Mike Ashley demands landlords link rent to sales November 17, 2019 Retail tycoon Mike Ashley, the founder of Sports Direct, has demanded that new rent deals are tied to sales across his high street empire. Ashley has reportedly asked landlords to agree to turnover rents, where up to 15 per cent of the rent payable is linked to in-store sales. Read more: Sports Direct ends two [...]
Saudi Aramco set for $1.7 trillion valuation November 17, 2019 Saudi Aramco has released the official price range for its long-awaited initial public offering (IPO) in December, giving the company a preliminary value between $1.6 trillion (£1.24 trillion) to $1.7 trillion. Although this is considerably below the company’s desire for a $2 trillion valuation, it would still make the IPO the world’s biggest. Read more: [...]
Black Friday 2019: Everything you need to know to find the best bargains November 15, 2019 Black Friday only launched in the UK in the last five years and has quickly become one of the biggest annual shopping events, kicking off the key Christmas trading period. Savvy shoppers can snap up bargains as stores offer huge discounts in the run up to the festive season. Here is everything you need to [...]
Focus on Wood Green: First-time buyers flock to this up-and-coming North London locale November 15, 2019 Known to many Londoners as the gateway to a night out at the Alexandra Palace, Wood Green is situated on the border between North East and North West London, just within the North Circular. It is also home to Wood Green Animal Shelter, one of the largest in London which was recently the subject of [...]
Asda blames sales slump on Brexit uncertainty November 14, 2019 Asda said Brexit uncertainty is negatively affecting consumer spending as the supermarket giant reported a dip in sales in the third quarter. Like-for-like sales, excluding petrol, fell 0.5 per cent in the third quarter as Brexit and the upcoming general election ramped up the levels of uncertainty. Read more: Asda gives hundreds of employees extra [...]
Ceramics maker Portmeirion warns on profits November 14, 2019 Ceramics maker Portmeirion warned that profits would be lower than expected this year after export sales plunged due to weakening demand in South Korea. In a trading update this morning the company said “significant historic demand” for its classic Botanic Garden ranges had led to other countries shipping in to South Korea, resulting in overstocking [...]
Softbank-backed fintech Oneconnect chooses New York over Hong Kong for IPO November 14, 2019 Oneconnect, the fintech arm of Chinese financial conglomerate Ping An, has chosen New York over Hong Kong for the launch of its initial public offering (IPO). The company, which is backed by Softbank, filed a prospectus for an IPO on Wednesday and plans to list its shares on NASDAQ. Read more: Alibaba poised to launch [...]
New store openings drive revenue increase at Card Factory November 14, 2019 Card Factory has reported a jump in revenue this year driven by sales at new stores and a boost in online trading, as sales at existing stores slumped due to falling high street footfall. In the nine months to 31 October revenue increased five per cent as Card Factory grew its store portfolio with 38 [...]
UK retail sales unexpectedly fall as economy slows November 14, 2019 The amount of goods sold in UK shops unexpectedly fell in October, official figures have shown, in the latest sign that the economy is slowing. The weak performance will be a concern to retailers as the sector heads towards Christmas, especially given that the period covered Halloween, a traditionally busy time for shops. Read more: [...]
Burberry boosts revenue despite Hong Kong disruption November 14, 2019 Shares in Burberry jumped more than five per cent this morning after the luxury retailer reported it is on track to meet expectations despite political disruption in Hong Kong, which contributed to a slump in sales in one of the retailer’s core markets. The figures Burberry increased revenue by three per cent to £1.3bn in [...]