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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May- 2023 -24 May
M&S FY sales and profits jump as turnaround strategy bites
M&S has seen its full-year profits and sales increase despite the ongoing cost-of-living crisis and tough economic conditions over the period, with the group attributing its performance to its latest turnaround strategy. Profit-before-tax rose by 21.4% to £474.7m, up against £391.7m the prior year, while group sales were up by…
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23 May
Next staff secure ‘significant’ win in equal pay battle
More than 2,000 Next store staff who are taking legal action against the group for equal pay have won the second stage in their legal battle, which has ruled that their jobs are equal to warehouse jobs within the group. The store staff, who are all current or former sales…
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19 May
Scottish shops report 10% decline in business rates
Scottish shops have seen a 10% drop in business rate bills, following a revaluation from the beginning of last month. The new Scottish Government figures reflect changing rental values, which have been updated by council assessors for the first time in six years, forming the basis for levying £3.86bn in…
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17 May
Harrods boss calls for return of VAT-free shopping for overseas visitors
The managing director of Harrods, Michael Ward, has called on the government to rethink its removal of VAT-free shopping for overseas visitors in a bid to boost luxury shopping in London. Ward, who is also the chairman of Knightsbridge Partnership, told The Times: “We’re in the middle of a difficult…
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10 May
John Lewis chair receives council backing despite disapproval on performance
John Lewis chair Dame Sharon White has been backed by the John Lewis council on whether they have confidence in her leadership moving forward, despite them voicing their disapproval over her decisions in the past year. According to reports, White faced two votes on her leadership at the John Leadership…
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9 May
John Lewis council to vote on chair’s strategy
John Lewis Partnership employees will reportedly be given the opportunity to vote on chair Sharon White’s leadership this week, The Times has reported. The news comes as the 9-10 May will see 60 employee representatives decide on the chairwoman’s current strategy during a council meeting, which will include two votes…
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2 May
John Lewis to downsize head office in cost-cutting efforts
John Lewis is looking to halve its office space in an effort to cut costs through a loose hybrid working approach, as the company is now hunting for an office of 100,000 sq ft compared with its current 220,000 sq ft space, The Times has reported. The partnership, which also…
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Apr- 2023 -27 April
Frasers Group to unveil own version of Amazon Prime
Michael Murray, the chief executive of Frasers Group, has revealed at this year’s World Retail Congress in Barcelona that the group will be unveiling its own version of Amazon Prime, Retail Week has reported. The new membership scheme, which will be called ‘Frasers Plus’, would be a membership programme and…
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21 April
John Lewis latest business to exit CBI
John Lewis has become the latest business to today terminate its CBI membership in light of the recent allegations against the group. In a statement released today, the retailer said: “Due to the further very serious and ongoing allegations made relating to the CBI, we have decided to end our…
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20 April
Dunelm Q3 sales up 6% after moving winter sale
Dunelm has announced that its sales have risen 6% to £423m, up from £399m, for the 13 weeks to 1 April 2023. The homeware retailer has put this increase down to moving its winter sale from Q2 to Q3 after the winter sale negatively impacted its Q3 growth last year.…
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