareholder this morning said leadership changes at Countryside are “immediately required”, claiming the developer has “several significant deficiencies”. Browning West said that Countrywide’s partnerships division, [...]
Shop prices dip as desperate retailers discount to attract customers December 2, 2020 Shop prices dipped last month as retailers discounted to encourage consumer spending in the run up to Christmas, which was disrupted by store closures during the second coronavirus lockdown. Prices fell 1.8 per cent in November compared to a 1.2 per cent decline in October, driven by a surge in discounting of non-food products such [...]
MPs call for retail sector support following ‘dark week’ for high street December 2, 2020 MPs have called on business secretary Alok Sharma to announce what support will be given to the high street following a “dark week” for the retail sector, which has seen more than 25,000 jobs put at risk. Darren Jones MP, chair of the Business, Energy and Industrial Strategy (Beis) Committee, asked for detail on the [...]
Sir Philip Green’s wife brings forward £50m payment to Arcadia’s pension pot December 2, 2020 Tina Green, the ultimate owner of collapsed retail chain Arcadia, has announced she will bring forward a £50m payment owed to the company’s pension scheme. Last year Monaco-based Tina Green, who is married to Topshop tycoon Sir Philip Green, agreed to pay £100m into the company’s pension pot as part of a restructuring plan agreed [...]
Debenhams website crashes as bargain hunters swoop on collapsed department store December 2, 2020 Debenhams’ website has crashed as bargain hunters swooped to snap up discounted items after the department store collapsed yesterday. Customers are being placed in a virtual queue while the retailer deals with a surge in demand. However the website has crashed several times after being overwhelmed by shoppers. Administrators announced yesterday that Debenhams will close [...]
