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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Aug- 2023 -9 August
John Lewis agrees £100m Google Cloud partnership
The John Lewis Partnership has announced that it has entered into an agreement with Google Cloud worth £100m across the next five years. Under the agreement, more of the organisation’s technology will migrate to Google Cloud, harnessing the latest technologies, including artificial intelligence (AI) and machine learning (ML). John Lewis…
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3 August
Next ups guidance by £10m following strong Q2
Next has raised its full-year outlook following a strong second quarter of trading, with profit before tax now expected to be £845m, £10m higher than its previous guidance. It comes as total sales in the second quarter rose by 6.9% against the prior year. Online sales rose by 10% over…
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Jul- 2023 -31 July
Frasers Group to axe 100 roles in Manchester
Frasers Group is reportedly set to axe more than 100 roles in its head office in Manchester in a bid to streamline the business, Drapers has reported. It is understood that the retail group has entered into a consultation period with staff from Missguided, I saw It First and Studio…
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28 July
Large House of Fraser stores to be kept ‘under review’
Frasers could reportedly close larger House of Fraser stores in the future as the group continues to reassess its department store portfolio, The Guardian has reported. The group has already seen a net decrease of eight House of Fraser stores in the past year, as revealed in its full-year results…
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24 July
UK retail M&A deals increase to a five-year high
The number of M&A deals targeting UK retailers has increased 23% over the last year, from 31 deals in the year ending March 2022 to 38 in the year ending March 2023. These are the highest levels seen in five years, according to research by international law firm RPC. In…
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5 July
Topps Tiles sees sales rise 4.4% in Q3 2023
Topps Tiles, the UK’s leading tile specialist, has revealed that its total sales increased 4.4% year-on-year in the third quarter, according to its trading update for the 39-week period ended 1 July 2023. It also reported that for the year-to-date 39-week period, total sales growth was 7.6% year-on-year. The group…
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Jun- 2023 -21 June
Debenhams’ unsecured creditors to lose out on £1.3bn
Debenhams’ unsecured creditors, including clothing suppliers, landlords and lenders, are set to lose out on the £1.3bn they were owed before the business collapsed in 2020. According to The Times, a new report from the department store’s liquidator, AlixPartners, revealed that no funds were available for distribution to the group’s…
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20 June
Frasers acquires single-figure stakes in Boohoo and Currys
Mike Ashley’s Frasers Group has announced it has made a “strategic investment” in both Boohoo and Currys. In an announcement to shareholders it said driving growth through strategic investments is a “core part” of Frasers’ DNA and as such has acquired a 5% stake in Boohoo and 5% in Currys.…
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5 June
Debenhams partners with lifestyle brand Nautica
Debenhams has partnered with global lifestyle brand Nautica, making the brand now available to purchase through its online marketplace. The news comes as the US-based retailer, which is best known for its ‘preppy’ apparel, relaunched in the UK and EU market last year, with head of design Tim Peck heading…
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May- 2023 -25 May
Card Factory launches first click and collect service
Card Factory has launched its first UK-wide click and collect service, following the success of a trial period across 87 stores. The new service is available via its website, app and at over 1,000 stores excluding Jersey or the Republic of Ireland. Customers can choose from a range of gifts,…
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