Ocado’s depot plans halted by North London residents October 15, 2020 Ocado has lost the right to build a new delivery hub in north London after campaigners successfully lobbied the council to halt plans. Islington Council has withdrawn the site’s certificate of lawfulness to open the distribution centre next to Yerbury school, accusing Ocado’s landlords, Telereal, of providing “false and misleading evidence” and “withholding material information” [...]
Asos to launch budget brand as 20-somethings face economic impact of Covid-19 October 14, 2020 Asos is planning to launch a budget brand, the fast fashion retailer announced this morning as it warned that its core 20-something audience were vulnerable to losing their jobs during the coronavirus pandemic. The online retail giant said today that the new brand called “As You” will meet the gap in its portfolio for lower-priced [...]
Amazon to escape UK tech tax as global crackdown falters October 14, 2020 Amazon is facing fresh scrutiny over its tax liabilities after it emerged the tech giant will not be affected by the government’s landmark digital services tax. In April ministers unveiled the new tax — which charges a two per cent levy on the revenue of internet companies — saying it would ensure companies contribute their [...]
Asos sounds cautious note on future demand after profit quadruples October 14, 2020 Asos reported a quadrupling in full-year profit following a spike in online shopping during the coronavirus pandemic, but warned on the outlook for consumer spending among its young customer base. The fashion ecommerce giant reported profit before tax of £142.1m for the year to 31 August, up from £33.1m the year before. Read more: Asos [...]
Amazon Prime Day piles pressure on retailers ahead of Christmas trading period October 13, 2020 Amazon Prime Day has launched today, kicking off the crucial Christmas trading period and piling the pressure on retailers to keep up with online discounting. The Amazon sale, which will see the e-commerce giant slash prices on 13 and 14 October, was postponed from July, bringing it closer to the Black Friday discounting bonanza and [...]
Ikea to buy back used furniture to resell as second hand October 13, 2020 Ikea has launched a scheme to buy back used flatpack furniture to be resold in stores as second hand. The Swedish firm announced this morning that the “Buy Back” initiative is part of its plan to “become a fully circular and climate positive business by 2030”. Customers will be given vouchers to spend in Ikea [...]
French Connection warns of further store closures as sales dive October 13, 2020 French Connection this morning warned of further permanent store closures in the coming months as the high street store reported that sales have plummeted due to the coronavirus pandemic. The struggling retailer, which closed nine stores in the first half, said it continued to target the closure of non-contributing sites and expects to shutter more [...]
Ocado sales surge on new M&S deal amid online shopping shift October 13, 2020 Ocado added thousands of new customers following the launch of its partnership with Marks & Spencer amid a sustained rise in the number of consumers choosing to shop online. In the 12 weeks to 4 October, Ocado increased sales by 41.9 per cent as the ecommerce retailer was buoyed by its new deal with M&S [...]
Crypto AM: Market View in association with Ziglu October 12, 2020 FCA Bans Crypto Derivatives and ETNs for Retail Investors, Square Bets $50 Million on Bitcoin This week CryptoCompare data shows the price of Bitcoin (BTC) moved steadily up from around $10,600 to an $11,400 high. The cryptocurrency has seemingly finally been able to breach the $11,000 mark as it’s now trading at $11,350. Ether (ETH), [...]
Peacocks and Jaeger owner files for administration, putting 24,000 jobs at risk October 9, 2020 Around 24,000 jobs are on the line as Edinburgh Woollen Mill (EMW) group, the owner of retailers Peacocks and Jaeger, has filed a notice to appoint administrators. Bosses wrote to employees this morning warning them that lockdowns across the country had battered sales, forcing the company to review the future of its business. Steve Simpson, [...]