In pictures: St Modwen and Vinci given the green light for £2bn New Covent Garden regeneration November 14, 2014 Plans to redevelop Britain’s biggest flower and vegetable market in Nine Elms on the South Bank have been given the go-ahead by Wandsworth Council. St Modwen and joint venture partner Vinci were picked in 2012 to redevelop New Covent Garden Market, which moved to Nine Elms from the Covent Garden area near the [...]
Asda hits out at rivals for using price gimmicks November 13, 2014 Asda yesterday accused its supermarket rivals of resorting to “short-term gimmicks”, such as vouchers, to buy customer’s loyalty as the US-owned group reported a slump in third-quarter underlying sales. The UK’s second-largest food retailer, said like-for-like sales fell 1.6 per cent in the 13 weeks to 30 September compared with a 0.6 per cent rise [...]
Ted Baker sales look sharp after growth abroad November 13, 2014 Ted Baker posted a jump in third-quarter sales yesterday as its fast-growing portfolio of stores overseas helped to ease the impact of the warm Autumn weather that has plagued retailers in the UK. The British clothing brand, which was originally founded as a shirt specialist in Glasgow 26 years ago by chief executive Ray Kelvin, [...]
Great Portland to start £500m building spree November 13, 2014 WEST End developer Great Portland Estates (GPE) said yesterday it would splurge £500m on its development pipeline as it looked to take advantage of London’s booming office market. The FTSE 250 property firm beat analyst expectations as it posted an 11.8 per cent rise in net asset value per share to 636p in the six [...]
Burberry 2014 Christmas campaign launched as profits hurt by foreign exchange loss November 12, 2014 Burberry yesterday brushed off concerns over foreign exchange movements, saying it expected the effects to wear off in the next six months after taking its toll on first-half profit. The luxury fashion group posted a six per cent rise in underlying profit to £152m in the six months to 30 September. But [...]
Sainsbury’s to slash prices as profits plunge November 12, 2014 SAINSBURY’S boss Mike Coupe said yesterday that the retailer was “taking the fight to the enemy” as he unveiled plans to cut costs and its dividend to fund a £150m price offensive against its discount supermarket rivals. The grocer’s nine-year run of uninterrupted sales growth came to a grinding halt this year as changing shopping [...]
Analyst Views: What do you think of the strategy announced by Sainsbury’s? November 12, 2014 NICLA DI PALMA | BREWIN DOLPHIN What disappoints us is that management did not take a more aggressive stance with closing underperforming stores. Instead, Coupe will try to increase the non-food offer and possibly introduce some concessions. Management is loath to shrink, although we believe they could have taken the extra step. DARREN SHIRLEY | [...]
WH Smith takes a hit on High St November 12, 2014 STATIONERY group WH Smith said sales in the first 10 weeks of its fiscal year were flat after a strong performance across its travel business was offset by sluggish high street sales. The retailer’s travel arm saw a seven per cent jump in sales in the period to 8 November as it launched new stores [...]
Sales jump at Card Factory November 12, 2014 CARD Factory was the bearer of good news yesterday as the greetings card specialist posted an 8.7 per cent jump in sales over the past nine months. The retailer, which floated in April, said a combination of new store openings, its online expansion and good growth at existing stores had helped boost its performance in [...]
Derwent is seeking to double developments November 12, 2014 DERWENT London said yesterday that it plans to almost double its development pipeline as demand for office space in the capital heats up. The developer, which owns swathes of property around Old Street and Shoreditch targeting the tech and creative industries, said it would complete 277,500 square feet of space by early 2015, with a [...]
