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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Aug- 2019 -14 August
Grant Thornton quits as Sports Direct auditor
Sports Direct has confirmed accountancy firm Grant Thornton is to step down from its role as auditor. Sports Direct said on 13 August 2019 it received notice from Grant Thornton, “following a review of its client portfolio”, it intended not to seek reappointment as the company’s auditors and will cease…
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13 August
UK can avoid no-deal ‘Brexit chaos’, says Next CEO
Next CEO Simon Wolfson has said he believes that the UK will avoid “serious disruption” in the case of a no-deal Brexit. Speaking to the BBC’s Today Programme, Wolfson, who supported the Leave campaign in 2016, believes a no-deal Brexit will only lead to “mild disruption”. He said the government’s…
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13 August
Card Factory posts robust sales growth despite challenging environment
Greeting cards, dressings and gifts retailer Card Factory has reported a 5.5% increase in sales for the six months ending 31 July 2019. The retailer’s like-for-like sales grew by 1.5% during the period, following a strong first quarter particularly supported by its successful Valentine’s Day and Mother’s Day seasonal ranges.…
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13 August
Over 50 retailers sign letter demanding business rates fix
Over fifty major retailers have come together to demand the government takes action to fix the “broken” business rates system. In a letter to the new chancellor, Sajid Javid, retailers have called on the government to put business rates “at the heart” of the promised new economic package. The letter,…
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13 August
Dr Martens profits soar in full-year results
Profits and sales at footwear retailer Dr Martens continued to rise last year, EBITDA for the period soared by 70% to £85m for the year ending 31 March. Group revenue increased by 30% to £454.4m, as the company focused on direct to consumer (DTC) channels, which now accounts for 44%…
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12 August
KPMG brought in by Schuh
Footwear retailer Schuh has called in accounting firm KPMG to assess its options after a “tough trading” period. According to reports from the Sunday Times, the retailer has asked landlords for a reduction in rentals, but is not looking to launch a company voluntary arrangement (CVA). In the year to…
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12 August
Shop vacancies at highest rate in four years
The number of vacant stores across the UK’s high streets has hit the highest level in over four years. According to the latest figures from Springboard and the BRC footfall and vacancies monitor, the national town centre vacancy rate was 10.3% in July, a slight increase on the previous quarters…
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12 August
Abercrombie and Fitch appoints new director
Fashion retail brand Abercrombie and Fitch has appointed Felix Carbullido as an independent director. Carbullido joined Abercrombie and Fitch on 5 August from home furnishings retailer Williams-Sonoma where he is currently executive vice president and chief marketing officer. Previously he served at retailers, including Macy’s, Banana Republic, Gap and Smith…
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11 August
Amazon launches latest Clicks and Mortar store in Edinburgh
Small Business support network Enterprise Nation, in partnership with Amazon, Square and Direct Line for Business, have opened its third Clicks and Mortar pop-up shop in Waverley Mall, Edinburgh. The store will provide more than 20 online brands from across Scotland and the UK with the chance to meet customers,…
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8 August
Mixed footfall performance in July
Footfall figures decline by 3.8% in July, compared with the same period last year, according to the latest Retail Traffic Index. This was only a small improvement on the 3.9% deficit recorded in June. Footfall did however see an increase of 3.4% in July compared with June’s footfall figures. Stores…
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