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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Feb- 2019 -8 February
61% of Brits worried high street will disappear in 10 years
Consumers are worried the high street is going to be lost completely due to the current store closures in the news, research by commercial brokers KIS Finance has revealed. A survey of 1,000 consumers in the UK, found 61% of Brits are worried the high street will disappear in the…
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7 February
Superdry reports ‘subdued’ store and online sales
Superdry has reported that store and online sales over the 13 week period ending 26 January were “subdued”. The Japanese-inspired fashion retailer said revenues for the period reached £269m, a drop of 1.5% compared with the same time last year. Superdry attributed the decrease to “ongoing legacy product issues and…
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6 February
Currys PC World scolded by ASA over 10% off sale
Currys PC World has been reprimanded by the Advertising Standards Authority (ASA) over a “10% off marked price” sale, which “misleadingly” suggested “a genuine saving was available” according to the regulator. A complainant told the ASA that they understood that the Samsung Family Hub American-Style Smart Fridge Freezer had been…
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6 February
Brighthouse to close 30 stores
Rent-to-own retailer BrightHouse has announced it is to close 30 stores putting up to 350 jobs at risk. The news of the company plans to close 10% of its portfolio over the next two months comes after it reported a pre-tax loss of £22.1m from £19.9m in the same period…
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6 February
Poundland sells 20,000 engagement rings in a week
Discount retailer, Poundland has announced it has sold 20,000 of its £1 engagement rings within a week of going on sale. Poundland’s Bling Ring range made headline news upon its release and has been marketed as a “placeholder” ring, with the words “because we promise they’ll want to choose their…
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5 February
Carpetright CFO to step down as sales fall
Carpetright has reported its like-for-like sales “remained negative” during the 13 week period ending 26 January and also revealed its CFO is to leave the company. In the trading update Carpetright said that “as anticipated” its UK like-for-like sales remained negative for the period, although the trend improved from that…
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5 February
Oliver Bonas to open eight new stores in 2019
Fashion and jewellery retailer Oliver Bonas will open eight new stores in 2019, creating at least 80 new jobs as the firm enters new markets across the UK. The company said that “despite a turbulent retail climate”, Oliver Bonas has experienced “increasing demand” for its stores in new regions across…
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5 February
HMV bought by Sunrise Records
HMV has been bought by Canadian record store chain Sunrise Records, the deal will save 100 stores and 1,487 jobs, while 27 stores are expected to shutter resulting in 455 redundancies. No price has been given for the entertainment retailer, with staff expected to be notified if their store is…
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4 February
Mike Ashley acquires Sofa.com
Sports Direct owner Mike Ashley has acquired Sofa.com for a “nominal sum”, adding yet another business to his growing portfolio of high street retailers. According to a report by Sky News, the acquisition will enable Ashley to add further Sofa.com concessions to the House of Fraser (HoF) chain he bought…
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4 February
Canadian record shop owner ‘enters race’ for HMV
Doug Putman, the owner of Canadian record store chain, Sunrise Records, is said to be interested in purchasing HMV. The retail boss would rival Sports Direct owner, Mike Ashley, who has already placed a bid for the entertainment retailer. HMV administrators KPMG refused to comment on Putman’s interest, which was…
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