Amazon announces raft of new AI gambits as it battles rise of Temu and Shein October 9, 2024 Amazon has announced a raft of new artificial intelligence (AI) features and technologies to speed up deliveries and reduce costs across its business. The logistics giant plans to deploy a fleet of 1,000 electric delivery vans with a new AI-powered ‘vision-assisted package retrieval’ (VAPR) technology that allows drivers to find packages faster and more easily. [...]
Could Shein set its sights on Asos after putting Boohoo in the shade? October 9, 2024 The hierarchy of the UK’s fast fashion industry looks to have shifted after Shein’s UK sales eclipsed Boohoo’s for the first time. The Chinese-founded online retailer, which is on track for a bumper IPO on the London Stock Exchange, achieved a revenue of more than £1.5bn in 2023, it was revealed this week. Shein also [...]
Centrica-owned Hive continues in the red despite sales rise October 9, 2024 Hive, the smart home devices brand owned by Centrica, continued in the red despite its revenue rising during its latest financial year. The business has reported a pre-tax loss of £28.2m for 2023, having also made a loss of £25.6m in 2022. Hive has never made a pre-tax profit since it was launched over a [...]
Live shopping platform backed by new Topshop owner expands into the UK October 9, 2024 Live shopping tech company Sprii, which is backed by the new owner of Topshop, has announced plans to expand into the UK, with over half of its marketing budget earmarked for Brits. The company, which currently works with around 100 UK retailers, said it is also currently in talks with a “number of major retailers” [...]
Marston’s in ‘strong’ position as pub chain outperforms market October 9, 2024 Pub operator Marston’s has reported sales growth ahead of the wider market and said its profit this year will be in line with expectations. The FTSE-listed firm told markets this morning that total retail sales for the 52-weeks to 28 September were 5.8 per cent higher than the prior year, with growth in like-for-like sales [...]
Shein parks tanks on Boohoo’s lawn as UK sales pass £1.5bn ahead of IPO October 8, 2024 UK sales at Shein, the Chinese-founded online retailer on track for a bumper IPO on the London Stock Exchange, passed £1.5bn last year, the company has revealed. The division generated a revenue of £1.55bn for 2023, up from the £1.12bn it achieved in 2022. Shein also posted an annual profit of £18.7m, a significant rise [...]
Mike Ashley’s Frasers bets big on brick-and-mortar with 1m sq ft of new shopping malls October 8, 2024 Mike Ashley-owned Frasers group has announced the acquisition of over one million square feet of retail space across three shopping centres in a huge new bet on physical retail. The shopping centres – in Exeter, Maistone and Gloucester – have a combined annual footfall of almost 17 million visitors and 1.015 million square feet. The [...]
Barbie blockbuster movie fails to boost sales at Mattel October 8, 2024 The huge success of the Barbie movie in 2023 failed to boost the sales of toy giant Mattel in the UK, it has been revealed. The Berkshire-headquartered division of the US group posted a turnover of £145.5m for the 12 months, down from £162.4m in 2022, according to newly-filed accounts with Companies House. However, its [...]
Leeds landmark sold for almost £80m in city’s biggest deal for over five years October 8, 2024 A landmark building in the heart of Leeds’ financial district has been sold for almost £80m in the city’s largest office deal for more than five years. Ashtrom Properties UK has acquired Central Square, which is home to the likes of M&S, PwC an Sky, for £78m. Central Square comprises 217,249 sq ft of office [...]
The ‘battle for value is on’ at UK grocers as supermarkets push discounts October 8, 2024 Higher spending at supermarkets over the last month has been driven by sales of discounted goods as grocers compete to bring financially-stretched customers through their doors, according to fresh data. Grocery price inflation increased slightly to two per cent during the four weeks to 29 September, up from 1.7 per cent last month, according to [...]