Marks & Spencer unveils plans to replace retail space with offices at Marble Arch store March 9, 2021 Marks & Spencer (M&S) has unveiled plans to redevelop its Marble Arch store, with some retail space set to be replaced by offices. Under proposals announced this afternoon, M&S said the lower levels of the West End store would remain as retail space offering its food and clothing and home ranges. However, the upper floors [...]
Kingfisher shares jump on plans to launch B&Q stores in Saudi Arabia March 9, 2021 Shares in Kingfisher, the owner of B&Q, jumped this morning after it announced plans to expand the DIY chain into the Middle East. Kingfisher said this morning that it has signed a franchise agreement with the Al-Futtaim Group, with the first Middle East stores to launch in Saudi Arabia. It marks a progression in the [...]
DFS Furniture enjoys lockdown cushion as online sales soar March 9, 2021 DFS Furniture’s revenue soared to £572.6m in the final six months of last year as consumer demand for new home furnishings jumped in lockdown. Revenue increased 17.3 per cent compared to 2019, despite the closure of non-essential retail during Covid lockdowns, boosted by a 66.2 per cent surge in online sales. Shares in the furniture [...]
WH Smith reduces cash burn after beating lockdown trading expectations March 9, 2021 WH Smith said this morning reduced its monthly cash burn forecasts, saying its trading performance had beaten its expectations during lockdown. The firm reported to stronger than forecast revenue across its high street stores and “significant” online growth. The newsagent chain said revenue in its high street business in January 2021 reached 74 per cent [...]
UK retail sales return to growth after lockdown exit roadmap announced March 9, 2021 UK retail sales returned to growth in February after the government revealed plans to ease the coronavirus lockdown measures. The Prime Minister set out the roadmap to exit lockdown on 22 February – with some plans reported in the preceding days – prompting shoppers to buy non-food items such as school uniforms and going out [...]
Gap ‘mulling’ sale of China business March 8, 2021 Clothing firm Gap is reportedly mulling the sale of its Chinese business as one of a number of options for overhauling its operations in the world’s second largest economy. Sources told Bloomberg that the retailer was working with an adviser over and had made overtures to several potential suitors over the sale. Having entered the [...]
GameStop shares jump 30 per cent following e-commerce commitment March 8, 2021 Shares in GameStop jumped 30 per cent today to nearly $180 per share, after the American video game retailer formed a committee to transform it into an e-commerce business. Gamestop’s share price hit its highest since January today, on the news that it chose shareholder Ryan Cohen as the head of a new committee to [...]
Marks & Spencer expands online presence to more than 100 markets with launch of 46 new websites March 8, 2021 Marks & Spencer (M&S) has launched 46 new flagship websites across the world, expanding its online reach to more than 100 countries. The launch, announced this morning, is part of M&S’s plan to “turbocharge” its online business, and almost doubles the number of international markets where it has a pureplay online presence. In it’s most [...]
The Week Ahead: ITV, Rolls Royce, Morrison, ECB and UK GDP data March 8, 2021 It’s Monday morning. City A.M. looks ahead at what this week has in store. China Trade for February This morning – The Chinese economy finished 2020 on a strong note, its surplus hitting a record high in December. Exports rose by 18.1 per cent, slightly down from November’s 21.1 per cent but still better than expected, [...]
Before the Bell: Europe set for positive start despite softness in Asia markets March 8, 2021 No one can complain about a lack of volatility in financial markets at the moment. The tug-of-war between economic recovery and inflation risks continued on Wall Street on Friday and spilt out onto the street in Asia. Friday’s outsized 379,000 gain in Non-Farm Payrolls caused US yields to spike initially. Still, equity markets just couldn’t [...]