Debate: Is it appropriate for businesses to invoke a ‘wartime spirit’ during the coronavirus outbreak? March 25, 2020 As the coronavirus outbreak curtails practically every aspect of our daily lives, some have compared efforts to fight it to the fabled “wartime spirit” of World War II. Is this appropriate, asks City A.M.? Yes, says Rob Nowell, global marketing director at Edge by Ascential Around 80 years ago, World War II caused entire sectors [...]
UK retailers most pessimistic since financial crisis amid coronavirus outbreak March 25, 2020 UK retailers are at their most pessimistic since the financial crisis as sales of non-essential goods plummet due to coronavirus containment measures, a survey has shown. However, grocers and other food firms have seen a surge in demand as Brits stockpile during the coronavirus lockdown, the CBI said today. This divergence of fortunes for Britain’s [...]
Halfords suspends dividend after forecasting a 25 per cent drop in sales March 25, 2020 Halfords has suspended its dividend to shore up its balance sheet after forecasting a 25 per cent drop in sales amid the coronavirus outbreak. The retailer anticipates a sharp drop in sales, of around £300m, following the government’s tightening of restrictions, but shares soared 56 per cent in morning trading before trading up 22.63 per [...]
Coronavirus: Government goes to war with City Hall over London Tube restrictions March 24, 2020 The government and City Hall are at war over Transport for London’s decision to restrict the Tube’s services, which has forced remaining commuters to cram into available carriages. Last week, TfL shut 40 stations and reduced the usual weekday service with some lines only running a train every 10 minutes. The Waterloo & City shuttle [...]
Mulberry warns it will swing to a loss as coronavirus hits handbags March 24, 2020 Luxury fashion brand Mulberry has become the latest brand to warn on the impact of the coronavirus on trading, as it anticipates losses in the second half of the year. The brand said it would suspend payouts to shareholders as recent trading in its stores, particularly in the UK, had been severely impacted by the [...]
Global stocks set to rise sharply on Fed’s bond-buying pledge March 24, 2020 Global stocks rose overnight despite fears US President Donald Trump’s administration’s economic stimulus package faces further delays. Asian stocks surged in Tuesday trading that saw Japan’s Nikkei leap seven per cent higher and Hong Kong’s Hang Seng index jump 4.6 per cent. That came despite the Senate again blocking Trump’s near $2 trillion (£1.7 trillion) [...]
Getting through the Covid-19 pandemic will require markets as well as strong government March 24, 2020 Covid-19 is a major shock to our system. With the UK speeding towards lockdown and much of Europe in similar or worse straits, this crisis — as with most crises — is causing people to look to their governments. This is both understandable and necessary. Rishi Sunak’s excellent pledges (and performances) last week reassured tens [...]
Stockpiling: Shoppers buying ‘a few extra items’ driving shelf shortages March 23, 2020 Empty supermarket shelves have been caused by customers adding an extra few items to their baskets and making more trips rather than stockpiling, according to the latest data. The average spend per supermarket trip jumped 16 per cent in the week ending 17 March to £22.13 compared to the same week a month ago. Meanwhile, [...]
London retail footfall plunges as shops close amid coronavirus pandemic March 23, 2020 Retail footfall in central London plummeted last week as employees started working from home and shops start to close amid the coronavirus pandemic. Footfall in the capital plunged 63.3 per cent last week, as office workers were advised to stay home. In shopping areas on the outskirts of London footfall was down 21.9 per cent. [...]
Coronavirus: All non-essential stores reportedly set to close March 23, 2020 The government is reportedly set to order the closure of all non-essential shops in a bid to slow the spread of coronavirus. The decision to close all stores except for supermarkets and pharmacies is being discussed at an emergency Cobra meeting today and is expected to be announced at this evening’s government press conference, the [...]