Retail, wholesale and motor trade employment falls at sharpest rate in 35 years February 23, 2021 Employment levels across the retail, wholesale and motor trades fell at a record pace in the year to February as the coronavirus pandemic continued to wreak havoc on the economy. The latest research showed that job losses in the distributive sector spiked last month, with employment levels falling at the steepest rate since records began [...]
Is technology a new asset class? February 23, 2021 With Covid-19 accelerating digitalisation, the question facing many companies is no longer whether technology is important, but just how important? What percentage of their time should a bank or retailer’s top executives spend thinking about technology? How much investment should a company make in tech? What weighting should institutional and retail investors give the sector? [...]
Business rates from the 16th century are ruining the high-street and an online sales tax isn’t enough February 23, 2021 The pandemic is in many ways not a break from the past but a rapid accelerator, and nowhere has the world sped up as much as in our shopping habits. In the last year, more retail sales shifted onto the internet than had done so in the previous decade. UK consumers spent £24 in every [...]
Delivery slot shortage gives welcome boost to High Street February 20, 2021 Overwhelmed supermarket delivery services have given bricks and mortar retailers a boost during the UK’s Covid-19 lockdowns. Key announcements by Boris Johnson have led to spikes in demand for services such as Ocado. And that, according to research by retail search platform NearSt, has seen Brits looking closer to home for essentials. Their platform, which [...]
Wall Street indexes follow FTSE 100 rise to end week on a high February 19, 2021 Wall Street follows FTSE 100 rise to end week on a high
UK PMIs: UK firms fare less badly than expected February 19, 2021 UK firms had a more positive February than anticipated so far, with firms eyeing growth prospects later in the year as the vaccine roll-out continues. The IHS Markit/CIPS purchasing managers index (PMI) jumped to 49.8 in February from 41.2 in January, a far swifter improvement than what was originally feared. The index indicated some stabilisation [...]
Discounter Pepco sets sights on Europe with 400 store openings February 19, 2021 The owner of British discount retailer Poundland has targeted 400 store openings across Europe in the upcoming financial year as it expands its Pepco brand, its boss said on Friday. The group opened 327 new stores in the previous financial year, taking the total to more than 3,000 across 15 countries. Italian confidence Pepco entered [...]
Public sector borrowing hits £8.8bn in first January deficit for a decade February 19, 2021 Public sector net borrowing ballooned to £8.8bn last month, marking the first January deficit for a decade. The figure is £18.4bn more than in the same month last year and is the highest January borrowing amount since records began. Public sector borrowing is now estimated to have reached £270.6bn in the first 10 months of [...]
January retail sales drop 8.2 per cent as third lockdown takes high street ‘to the edge of the abyss’ February 19, 2021 Retail sales volumes dropped by 8.2 per cent last month, compared to December, as the third national lockdown affected sales across the sector. All sectors experienced a decline in sales last month, except non-store retailers and food stores, reporting growth of 3.7 per cent and 1.4 per cent, respectively, compared to the final month of [...]
Rishi Sunak to extend business rates relief and furlough February 19, 2021 Rishi Sunak is set to extend business rates relief and the furlough scheme into the summer, offering further support to companies battered by coronavirus restrictions. In his Budget next month the chancellor is expected to announce that the year-long business rates holiday for the retail, hospitality and leisure sectors will continue beyond the previous end-date [...]