High Street
The latest news, updates and analysis on the the British High Street and 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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Jan- 2021 -21 January
WH Smith postpones CEO’s £25k pay rise
WH Smith has revealed it has postponed its planned £25,000 pay rise for its CEO Carl Cowling, after 33% of its shareholders voted against the move. In an update posting the results of its AGM, it revealed that despite the move to approve the Directors’ Remuneration Report being passed, it…
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21 January
Primark appoints new corporate affairs director
Primark has announced the appointment of Alice Macandrew to the newly-created position of corporate affairs director with immediate effect. Macandrew joins Primark with the remit to develop a global corporate affairs team and strategy that will build and protect long-term value in Primark. Working closely with the group’s leadership team…
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21 January
Pets at Home see sales soar to £302m
Pets at Home has reported total revenue growth of 18.% to £302m in the 12 weeks to 2 January. The pet retailer accredited the rise in sales to its ability to “adapt quickly” to the Covid environment – with like for like revenue growth up 17.5%. Pets at Home, which…
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21 January
Apricot switches to turnover rent after CVA
Apricot, the women’s fashion retailer, has changed the lease agreements for the majority of its UK portfolio to turnover-based rents, according to Drapers. The decision, which will impact 13 of the brand’s 14 UK stores, was reportedly given the green light on 15 January. The move came as a result…
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20 January
Frasers Group increases stake in Hugo Boss
Mike Ashley’s Frasers Group has increased its stake into luxury retailer Hugo Boss to around 15%. Frasers revealed it now has interests 3,611,700 shares of common stock, representing 5.1% of Hugo Boss’s total share capital and 3,377,465 shares of common stock via contracts for difference, representing 4.8% of Hugo Boss’s…
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20 January
WH Smith trading ‘better than anticipated’
WH Smith has posted its trading update for the 16 weeks to January, with the company reporting a “better than anticipated” sales performance. The group has said it adapted well to the “evolving trading environment” on the high street, with revenue in stores in December at 92% of 2019 levels. …
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20 January
Arcadia to close 31 stores, 700 jobs lost
Arcadia, Sir Phillip Green’s retail empire, is set to close another 31 stores after going into administration in November, which will reportedly result in the loss of 700 jobs. The latest round of closures, which was first reported by The Times, will include the closure of all 21 of the…
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19 January
Footfall continues to decline but stays above Lockdown 1 levels
Footfall across UK retail destinations declined by -10.9% last week from the week before, but has managed to stay above levels seen during the first lockdown last year. According to the latest data from Springboard, the 10% decline was less than half the drop of -27.1% in the previous week.…
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19 January
Hotel Chocolat’s multi-channel model sees sales boost
Hotel Chocolat has reported a 19% rise in total group revenue in the 13 weeks to 27 December thanks to its multi-channel model, according to the company’s latest trading update. The chocolatier said strong online growth in the UK assisted the business as the pandemic led to temporary store closures…
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18 January
Next in the lead for Arcadia Group
High street retailer Next is allegedly the lead bidder in the race to buy Arcadia Group out of administration, The Sunday Times reports. Next, which is headed by Simon Wolfson, is said to be bidding for the group with US hedge fund Davidson Kempner. However, the pair face competition from…
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