Retail landlord Shaftesbury expects West End ‘revival’ as lockdown lifts February 25, 2021 West End landlord Shaftesbury this morning said occupier interest had improved after the lockdown lifting roadmap was announced, saying the easing of restrictions will herald a “revival” of the London’s theatre and shopping district. However, the FTSE 250 developer said current restrictions were continuing to have a “significant impact on economic activity and consumer spending [...]
Mitie raises full year guidance as Interserve deal beds in January 28, 2021 Outsourcer Mitie today raised its guidance for the full year due to an improved performance in the second half and its merger with Interserve. The FTSE 250 company said that full year revenue would now come in at £2.4-£2.5bn, with profit up to £57m-£61m. Shares in the firm rose 3.1 per cent as markets opened [...]
Debate: Will digital retailers continue to hoover up high street chains? January 27, 2021 Boohoo’s purchase of the Debenhams brand, and Asos’ pursuit of Topshop, suggests that the online revolution has very much succeeded. But is it that simple? Vicky Bullen, CEO, Coley Porter Bell says YES You don’t have to be Mike Ashley to spot the enormous opportunity in online retail since the coronavirus pandemic hit. Never before [...]
Primark expects £1bn sales hit due to lockdown store closures January 14, 2021 Associated British Foods (ABF), the owner of Primark, said the closure of the budget fashion chain’s stores had cost the company £540m in lost sales so far, warning the total could reach £1bn due to ongoing restrictions. ABF said the loss of sales due to temporary store closures will cost the firm £1.05bn if they [...]
Us versus them will do nobody any good on the High Street January 14, 2021 While a new year symbolises a fresh start for many, you could be forgiven for thinking you had been planted in the film Groundhog Day but instead the calendar was stuck in 2020. Perhaps nowhere is this more the case than in the retail and hospitality industry, with Lord Sugar’s legal challenge to the planned [...]
Debate: Should Primark open an online store? January 13, 2021 Overnight opening hours, queue-management systems and lashings of promotions – Primark did everything it could to keep its customers happy amid a year of on/off lockdown restrictions. But with parent company Associated British Food’s trading update out this week, is it time for the High Street phenomenon to go digital, too? Kam Phullar, Lead Strategist [...]
Retailers feel Tier 4 pain as footfall drops 40 per cent December 21, 2020 Retail footfall plunged by 40 per cent in the areas of England put under Tier 4 restrictions such as London, laying bare the impact of the restrictions on shop-owners during the crucial Christmas period. Prime Minister Boris Johnson on Saturday announced London and parts of the south and south east of England would go into [...]
Honda looks to restart production at Swindon plant on Monday December 10, 2020 Japanese carmaker Honda said that it would try to restart production at its Swindon plant on Monday after a shortage of parts forced it suspend activities. In a statement, the auto giant said: “Production is not running today or Friday with a view to restarting on Monday.” Output was halted yesterday after transport delays at [...]
Hurrah for a vaccine — but was lockdown actually worth it? December 9, 2020 The development of the vaccines has changed many things. It has even influenced the opinion of the Prince of Lockdown himself, health secretary Matt Hancock. Life, he pronounced at the weekend, would be back to normal by the spring and the “blasted regulations” abolished. But one thing has remained constant: the government’s continued refusal to [...]
Second national lockdown wipes £430m off Primark’s balance sheet December 4, 2020 England’s second national lockdown wiped an estimated £430m off Primark’s balance sheet, as the pandemic continues to decimate British high street retailers. Speaking ahead of Primark’s annual general meeting later today, chairman Michael McLintock said: “Our estimate for the loss of sales for the announced periods of closure this autumn is now some £430m.” The [...]