Major UK retailers urge chancellor for immediate business rates suspension March 17, 2020 Major British retailers have called on the chancellor to go further with measures to protect the retail, hospitality and leisure sectors from the dramatic economic impact of coronavirus. Primark, Arcadia and New Look are among the firms to sign a letter this afternoon urging Rishi Sunak to immediately suspend business rates bills until normal trading [...]
Primark owner shares halted after virus sales warning March 16, 2020 Shares in Primark owner Associated British Foods (ABF) were suspended for an hour this morning after the firm warned store closures would hit sales. The retail conglomerate’s shares were halted after falling sharply, which the London Stock Exchange said was due to an erroneous trade. Shares were down roughly 12.5 per cent when trading was [...]
Japan’s Nikkei sinks after global stocks’ Covid-19 plunge February 25, 2020 Japan’s stock market plummeted overnight after a plunge in global stocks yesterday as investors reacted to a rapid spread of the Cobvid-19 strain of coronavirus outside of China. The Nikkei sank 3.3 per cent after US and European stocks suffered similar falls as Italy revealed a huge rise to 229 cases of the Covid-19 virus. [...]
Coronavirus: Primark owner ABF warns of long-term supply issues February 24, 2020 Primark’s owner today said it was considering ramping up production from suppliers outside of China in a bid to avoid a hit from the coronavirus outbreak. Associated British Foods (ABF) expects Primark will drive higher operating profit and sales for the six months to the end of February compared to the same period a year [...]
The high streets paved with gold: Flat prices are skyrocketing on these London roads February 14, 2020 The Great British High Street has a lost a bit of its lustre in recent years. Handfuls of household-name retailers have hit the rocks, thanks to customers gravitating away from big chains in favour of local independents, as well as being seduced by the ease of online shopping. But while shops are floundering, the market [...]
WH Smith calls on landlords to overhaul rent payment February 9, 2020 WH Smith is said to be urging its landlords to push back rent payment deadlines as the retailer looks to cash in on high street troubles. The stationery chain is set to push landlords to switch from receiving payment in advance to receiving it in arrears, the Sunday Times reported. The move, which would come [...]
Landlord row forces House of Fraser to close another store February 6, 2020 Sports Direct boss Mike Ashley has been forced to close another House of Fraser store after being served notice by the landlord. The branch in Dundrum, near Dublin, will close within the next three months after the property’s landlord agreed a deal with Brown Thomas and Primark. Ashley warned in December that it was likely [...]
Shopping centre owner New River ‘pleased’ with tenants’ Christmas trading January 22, 2020 Property landlord New River this morning said it was pleased with its tenants’ performance during the Christmas trading period despite a drop in footfall at its shopping centres. The real estate investment trust (REIT) said its top 15 tenants, which include Sainsbury’s, B&M, Primark, Next and Iceland, had reported a “robust” trading performance despite “challenging [...]
Primark UK store sales dip as retailer outlines expansion plans January 16, 2020 Primark’s like-for-like UK in-store sales dipped over the Christmas trading period, the budget retailer announced this morning. The high street chain’s owner Associated British Foods (ABF) said today that there was a “marginal decline” in like-for-like UK sales in the 16 weeks to 4 January. However, the impact of extra store space boosted total UK [...]
Ostrich shops need to stop blaming the high street and step up January 16, 2020 Stories of failing retailers seem to be as regularly in the news as Brexit or Harry and Meghan. And when we read about them, it’s usually accompanied by lamentation that the state of the high street is to blame. Just this week, City A.M. reported that department store Beales is facing collapse. Its chief executive [...]