UK services sector gauge picks up but economic gloom continues June 3, 2020 A closely watched gauge of the UK services sector picked up in May, although the dominant section of the economy remained severely depressed as coronavirus restrictions were largely held in place. The IHS Markit/Cips services purchasing managers’ index (PMI) came in at 29 in May, up from the record low of 13.4 in April. Today’s [...]
Office politics: Pandemic sees onshoring trend ramp up June 2, 2020 The Covid-19 pandemic has been devastating for communities, businesses and economies globally. Over the past 16 weeks, as lockdowns were enforced around the world, consumers retreated to their homes and offices and services closed their doors. The lockdown has presented unique challenges to the customer service industry, much of which has been outsourced overseas over [...]
Card Factory scraps dividend as higher costs hit profit June 2, 2020 Card Factory today scrapped its full-year dividend as higher costs and the ongoing impact of Covid-19 weighed on profit. The figures Card Factory reported revenue of £451.5m for the year to the end of January, up 3.6 per cent year on year. Like-for-like sale dipped 0.5 per cent over the year. Underlying profit before tax [...]
O2 reopening after lockdown with virtual queueing technology June 1, 2020 O2 will reopen its stores across England this month, with new layouts and a virtual queuing system as part of its safety measures during the pandemic. At the so-called future stores, which will open from 15 June, customers will skip queues and instead join a virtual system. They will receive a text when an advisor [...]
Why global cities can still thrive despite Covid-19’s impact June 1, 2020 The most connected part of global cities could be of even greater value despite an increase in remote working. The Covid-19 pandemic has accelerated our digital future with remote working set to become the norm for many people. But although fewer people will be travelling into cities each day to work in the knowledge economy, [...]
Ted Baker seeks £95m coronavirus rescue raise as it books £80m loss June 1, 2020 Fashion retailer Ted Baker today set out plans to raise £95m in rescue cash to fund its escape from the coronavirus crisis, as it revealed losses amounted to almost £80m last year. Ted Baker, which was hit by a scandal in 2019 after its founder quit over allegations of misconduct, is selling cut-price shares to [...]
Bella Italia owner in talks over sale that could save 6,000 jobs May 29, 2020 The owner of high street restaurant chains Bella Italia and Cafe Rouge is in talks with multiple parties over a potential sale of the business, just days after it seemed to be on the brink of collapse. The development, which was first reported by the Telegraph, comes after the Casual Dining Group, which also owns [...]
B&M gets lockdown sales boost as customers turn to DIY May 29, 2020 Discount chain B&M today reported a sharp rise in sales as customers stockpiled groceries and DIY equipment during the coronavirus lockdown. In the first eight weeks of the new financial year the retailer posted a 22.7 per cent rise in life-for-like revenue, as surging demand for gardening and DIY products offset a decline in customer [...]
Consumer confidence among millennials jumps during lockdown May 28, 2020 Consumer confidence among millennials has jumped during the UK coronavirus lockdown, according to the latest research. Sentiment in the 25 to 34 age group has risen from minus seven in April to 16 this month, a survey tracking expectations of future disposable income and shopping behaviour showed. The age group has overtaken the 18 to [...]
Harrods to open Westfield outlet shop to ease pressure on Knightsbridge store May 28, 2020 Harrods is preparing to open a new London outlet to host its summer sale and create more space at its Knightsbridge flagship store. The Harrods Outlet at Westfield Shepherd’s Bush will open in July and offer discounted stock from the existing season that the retailer was unable to sell when stores closed during the UK [...]