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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Dec- 2022 -2 December
John Lewis confirms £500m rental home venture
The John Lewis Partnership has agreed a £500m joint venture with global investment company abrdn to deliver around 1,000 new homes across three local communities. In Bromley and West Ealing in Greater London, subject to planning permission, Waitrose shops will be redeveloped to provide new homes and improved stores. In…
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Nov- 2022 -29 November
Ikea invests £12m in cost of living support package
Ikea has announced that it is investing £12m in a pay increase and wellbeing support package for staff across the UK and Ireland to support them during the cost-of-living crisis. Salaried staff will receive a pay rise of 6% on average, in line with the retailer’s commitment to paying a…
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24 November
Mothercare appoints new CEO as profit and sales stall
Babywear retailer Mothercare has announced the appointment of Daniel Le Vesconte as group CEO as it revealed a period of tough trading for the half year up to September 2022. Le Vesconte will start his new role in the new year and brings with him a wealth of experience. He…
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22 November
John Lewis chair warns inflation is ‘hitting top line’ as spending falls
The chair of John Lewis has warned that inflation is “hitting the top line”, with the group witnessing a notable shift in consumer habits amid the cost of living crisis, as more people are budgeting and deferring big purchases. Speaking at the CBI’s annual conference, Dame Sharon White said: “This…
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Oct- 2022 -31 October
Harrods swings to profit in FY21
Harrods has revealed it has returned to profit for the year ending 29 January 2022 (FY21), as the group’s operating profit hit £55.5m, up +£121.9m year-on-year from a loss of -£66.4m in FY20. Harrods’ turnover also increased 35.5% to £581.9m, up year-on-year from £429.5m, and gross transaction value (excluding VAT)…
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4 October
John Lewis doubles down on rental as part of new sustainability pledges
The John Lewis Partnership has doubled down on its pledge to “protect and restore nature” with a set of new sustainability pledges which will also see it develop more rental, resale and return opportunities. It said it comes as climate experts estimate that to limit global warming to the recommended…
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Sep- 2022 -27 September
Frasers Group CEO to waive £1m salary
Frasers Group has confirmed that new CEO Michael Murray will waive his £1m base salary for the financial year ended 30 April 2023. It comes as the group is focusing on achieving an adjusted profit before tax of “at least” £500m in its next results. The group has also set…
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20 September
Selfridges’ owners eye first regional UK expansion in 20 years
Central Group Europe, Selfridge’s operating company, is said to be targeting regional cities in the UK for the first time in 20 years, according to the Financial Times. The luxury department store group currently operates from Oxford Street in London, as well as one store in Birmingham and two in…
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15 September
John Lewis swings to H1 loss of £99m
John Lewis has swung to a loss of £99m for the first half of 2022 (H1 FY22) which it attributed to a reduction in customer spending and an increase in inflation-induced costs, which have not fully been passed onto customers. Overall, Waitrose sales dropped 5% year-on-year to £3.6bn for the…
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13 September
John Lewis, Primark, Aldi to shut stores all day for Queen’s funeral
A number of retailers have confirmed they will shut all of their stores on the day of Queen’s funeral on 19 September as a mark of respect. Retailers including John Lewis, Homebase, WH Smith, B&Q, Primark, Tesco, Sainsbury’s, Argos, Ikea, Poundland and grocers Aldi and Sainsbury’s will shut all of…
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