Ofgem pledges not to raise energy bills with £20bn-plus grid upgrade June 29, 2022 Ofgem has pledged to boost grid capacity with a new £20bn-plus package, while also imposing new demands on network operators.
B&M quarterly sales dip after retailer warns shoppers could cut back amid high inflation June 29, 2022 Discount retailer B&M has seen sales plummet in its first quarter, against strong lockdown comparatives, as cash-strapped Brits cut back on discretionary spending. In a trading update for the 13 weeks from 27 March to 25 June, the London-listed business said group revenue had dropped 2.2 per cent on a constant currency basis. Across the [...]
Covid restrictions in China take dent to Mulberry shop and online sales June 29, 2022 Mulberry has said Covid restrictions in China have resulted in a one per cent dip in sales across its retail and digital channels so far this financial year. Stringent pandemic measures in mainland China meant the designer handbag maker was forced to temporarily shutter the majority of its stores, as well as its Shanghai distribution [...]
Moonpig sales fall after lockdowns but card biz remains confident in gift market June 29, 2022 Moonpig has posted plummeting sales as shoppers started buying gifts and greetings cards elsewhere once bricks-and-mortar shops reopened once more over the past year. In full year results to 30 April 2022, the firm admitted its group revenue had tumbled 17.3 per cent year-on-year, standing at £304.3m versus £368.2m in 2021. The online retailer pointed [...]
Editorial: Heathrow is the gateway to London – it needs to swing itself open June 29, 2022 DURING the pandemic, the travel industry long claimed they should be treated differently. The ensuing chaos at airports, then, was the fault of the government for failing to do so. Heathrow was given special consideration by the Civil Aviation Authority, who allowed it to increase landing fees by more than 50 per cent to £30.19 [...]
Exclusive: Rotageek’s CEO on ‘the silver bullet’ for the future of flexible working June 28, 2022 The early 2020s have been difficult for business leaders and employers. Not only have they needed to cope and adjust to unpredictable levels of customer demand, but they’ve also needed to to keep their teams going through the harsh uncertainties of lockdowns, pingdemics and furloughs. These curveballs have forced businesses to accelerate the need to [...]
High Street footfall nosedives by staggering 25 per cent with London commuters and foreign travellers not returning June 27, 2022 High street footfall fell 25 per cent in May, from the previous month, according to RSM UK’s analysis of the latest data from Datscha, published this morning. London continues to be hit by hybrid working with less workers commuting into the city, and international and business travel is still not back at full capacity. Whereas [...]
Week ahead: City eyes housing stats and BoE governor Bailey remarks June 26, 2022 The UK’s red hot housing market is set to revert to more normal territory driven by the cost of living crunch chilling demand for homes, fresh data released this week that will be closely watched by the City. London’s premier FTSE 100 index has rebounded after suffering bruising losses of late caused by investors around [...]
Bloom & Wild boss confident of blossoming growth despite cost of living crunch June 24, 2022 The co-founder of Bloom & Wild chats to CityA.M. about international acquisitions, venturing into physical retail and why, despite a cost of living crunch, demand for flowers is still growing. After launching in 2013, Aron Gelbard and Ben Stanway’s letter-box florist has reaped the rewards of an acceleration towards online amid the pandemic. Last year, [...]
Shares plunge for Naked Wines after bleak sales guidance warning June 23, 2022 Naked Wines’ shares tumbled by around 40 per cent on Thursday after the online wine retailer warned its sales would take a hit this year. The London-listed retailer cautioned its shareholders that sales could plunge by as much as four per cent in the year to the end of March. Naked Wines would “not pursue [...]