Department Stores
The latest news, updates and analysis on the department stores segment of the the UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
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Jan- 2024 -2 January
Central Group eyes increased stake in Selfridges
Central Group is reportedly interested in increasing its control of luxury department store Selfridges as its co-owner Sigma faces financial difficulty, according to The Sunday Times. The Thai conglomerate is looking to increase its stake after Sigma’s Prime Selection unit, the division that co-acquired Selfridges in a £4bn deal last…
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Dec- 2023 -12 December
Waitrose to expand exports amid 14% sales surge
Waitrose has announced that it is set to expand its exports business after it saw its export sales jump 14% compared with last year. The company stated that global demand for its products had jumped 92% in the last 10 years and is aiming for 10% growth in 2024. It…
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1 December
Frasers pulls out of SportScheck deal
Frasers has announced that it has pulled out of a deal to acquire SportScheck after the German sports retailer filed for administration. As a result of this move Frasers is now looking to acquire the firm in a pre-pack deal. The company stated that it has “exercised its right” to…
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Nov- 2023 -22 November
Victoria Plumbing sees revenues and profits rise in FY 2023
Victorian Plumbing Group has reported a 26% increase in operating profits to £15.3m and a 6% increase in revenues to £285.1m, for the year ended 30 September 2023. Its gross profit was up 11% compared with last year at £134.6m and adjusted EBITDA also increased 22% to £23.8m. The group…
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20 November
Fortnum and Mason boss urges gov to scrap tourist tax
Fortnum and Mason boss Tom Athron has urged the government to scrap the tourist tax or risk businesses losing sales revenue to Paris, in an interview with This Is Money. Athron, chief executive of the luxury food store, stated that Paris was a “very attractive” destination for tourists due to…
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17 November
Frasers Group opens multi-fascia store at Gateshead Metrocentre
Frasers Group has opened the doors to Sports Direct’s brand new 50,000 sq.ft multi-fascia store in Metrocentre, Gateshead including USC, Evans Cycles, and Game. Sports Direct’s new store offers specialist sporting areas for running, football, and outdoor, across men’s, women’s and kidswear, and brings Sports Direct’s Running Concept to customers.…
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15 November
Thai investor takes control of Selfridges
Central Group, the co-owner of Selfridges, has taken control of the department store after fellow key shareholder Signa Group was hit by a cash crisis. According to The Telegraph, the Thai conglomerate has now become its largest shareholder after converting a €364m (£317m) loan to Selfridges into equity. Earlier this…
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14 November
Next defends chair following shareholder rebellion
Next has defended its chair, Michael Roney, after more than 20% of shareholders voted against his re-election at the company’s AGM earlier this year. Back in May, 20.84% of voting shareholders chose to not support his re-election as a director of the company. Under the 2018 UK Corporate Governance Code,…
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13 November
Theft to cost retailers £7.9bn in 2023, study finds
It has been forecast that retail theft will cost UK retailers £7.9bn this year, according to new research by Thruvision Group plc and Retail Economics. Thruvision, a provider of walk-through security technology, and Retail Economics stated that shoppers account for 60% of the value of the theft (£4.7bn) while employees,…
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6 November
Selfridges ownership uncertain as co-owner faces cash crisis
The future ownership of Selfridges is said to be uncertain following reports that its co-owner Signa is facing a financial crisis, according to The Times. Restructuring experts have reportedly been called in to help the real estate company raise funds after it was hit by rising borrowing costs and falling…
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