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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Jun- 2018 -18 June
Bitcoin in retail could ‘bring the internet to a halt’
A new report from the Bank of International Settlements (BIS) in Switzerland has claimed Bitcoin would “bring the internet to a halt” if used as a mainstream payment method in the retail sector. The report also claimed that Bitcoin was a “poor substitute” for state-backed currency as the BIS says…
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18 June
Card payments overtake cash for the first time in the UK
Cards have overtaken cash as Britain’s most frequently used method of payment, thanks to the rise in contactless cards. Steve Newton, executive vice president, UK and Europe of Worldpay, said the UK has passed “a major milestone on its journey to a more digital future”, adding that “the popularity of…
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12 June
UK consumers plan a £799m expenditure for Father’s Day
UK consumers are expecting to spend £799m on gifts for Father’s Day this year, a study has found. Data gathered by retail and shopper marketing agency Savvy revealed UK shoppers plan to spend £799m this year to celebrate the occasion. The survey found consumers aged 35 – 44 are most…
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12 June
Henri Lloyd to slash 128 jobs despite coming out of administration
Henri Lloyd is to be brought out of administration by a company called Aligro UK Limited, and it will continue to trade from stores in Salcombe, Dartmouth, Cowes, Cheshire Oaks and Lymington. The stores kept open will save 38 jobs, however 128 jobs in total will be axed as stores…
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8 June
Tesco CEO blames business rates for decline of the high street
Dave Lewis the CEO of Tesco has said that business rates have played a “large part” in the decline of many high street retailers. Lewis questioned whether the rise of business rates created an “uneven playing field” for some retailers. Last year’s restructure of business rates saw rises for some…
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7 June
Joules 18% sales boost defies high street blues
Clothing retailer Joules has announced a rise in revenue for the year up to May 27 of 18% on figures for the same period last year. Retail revenues rose 16%, which the company says was “driven by a very good e-commerce sales performance as well as continued growth across the…
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6 June
Poundworld buyer pulls out
The future of discount retailer Poundworld has been cast into doubt following Alteri Investors withdrawal from their buyout. Other bidders are queuing up however with founder Chris Edwards rumoured to be considering re-acquiring the 355-store chain. He sold the chain to TPG for £150m and then took over at rivals…
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6 June
May consumer spending growth highest since April 2017
In-store consumer spending in May led to an increase of 5.1% in consumer spending, the highest level of growth recorded since April 2017. Barclaycard’s data revealed in-store spending grew 2.6% as consumers experienced good weather that encouraged them to go out to the shops. The report also said non-essential expenditure…
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5 June
Quiz defies high street blues with 30% growth
Fashion retailer Quiz has bucked a calamitous high street trend in the first half of 2018, announcing revenue growth of 30% from the previous financial year. Physical store sales grew by 12% and online sales by 158% compared with last year. The company also saw pre-tax profit rise slightly from…
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4 June
Mothercare vote mishap puts CVA under threat
Mothercare’s plans for a company voluntary agreement (CVA) to stave off further problems, have been plunged into uncertainty after a mistake was made during the counting of votes last week. It was thought that the CVA would see Mothercare’s Children’s World company pay off its debts. But last week’s vote…
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