Economy
The latest news, updates and analysis on the economy and how it is affecting 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- 2018 -18 December
HMV’s Hong Kong operations enter liquidation following 41% revenue fall
HMV is to wind up its Hong Kong stores after entering liquidation today (18 December), the company blamed a 41% revenue fall on the previous year along with the “global development of information and economic climate”. The retailer said the company’s insolvency was also to blame for the liquidation along…
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18 December
Brits to spend £1.65bn on last minute Christmas purchases
Some 14.9 million shoppers are expected to spend £1.65bn on last minute Christmas purchases, new research by discount code website VoucherCodes and the Centre of Retail Research (CRR) has revealed – equating to £2.38m per minute. Falling on 22 December, ‘Super Saturday’ is expected to see 10.1 million people descend…
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17 December
Laura Ashley to close 40 UK stores as it expands to China
Homeware and clothing retailer, Laura Ashley has announced it is to close 40 UK stores as it expands its Chinese business. Laura Ashley has already closed 40 UK stores since 2015 with owners Malayan United Industries (MUI) planning to reduce its UK presence to 120 stores. The group then wants…
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13 December
Russell and Bromley sees 55% profit plunge
Footwear retailer Russell and Bromley has announced a 55% fall in profits in the year to 31 December 2017. The fall represents the company’s third consecutive year of falling profits after it also announced that turnover dipped by 6% to £100.6m across the same period. The retailer called the challenges…
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11 December
Online non-food spend to top £75bn by 2023, data suggests
Total online spend is forecast to rise 34.5% over the next five years, reaching over £75bn by 2023 as consumers continue to shift spend to digital channels. With online retail spend set to rise 7.5% this year while offline spend increases by just 1%, UK consumers are set to spend…
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7 December
Primark owner warns ‘trading was challenging’ for November
Primark owner, Associated British Foods has warned that trading for November was “challenging” for the clothing retailer. The group’s chairman, Michael McLintock, will say at its AGM today that a “tough retail market” was to blame for a challenging month. Trading was “in line with expectations” for the first eight…
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6 December
UK customers to boost retailers with £420 festive spend
New Christmas trading analysis from PwC has suggested UK shoppers are preparing to spend an average of £420 on Christmas presents this year. Those in the 35-44 year age bracket are expected to shell out the most with a £522 spend, and shoppers in Scotland will have the highest average…
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Nov- 2018 -30 November
Consumer confidence drops marking ‘season of uncertainty’
Market research firm GfK’s latest Consumer Confidence Index has shown that confidence decreased by three points in November 2018 to -13. There were declines recorded across all five measures used to calculate the Index including general economic situation and personal financial situation. The index measuring changes in personal finances during…
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27 November
Esprit to cut 40% of non-store jobs and reduce product line
Esprit has announced it is to cut 40% of non-store jobs and reduce its product line by 30% as part of a restructuring attempt following tough competition from fast-fashion and online retailers. On Monday (26 November) the retailer said in an investor presentation that it had “lost touch” with its…
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19 November
Black Friday footfall expected to drop as shoppers go online
Retail intelligence experts Springboard have forecast that Black Friday and the following weekend will do “very little to help the beleaguered high street”. Footfall is anticipated to drop by 3.7% year-on-year compared with last year and down 2.7% over the weekend as a whole. This follows a decline in footfall…
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