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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Jul- 2018 -31 July
Games Workshop sees profit increase of £32m
Games Workshop has announced a pre-tax profit rise from £38.4m in the previous financial year to £74.5m in 2018. The hobby retailer also saw a £42m rise in revenue from £158m to £220m over the same period. Operating profit before receivable royalties also saw a large rise from £38.3m up…
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27 July
House of Fraser CVA delayed by landlords
House of Fraser’s planned company voluntary agreement (CVA) has been delayed by landlords who have launched legal action, with representatives call the plans “unfairly prejudiced”. New House of Fraser owners C.Banner, filed an announcement with the Hong Kong stock exchange yesterday (26 July) explaining that the company would need additional…
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26 July
Fifth of UK retailers plan to axe jobs in the next three months
New research has found that almost a fifth of UK retailers are planning to cut staff in the next three months. The research by the British Retail Consortium (BRC) found that the number of people employed in the UK retail sector had fallen by nearly 3% in the last three…
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25 July
BRC welcomes ‘much needed’ review into card-acquiring services
The British Retail Consortium (BRC) has welcomed news that the Payment Systems Regulator (PSR) will carry out a market review into card-acquiring services due to an “alarming increase in card fees and charges”. Andrew Cregan, policy adviser at the BRC has welcomed the review, and said it comes at a…
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24 July
Hammerson shares rise as plans to sell £1.1bn of retail parks and cut board revealed
Shopping centre and retail park giant, Hammerson, has announced plans to reduce the size of its board and sell off £1.1bn in retail parks. The announcement, which comes just after the company sold parks in Bristol and Kirkaldy for £164m, said the company was planning to focus on “flagship retail…
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24 July
Over 30,000 retailers in ‘significant financial distress’ at end of Q2
Over 30,000 retailers were found to be in “significant financial distress” at the end of June 2018, according to research Professional services firm Begbies Traynor’s ‘Red Flag Alert’ research for Q2 2018 found 472,183 businesses were experiencing financial distress, a 9% increase when compared with the same period the previous…
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20 July
High street struggles drag sterling down to $1.30
The pound has been dragged down to $1.30 by declining high street footfall and the financial woes of a slew of retail brands. An increase in retail sales of 0.2% had been predicted by the Office for National Statistics (ONS), however statisticians were surprised by a fall of 0.5% in…
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19 July
Frozen food retail continues to grow
Frozen food value growth continues across almost every category, according to latest statistics in the 52 weeks to 18 June 2018. Data gathered by Kantar Worldpanel revealed 5.4% value growth year-on-year for the retail frozen food market, meaning the total value of the segment is now more than £6.1bn. The…
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18 July
Hot weather and World Cup fever spurs online retail growth
UK online retail sales were up during June this year, as the hot weather and start of the FIFA World Cup spurred 16.9% year-on-year (YoY) growth in retail sales, according to the latest IMRG Capgemini e-Retail Sales Index. Both multichannel and online only retailers performed well, increasing 14.8% and 18.7%…
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17 July
Bad debt owed to UK retailers rises to £53.6m in three months
There has been a 2464.5% increase in bad debt owed to UK retailers in the last three months, according to credit report company Creditsafe’s quarterly Watchdog Report. This has been a rise of more than £51.5m, bringing the total to £53.6m and the firm has said that the debt is…
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