Brexit worries prompt nearly a third of consumers to cut spending November 14, 2018 Nearly a third of British consumers have cut their spending because of Brexit, scrimping on luxuries and postponing investments amid doubt over the future of the UK’s relationship with the EU bloc. A survey of 4,015 Brits, conducted by professional services firm KPMG, found 31 per cent had already cut their spending. James Stewart, KPMG [...]
City Moves for 14 November – who’s switching jobs at KPMG, Iwoca and NCP? November 14, 2018 Who’s on the move today? KPMG KPMG has hired Jennifer Cooper as International Tax Director for the firm’s growing international tax team in London. Jennifer previously worked at professional services firm EY. In recent years she was based in both the UK and Silicon Valley, specialising in helping US-headquartered multinationals understand the changing UK tax [...]
Iceland’s banned palm oil advert could win over middle class shoppers as supermarkets prepare for Christmas November 13, 2018 Iceland could get a shot in the arm from its banned Christmas advert by appealing to middle class shoppers, according to consumer research firm Kantar Worldpanel. The supermarket's advert, which caused a storm on social media when it was deemed “too political” to be aired by Clearcast, could be exactly what the store needs to reach out to [...]
Consumer spending falls in October as shoppers continue to abandon the high street November 13, 2018 UK consumer spending dipped in October after having risen for two months, with an e-commerce rebound propping up a two per cent fall in face-to-face sales. Expenditure has fallen in six of 10 months so far this year, adding to a cocktail of concerns for bricks-and-mortar retailers, according to Visa UK Consumer Spending Index data [...]
Trust me, we’ve been thinking about market power and competition all wrong November 13, 2018 Economists, politicians, and commentators on both sides of the Atlantic are growing more concerned with the supposed “monopolisation” of the economy. In a 2017 report, the Social Market Foundation found that eight of 10 key British markets, including in phones, gas and groceries, were highly dominated by small numbers of companies. Its director, James Kirkup, [...]
Top of the class: London retailers post best results in Europe to push Paris into second place November 12, 2018 London’s West End has weathered problems on the high street to keep its position as the top of the European retail league, while seven of the top 10 shopping centres are in the UK. Shoppers spent almost €10.4bn (£9.1bn) on and around Oxford Street, Knightsbridge and Kensington for the year ending November, a 12 per cent [...]
All Saints profits hit by retail storm November 11, 2018 Fashion brand All Saints has seen its profits plummet as online shopping continues to take its toll on high-street fashion retailers. The company’s underlying profits fell by more than half to £10.6m because of property losses and a drop in in-store sales. Sales rose eight per cent to £327m in the year to February. But [...]
Alibaba’s record-breaking Singles Day sales hit $10bn in first hour November 11, 2018 Online retail giant Alibaba today smashed records for the largest shopping day on the planet, making sales of over $1bn (£770.5m) in just 85 seconds. The sales came during Singles Day, the world’s largest online retail festival. Alibaba’s total sales hit $10bn after one hour and had reached over $24bn after 16 hours. The festival's sales eclipse the estimated [...]
Golden quarter could bring Christmas cheer to struggling British retailers November 9, 2018 Retailers might find seasonal cheer in an early Christmas present as experts predict a strong final quarter to the year. Sales in the sector are expected to tick up by two per cent year-on-year, according to analytics company Global Data. The increase will be driven by food and groceries, which are expected to grow 2.5 [...]
Next and Anthropologie: a lesson in crisis management November 9, 2018 HIGH STREET BUSINESSES across the UK are fighting to stay afloat, with 14 stores closing every day. It’s a grim picture – but some companies are resorting to dirty tactics to stay afloat. Just today, two large retailers – Next and Anthropologie – have settled claims with smaller businesses over claims of copying – but [...]