John Lewis exclusive: ’40 per cent of our profits will come from non-retail by 2030′ June 11, 2021 High Street giant John Lewis looks back on a difficult year. In March, the 157-year old partnership announced it would not reopen eight stores after lockdown restrictions eased, putting almost 1,500 jobs at risk. The value of John Lewis stores dropped to almost half the value they were before this year’s and last year’s writedowns, due [...]
Selfridges put up for sale with £4bn price tag June 10, 2021 The billionaire owners of Selfridges are considering selling the iconic department store group, with bids expected to top £4bn. The Weston Family has lined up advisers at Credit Suisse to advise on a potential sale after receiving an unsolicited takeover approach, React News reported. It is understood offers in excess of £4bn are likely to [...]
Auto Trader doubles down on digital offering amid pandemic blow June 10, 2021 Car buyers using Auto Trader’s platform has hit record levels, the group said this morning, as it bolstered its online offering after the pandemic pushed the pedal on the digital sphere. Despite doubling down on its digital presence, the group was still knocked by the pandemic as its revenue sank 29 per cent to £262.8m [...]
Online sales at Zara owner Inditex see company profit despite lockdown June 9, 2021 Online sales at Inditex grew 67 per cent in the first quarter of 2021, helping the group swing from a loss in 2020 to an underlying profit. In the three months to 30 April sales stood at €4.9bn, up 56 per cent from last year, excluding the impact of currency changes, but 11.5 per cent [...]
Ofcom: Pandemic pushes UK to spend over £110bn online for the first time June 9, 2021 The UK’s adults, after spending more time online than other European countries, have racked up a digital shopping bill of more than £110bn for the first time since records began. With more time spent in front of desktops, smartphones or tablets in 2020 than in other European countries, more than 3.5 hours a day Ofcom [...]
itim Group plans to float in London as Justin King joins board June 8, 2021 Itim Group plc has announced its intention to float on London’s AIM market, capitalising on structural shifts in the retail sector as coronavirus restrictions ease. The retail software as a service (SaaS) company is seeking to raise between £10 million and £12 million in an IPO. WH Ireland will act as sole broker and the [...]
Clothing and footwear sales boomed in May as social events influenced shopping June 8, 2021 Retail sales enjoyed a buoyant May, with clothing and footwear performing particularly well as the easing of coronavirus restrictions allowed social events to influence how consumers shopped. UK retail sales were up 23.7 per cent on a like-for-like basis from May 2019, according to the latest figures from the British Retail Consortium (BRC), suggesting a [...]
Winemaker Gusbourne necks strong revenue despite hospitality restrictions June 7, 2021 Winemaker Gusbourne has reaped the benefits of lockdown wine nights this past year, despite the hospitality group battling lower trading sales. The group’s net revenue rose by 28 per cent to £2.11m, up from £1.65m the year before the pandemic pushed people’s social lives to their sofas. The winemaker’s share’s lifted 1.22 per cent in [...]
Online spending continues to drive retail sales despite shops open for business June 4, 2021 Online spending grew yet again last month, despite the high street being open for business, suggesting some consumer behaviours adopted during the lockdowns are here to stay. Total online spending rose nearly 10 per cent in May versus the same time last year, according to BDO’s High Street Sales Tracker, despite physical shops being open [...]
AMC shares drop over 35 per cent after stock sale announcement June 3, 2021 AMC shares plummeted by over 35% today, prompting the NYSE to briefly halt the stock shortly after open. Shares in AMC turned negative premarket as AMC filed to sell 11.5m in shares. In an SEC filling, the company said: “In accordance with the terms of the Distribution Agreement, we may, through our sales agents, offer [...]