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 [...]
Caffè Nero staff fiddled dates on food to avoid excessive waste March 6, 2021 Staff at Caffè Nero have been changing dates on muffins, cakes and scones to help sales and avoid waste. An investigation by The Times found both current and former staff were aware of the practice, with some confirming they had changed dates. Six former and present staff told The Times they had changed dates, 17 [...]
Fight for the high street: Sunak’s Budget will stop the bleeding, but we must look long-term March 5, 2021 For London’s struggling retailers and leisure operators, Rishi Sunak’s budget provided some welcome respite. The three month extension to the business rates holiday, the £5 billion Restart Grant scheme and the extension to the furlough initiative should enable some of the brands on the high street to survive, at least until they have the opportunity [...]
Mike Ashley’s Frasers Group says business rates support ‘near worthless’ for large retailers March 5, 2021 Mike Ashley’s retail empire Frasers Group has warned that the business rates support available from July is “near worthless” for large firms, saying it could be forced to close stores. The chancellor announced on Wednesday that the 100 per cent business rates relief would be extended to 30 June, with 66 per cent relief available [...]
City Spirits: Put the G&T to the side for a refined rum revolution March 5, 2021 If you’re after a quick and refreshing sundowner, there are fewer drinks easier to throw together than a gin and tonic. The quintessential afternoon tipple, the humble G&T has been the key vehicle for the phenomenal growth in gin – both in sales and in the sheer variety of bottles available to try – over [...]
Decline in fashion sales slows as online shoppers prepare for lockdown lifting March 5, 2021 The decline in fashion retail sales slowed last month as online shoppers snapped up outfits for the end of the coronavirus lockdown. Total like-for-like sales -including the impact of closed non-essential stores – declined 3.1 per cent in February but fashion and homeware helped drive online sales up 167.3 per cent to a record high. [...]