Primark owner takes £1bn extra inflation hit amid ‘most challenging’ economy for many years November 8, 2022 Primark owner Associated British Foods (ABF) saw inflationary costs leap by £1bn this year alone, as it weathers “highly volatile” economic conditions and hopes to retain shoppers with its low prices. The chairman of the fashion and food business, Michael McLintock, said ABF had “encountered the most challenging economic conditions for many years with sharply [...]
Retailers bet on coronation boost after extra May bank holiday announced November 6, 2022 Retailers are hoping for a royally big boost next year after the government announces an extra bank holiday for King Charles III’s coronation. In an announcement today, Prime Minister Rishi Sunak confirmed the UK-wide holiday would fall on Monday 8 May, following the Coronation on Saturday 6 May. “The Coronation of a new monarch is [...]
West End Christmas intake to be squeezed by pandemic and cost of living at £1.55bn November 3, 2022 West End Christmas intake is set to be a quarter up from last year but still almost 30 per cent down on pre-Covid levels. Around £1.55bn is set to be splashed out in the heart of London’s shopping district, as the capital bounces back from the pandemic in a restriction-free Christmas. The cost of living [...]
Next sales ahead of expectations as analysts warn ‘worst still to come’ November 2, 2022 Fashion stalwart Next posted better than expected full price sales while analysts have warned the full impact of market volatility is yet to be seen. The retailer shared a 0.4 per cent boost to sales in its third quarter versus last year. The London listed chain reiterated full year guidance for profit before tax of [...]
London’s FTSE 100 kicked higher by Ocado skyrocketing 38 per cent November 1, 2022 London’s FTSE 100 kicked higher today, driven by middle class favourite and online supermarket Ocado being goosed after it said it was partnering with a South Korean retailer. The capital’s premier index climbed 1.29 per cent to 7,186.16 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the UK economy, added [...]
The impact of higher interest rates on markets. What is ahead for the crypto market? November 1, 2022 Higher interest rates generally mean a lower appetite for high-risk/high-return assets such as cryptocurrencies, hence we’ve seen the crypto market decline in recent months. With the stock market also reacting badly to recent rate hike and the crypto market becoming increasingly correlated to stocks, crypto could be in for a continued bearish year because of [...]
City watchdog charges five men over ‘all or nothing’ investment fraud November 1, 2022 Five men, who allegedly defrauded investors of £1.2m via an “all or nothing” investment scheme, have been charged by the UK’s financial watchdog. The five men, who are accused of using investors’ money to fund their luxury lifestyles, convinced UK investors to put their cash into high-risk binary options, which have been banned for retail [...]
Ocado shares soar after partnership with South Korea’s Lotte Shopping November 1, 2022 Ocado shares surged by more than a third on Tuesday morning after the retailer inked a partnership deal with South Korea’s Lotte Shopping. The London-listed tech firm said it had agreed plans for the development of a national fulfilment network, pushing shares up as much as 36 per cent by midday. Lotte Group is one [...]
Made.com to call in administrators as furniture firm’s 700 staff left in lurch November 1, 2022 Made.com has announced the appointment of administrators after cash-strapped consumers have pulled back on big ticket spending. The London-listed furniture firm said on Tuesday that it’s board has resolved to file notice of an intention to appoint administrators at PricewaterhouseCoopers (PWC). The company had been seeking out rescue cash but interested suitors were unable to [...]
Homeware retailers ‘draw short straw’ in economic crunch as Made.com nears collapse October 31, 2022 Homeware retailers are facing a turbulent 2023 as mounting operational costs and hesitant consumer sentiment piles the pressure on the sector. It comes as Made.com was still teetering on the brink of collapse on Monday after customers have pulled back from spending on pricier items like furniture. Last week, the ailing sofa seller said it [...]