Coronavirus: Luxury brands braced for a bumpy ride April 7, 2020 It’s hard to erase the memory of red-and-white sale signs in the world’s most prestigious stores on Madison Avenue, New York, at the end of 2008. Stores that rarely offered discounts in their flagships slashed prices to move stock to very few shoppers. The luxury sector is not quite witnessing the same carnage as the [...]
Coronavirus: BMW sales fall over 20 per cent due to retail closures April 6, 2020 BMW’s sales dropped over 20 per cent in the first quarter of the year due to the coronavirus outbreak, the German car giant said today. Due to the widespread closure of showrooms across Europe and the rest of the world, the automotive firm sold only 477,111 vehicles in the first three months of the year. [...]
Coronavirus: Angling Direct secures new credit facility to cope with outbreak April 6, 2020 Fishing supplies retailer Angling Direct announced this morning it has secured a new credit facility to help it cope with the impact of coronavirus. The company has agreed a £2.5m credit facility with Natwest after it was forced to furlough staff and close all of its stores after the UK entered a coronavirus lockdown. Angling [...]
Coronavirus: Retail funds might surprise the doomsayers April 6, 2020 A month ago, it would have been near impossible to predict the speed with which markets returns would fall as investors reacted to a spate of lockdowns across Europe and the US. As more and more countries are caught in the grip of the COVID-19 pandemic, economic output in a number of sectors has effectively [...]
Playstations and yoga mats: Online shopping surges amid UK lockdown April 5, 2020 Online shopping has boomed in Britain since the country entered coronavirus lockdown, with households buying games consoles to pass the hours and yoga mats to keep fit and healthy while movement is restricted. Transactions at major online UK retailers are at 170 per cent of their seasonal average, according to internet advertising firm Criteo. Brits [...]
Arcadia and Debenhams eye drastic measures as coronavirus pummels retailers April 5, 2020 The UK’s retail sector is creaking under the weight of coronavirus, with a number of high-profile names such as Debenhams, Cath Kidston and Arcadia Group scrambling to stay viable. Topshop owner Arcadia could walk away from as many as 550 of its stores this week, serving notice to landlords weeks after it shut its physical [...]
Growing European Coronavirus fears April 3, 2020 Sterling and the Euro – a story of two halves. The pound had another resilient week, strengthening by an average of 1.9% against the other major currencies. This is despite the downgrade of Britain’s credit rating by Fitch. The pound’s strength can be attributed to the US Federal Reserve announcing billions of liquidity to stabilise [...]
Coronavirus selloff helps CMC Markets double revenue April 3, 2020 Online trading firm CMC Markets said it nearly doubled its annual net trading revenue, bolstered by last month’s coronavirus-induced selloff. In a pre-close trading update, the firm said it expects revenue from its contracts for difference business to be around £241m, up from £110.2m a year earlier. CMC said it had had “strong underlying performance” [...]
Primark bosses take 50 per cent pay cut over coronavirus April 3, 2020 Primark bosses have taken a 50 per cent pay cut and cancelled bonuses after warning of a huge slump in 2020 profit due to coronavirus. Chief executive Paul Marchant’s base pay will be halved temporarily. George Weston and John Bason, CEO and chief financial officer of Primark owner Associated British Foods (ABF), will also take [...]
UK retail sales: Coronavirus triggers worst month on record April 3, 2020 UK retail sales plummeted to the worst levels on record in March as footfall plunged and non-essential stores were forced to close amid the coronavirus pandemic. Like-for-like UK retail sales at physical stores fell by a record 34.1 per cent and total like-for-like sales, both in-store and online combined, fell 17.9 per cent. Lifestyle and [...]