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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Jul- 2020 -30 July
Waterstones set to axe HQ roles
Waterstones is reportedly set to make a number of redundancies at its Piccadilly-based head office. According to the Bookseller, the group said it was “currently in consultation” with those affected by the cuts, but declined to confirm the number of jobs at risk. In addition, a spokesperson confirmed the group…
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29 July
Games Workshop profits soar in full-year results
Games Workshop saw its pre-tax profits jump to £89.4m during the year ended 31 May 2020, up from £81.3 in 2019, despite closing stores for six weeks during the Covid-19 pandemic. The retailer also reported a 5.1% increase in sales to £269.7m during the period. Some 29% of sales were…
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28 July
Card Factory performance ‘exceeds’ expectations
Card Factory’s performance has “exceeded” initial expectations since the reopening of its estate, with like-for-like sales down only 21.6%, against its anticipated reduction of 50% in the first month of reopening. Despite a decline in in-store transactions, the average spend has increased by 24.9% since lockdown. According to the group,…
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27 July
Hotel Chocolat sees 200% digital sales boost during Q4
Confectionery retailer Hotel Chocolat has reported a 200% surge in digital sales during its fourth quarter of trading. This was supported by a 47% year-on year increase in the sales of subscriptions and recurring purchases. It comes after the group reported a 3% increase in revenues to £136m for the…
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24 July
Dyson to axe 900 jobs
Dyson is set to cut almost 900 jobs as a result of consumers turning to online purchases during the Covid-19 pandemic. The group said the Covid-19 crisis has “accelerated changes” in consumer behaviour, which has required Dyson to change in how it engages with its customers and how it sells…
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23 July
Fraser Group warns of closures amid business rates valuation delay
Mike Ashley’s Fraser Group has warned that a number of its stores could shutter as a result of the Government’s move to delay the next business rates valuation until 2023. It said occupiers of the high street, including Frasers Group fascias, are still paying business rates based upon values from…
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22 July
Covent Garden owner offers rent relief for embattled tenants
The owner of Covent Garden, Capital and Counties (Capco), has offered to support its tenants through restructured lease agreements. Capco said that for certain tenants which are experiencing short-term cash flow issues, rental agreements will be linked to turnover for the second half of the year in exchange for other…
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21 July
Ted Baker revenues slump 55%
Fashion retailer Ted Baker has seen its group revenues slump by 55% to £60.9m during the 11 week period ended 18 July. Further to this, store revenue also decreased 79% to £15.8m, with sales performance impacted by store closures globally. Additionally, like-for-like store sales were down 52% compared with the…
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21 July
Co-op outlines plans on face coverings
Central England Co-op has outlined plans for its staff to begin to wear face coverings early to promote their use ahead of them becoming compulsory for customers on Friday (24 July). Central England Co-op, which has over 400 food stores and funeral homes across 16 counties, is asking customers to…
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20 July
M&S to cut 950 jobs
Marks and Spencer (M&S) has announced it will cut 950 jobs in a bid to restructure its business in the wake of the Covid-19 crisis. The high street retailer announced it plans to “accelerate the pace and scale” in a statement released today (20 July), adding that it aimed to…
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