Zara enters resale market with in-house swap and mend service October 21, 2022 In a bid to reduce its environmental impact, Zara has said it will help UK shoppers resell, repair or donate clothing bought from its stores. The new ‘Pre-owned service’ will allow shoppers to book repairs and donate unwanted clothes. It will also reduce the environmental impact of deliveries by allow people to post packages of [...]
Wickes reports sales growth ahead of winter dominated by rising energy costs October 21, 2022 Home improvement giant Wickes announced a boost in sales ground in the third quarter, as it looks to maintain “rigorous control” of costs ahead of a choppy winter. The retailer registered like-for-like sales growth of 2.6 per cent in the last three months, down from 5.4 per cent on the second quarter, but recovered from [...]
Retail sales volume fall to 1.3 per cent lower than pre-covid levels as cost of living bites October 21, 2022 Retail sales volumes have plummeted to 1.3 per cent lower than pre-coronavirus levels as rising prices and the cost of living continues to bite. Latest figures from the Office for National Statistics show sales volume on the high street were down by 1.4 per cent in September, though data was impacted by a bank holiday [...]
Naked Wines admits ‘mistakes’ as retailer sets out shake up October 20, 2022 Naked Wines has announced a shake up of the business in a bid to cut costs,including 30 redundancies. The wine retailer, which enjoyed booming sales in the pandemic, said it had “made mistakes” while pursuing “rapid growth.” Low consumer confidence and high levels of supply chain inflation had resulted in an underwhelming performance for the [...]
Dunelm sales slip as pent up demand eases against ‘demanding backdrop’ October 20, 2022 Dunelm posted dented sales after last year saw a flurry of pent up demand post-lockdown. In first quarter results, the homeware retailer said its sales were down eight per cent compared to the same period last year. Bosses said the performance came despite “a challenging environment”, posting sales of £357m. A dip in sales had [...]
Amazon could fork out £900m in compensation over favouring own products October 20, 2022 Amazon could be forced to fork out £900m in compensation after the tech giant was accused of unlawfully favouring its own offers. The collective action lawsuit alleges that Amazon breached competition law and caused tens of millions of Brits to pay higher prices for products by obscuring better-value deals. The lawsuit, which is headed by [...]
Spam sales up nearly 40 per cent at Waitrose as price hikes bite October 20, 2022 BRITAIN’S DISCOUNT retailers are set for a winter windfall – with even Waitrose shoppers turning to spam and fish heads as the cost of living crisis bites. The sales of both have risen more than a third at the high-end supermarket over the past year, the firm confirmed overnight. Analysts reckon budget grocers like Aldi [...]
Asos new CEO vows to rebuild ‘inefficient’ model as fashion seller posts £32m loss October 19, 2022 The new CEO of Asos has said he will refresh the fashion marketplace’s commercial model after the online retailer swung to a loss. In results for the year to 31 August 2022, Asos said gross margins had been impacted by a supply chain “inefficient in the face of supply chain disruption and macroeconomic challenges”. After [...]
US prepares to sell from emergency reserves to dampen oil prices October 18, 2022 The White House is preparing to offload oil from its strategic reserves in a late bid to dampen fuel prices and ease the cost of living.
THG share price lifts after SoftBank sells stake to boss Moulding and Qatar October 18, 2022 Beleaguered retailer THG saw its share price leap after SoftBank is to sell its stake to the group’s co-founder Matthew Moulding and Qatar’s sovereign wealth fund. THG’s shares were boosted 13 per cent on Tuesday afternoon, after the loss-stricken Japanese investment management firm said it would offload its stake. SoftBank’s stake was once valued at [...]