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 [...]
Coronation: 250,000 tourists set to serve up a multi-million pound boost to London’s pub and retail sector April 18, 2023 London’s retail and pub businesses are gearing up for a multi-million pound boost in trade over the weekend of the King’s Coronation in May as tourists flocking to the city will send sales in drinks and shopping to new highs. Sarah Willingham, owner of bar group Nightcap PLC, told City A.M that the celebration is [...]
Insolvencies at ‘jaw dropping’ level as debt industry warns UK economy ‘is not out of the woods yet’ April 18, 2023 More companies in England and Wales entered insolvency during March than at any point since monthly records started three years ago, according to official data that showed a 16 per cent increase on a year ago. The Insolvency Service reported 2,457 corporate insolvencies last month, up from 1,784 in February. The rate of companies falling into insolvency [...]
Halfords share price soars as retailer’s motoring offering woos cash-strapped Brits April 18, 2023 Halfords‘ share price soared over eight per cent this morning as the motoring and cycling giant revealed its sales could top £1.9bn. The Birmingham headquartered retailer, which has seen its shares slide 30 per cent in the last year, said it expected pre-tax profits to come in at around £90m to £110m, up from £50m [...]
THG shrugs off £495m operating loss as luxury retailer mulls Apollo buyout April 18, 2023 THG has revealed an operating loss of £495.6m as the online retailer admitted having to fork out for soaring international delivery costs and a strategic review of its stock The London-listed e-commerce platform posted a 2.7 per cent jump in group revenues to £2,239.2m, compared to £2,179.9m the previous year, as the company undergoes a [...]