Klarna rival Laybuy partners with Footasylum in UK launch March 10, 2019 Klarna rival Laybuy, which offers a “buy now, pay later” service, has launched in the UK today in a partnership with shoe shop Footasylum. Online Footasylum customers will be given the option to pay using Laybuy from today, and it will be rolled out in the brand’s 70 high street stores later this year. Read [...]
Sir Philip Green sells former BHS headquarters for £44m March 10, 2019 Retail tycoon Sir Philip Green has sold a former BHS headquarters in London as his fashion empire Arcadia faces challenges on the high street. Green, who has been under fire over allegations of racial abuse and sexual harassment – which he denies – has sold Marylebone House to property investment company Aprirose for £44m. Read more: [...]
Asda to stop selling single knives by end of April March 9, 2019 Asda has announced plans to remove single kitchen knives from sale in response to growing concerns over knife crime. The supermarket chain said the knives would be removed from all stores by the end of April following a rise in knife-related deaths across the UK and in London. So far this year at least 39 [...]
High street suffers worst February in a decade as retail woes continue March 8, 2019 Half-term holidays and unseasonably warm weather failed to boost the struggling high street as retailers suffered their worst February in a decade. In-store like-for-like sales dropped 3.7 per cent last month, marking the worst figures since 2009, according to data published by accountancy firm BDO. Read more: Quiz shares plummet on second profit warning this [...]
The real John Lewis bonus today was Waitrose March 7, 2019 Caution was in no short supply at this morning's breakfast with the bosses of John Lewis Partnership. Over coffee and croissants at its Victoria HQ, the retail giant’s directors echoed worries that the industry as a whole has been voicing for months: namely, the major structural changes on the high street and fears over a [...]
LK Bennett collapses into administration March 7, 2019 Upmarket women’s footwear retailer LK Bennett has collapsed into administration, in the latest sign of industry trouble on the high street. Some 500 jobs across 39 stores are now at risk at the high end firm, which has appointed accountancy firm EY as administrators. In a statement this afternoon, EY said: "A sale process for the [...]
Fund outflows continue for fourth month as investors remain cautious March 7, 2019 Net fund outflows continued in January, becoming fourth consecutive month of losses as investors remained cautious. Outflows hit £859m in January as investor appetite was dampened by continued Brexit uncertainty and trade tensions. Read more: Net retail sales plummet as investor confidence knocked by uncertainty Europe and UK equity funds saw net retail outflows of £450m and [...]
John Lewis slashes bonus as profits plummet 45 per cent in ‘challenging’ market March 7, 2019 John Lewis has cut its staff bonus after posting a 45 per cent fall in profits as the retailer battles against high street woes. Profit before tax dropped to £160m last year as the department store chain slashed prices in a bid to combat declining footfall and excess retail space. Read more: John Lewis considers cutting staff [...]
Quiz shares in freefall as retailer issues second profit warning of the year March 7, 2019 Fashion retailer Quiz saw its share price nosedive this morning after issuing its second profit warning of the year. Shares in the clothes brand plummeted more than 40 per cent in early trading after it revised its full-year revenue forecast to £129m, down from the £133m estimate posted in January. Read more: Quiz shares tumble [...]
Sweetening the deal: Greggs’ profits rise as bakery chain hails record breaking year March 7, 2019 Greggs’ baked goods weren’t the only thing rising in 2018, as revenues broke the £1bn mark for the first time ever in a record-breaking year for the pastry-making giant. The firm, which recently drew headlines for the launch a vegan version of its flagship sausage roll, said it had recovered from a “very challenging first [...]