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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Mar- 2020 -20 March
Covid-19: Government to pay 80% of salary to staff unable to work
Chancellor Sunak Rishi has said the government will pay 80% of wages to employees who aren’t able to work due to the coronavirus, up to £2,500 a month, according to the BBC. The “unprecedented measure” comes as the government has unveiled more plans to protect jobs and businesses amid the…
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20 March
Frasers Group issues profit warning and drops FY20 guidance amid Covid-19
Mike Ashley’s Frasers Group has issued a profit warning after revealing its board expects Covid-19 to cause a “significant disruption” to its business. The retailer said the impact, including customer footfall, will likely mean the group “will not achieve” its previous guidance of 5-15% EBITDA growth for the year ending…
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20 March
Ikea to temporarily shutter all UK stores amid Covid-19 pandemic
Ikea UK and Ireland has said it will temporarily close its stores to customers at 6pm on Friday 20 March, as a “precautionary measure” against the ongoing risk of Covid-19. In line with recommendations from local authorities, the retailer said it had already put additional precautionary measures in place, including…
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20 March
TK Maxx closes UK stores amid Covid-19 virus outbreak
Discount store TK Maxx has become the latest retailer to take the decision to temporarily close its stores amid the recent outbreak of coronavirus. TK Maxx has announced all stores in the United States, Canada, Europe and Australia have will close for two weeks. The company has also announced it…
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19 March
Next warns on coronavirus despite full-year sales growth
Fashion retailer Next has warned that sales could plummet in the coming weeks and months as the UK battles the coronavirus pandemic, despite posting strong results for the year ended January 2020. Next full price sales were up 4% during the period, and brand total sales (including markdown sales) were…
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18 March
2,000 Mountain Warehouse jobs at risk as coronavirus impacts sales
Mountain Warehouse is considering cutting almost 2,000 jobs following a major slump in sales as a result of the coronavirus pandemic. According to the Guardian, the outdoor clothing and equipment retailer’s CEO and founder, Mark Neale, said the company was in a “battle for survival” after footfall at its stores…
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17 March
ScS delays full results amid Covid-19 developments
Furniture retailer ScS has announced that gross profit is expected to increase 0.3% to £71.7m during the first half of the year, but has delayed the release of its full results due to recent coronavirus measures introduced. In its upcoming interim results, it also expects gross sales to increase 0.5%…
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17 March
Colliers calls for Rates Deferment Scheme introduction amid COVID-19
Business rates experts at Colliers International have called for the Government to introduce a three-month or even six-month business rates deferment scheme to help businesses impacted by the coronavirus. It follows last Wednesday’s (11 March) Budget announcement, which Colliers said was “largely applauded” for the support given to smaller retail,…
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16 March
Laura Ashley on the verge of collapse, reports reveal
Fashion retailer Laura Ashley could call in administrators by the end of March unless it receives a £15m funding lifeline from Hilco Capital, reports have revealed. According to Sky News, Hilco Capital is currently in “advanced” negotiations with the embattled retailer, but administrators could be put on standby in the…
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12 March
Crew Clothing to acquire Moss Bros
Fashion retailer Crew Clothing is to acquire Moss Bros in a £22.6m deal to take the company private. Under the terms of the acquisition, each Moss Bros Shareholder will be entitled to receive 22 pence in cash per Moss Bros Share, and the deal is expected to complete in Q2…
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