Week Ahead: Aldi and Lidl tightening the screw on Sainsbury’s as retailers fight to retain price-wary customers April 23, 2023 The supermarket giant is set to report a fall in annual pre-tax profits this week, posting up to £690 million, down from £730 million last year. According to the latest Kantar survey, Sainsbury’s reported a strong 12-week sales growth of 12 per cent at the end of March, but fell short of rivals Aldi and [...]
Bed Bath & Beyond files for bankruptcy protection, begins liquidation sale April 23, 2023 Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday after the home goods retailer failed to secure funds to stay afloat, and has begun a liquidation sale. The home goods retailer, which shot to popularity in the 1990s as a go-to shopping destination for couples making wedding registries and planning for new babies, [...]
YSL splashes out record rent on Bond Street as luxury sector shrugs off cost of living concerns April 23, 2023 Luxury goods company Kering is set to pay a record rent for the UK, after agreeing a lease for Bond Street’s Yves Saint Laurent store. Market sources told The Sunday Times that Kering will cough up £13m a year for the six-storey West London store, beating Ralph Lauren’s previous record of £11m. The luxury group [...]
Asos hit by “dark destroyer” short seller April 23, 2023 Struggling online retailer Asos has been hit by a big short attack from the hedge fund Shadowfall as it attempts to recapture its pandemic-era lustre. Matthew Earl, head of investment firm Shadowfall, nicknamed the “dark destroyer”, has built a short position in Asos worth about £4m, the Sunday Times reported. Asos is the second most [...]
Oxford Street on cusp of something really ‘special’, New West End chief says April 23, 2023 Oxford Street is on the cusp of something “really special” and “exciting”, the chief of the New West End company has said, as store development and a boost in international tourism signals a return to better times for London’s most iconic shopping district. Dee Corsi, who oversees operations for the retail strip which spans from [...]
Could Mega May save retail? Hopes are riding high on King’s coronation and bumper May Day bank holiday boost April 21, 2023 Could the coronation of King Charles III help lift the UK’s post-Covid retail industry? Our retail reporter Laura McGuire finds out. March has proved to be another challenging month for the retail industry as sales fell 0.9 per cent due to soaring living costs and the third wettest March in history. However, with Royal celebrations [...]
FTSE 100 live: Flat morning in London as miners and gloomy retail sales offset consumer gains April 21, 2023 The FTSE 100 struggled to get off the mark in early trading on Friday as losses for industrial miners and gloomy retail sales data offset gains for some consumer and healthcare stocks.
Retail: Sixth wettest March on record dampens sales as shoppers’ fail to weather inflation hike April 21, 2023 Retail sales fell 0.9 per cent in March as wet weather conditions and high inflation hit consumer spending during the month. Despite Mother’s Day falling within the month retail, non-food sales such as clothing and homeware, fell by 1.3 per cent as the sixth wettest March on record since 1836 deterred shoppers from hitting the [...]
Flat packing in the USA: Ikea invests £1.7bn in stateside arm April 20, 2023 Ikea will invest €2bn (£1.7bn) into the US market, its biggest investment into a single market to date, as the home furnishings giant looks to capitalise on the current economic climate. The flat pack retailer said it plans to open eight new sites in the US alongside nine planning studios and order points, The Financial [...]
Dunelm: Savvy shoppers cash in on later winter sales as online purchasing booms April 20, 2023 Dunelm shoppers looking to bag a bargain were boosted by a delayed winter sale, with online purchases seeing another post-pandemic bump. The London-listed retailer reported sales of £432m up from £399m in the same period compared to last year. Dunelm attributed the moving of its Winter sale into the third quarter – compared to the [...]