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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Jun- 2018 -14 June
N Brown to close all of its remaining stores
N Brown Group, which owns fashion retailers JD Williams, Jacamo and Simply Be, has announced plans to shut down all of its remaining 20 stores, putting 240 jobs at risk. The company had a 0.4% dip in group revenue and 2.8% drop in product revenue in its Q1 report. Poor…
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14 June
World Cup sticker price rise sees newsagent distributor CEO resign
Mark Cashmore, the CEO of Connect newsagent distributors, has left the company after it saw shares plummet by 66% (an all time low) after the price of Panini’s World Cup sticker packs increased from 50p to 80p. Chief financial officer David Bauernfeind has also left the company following the price…
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14 June
Generation Z prefer ‘real-world retail’ over online shopping
Generation Z consumers enjoy ‘real-world retail experiences’ that focus on technology rather than online shopping, a new study has found. Commerce marketing technology company Criteo has released its Gen Z report, which analyses shopping perceptions and behaviours from thousands of members of Generation Z (Gen Z). It’s latest report revealed…
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14 June
Majestic Wine sees profit and sales increase
Wine retailer and supplier Majestic Wine has reported an increase in profits and sales for the 52 weeks ended 2 April 2018. The group reported that its sales were up by 2.3% for the year. It said this increase was driven by 11.3% underlying sales growth in its online wine…
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13 June
Inditex improves margins with same-stores sales growth
The owner of the fashion retailer Zara, Inditex, has reported record-breaking revenues and gross margin improvements in the first quarter of the year. Inditex revealed an increase of 7% in overall sales in local currencies and a record-breaking revenue of €6bn (£5.29bn) with a 9% sales increase between 1 May…
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13 June
PwC hit with record £10m fine for BHS audit
PricewaterhouseCoopers (PwC) has been fined £10m for its handling of the BHS audits and the Taveta Group in 2014. The sanction follows an investigation by the Financial Reporting Council (FRC) under the Accountancy Scheme which opened in June 2016 two months after the retailer’s collapse. PwC signed BHS off as…
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13 June
Almost 133,000 business rates appeals from 2010 still remain unresolved
More than 133,000 businesses are still waiting for an appeal of their business rates valuation from 2010 to be resolved, council leaders have revealed. The Local Government Association (LGA) said councils have been forced to divert £2.5bn away from stretched local services over the past five years to cover the…
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12 June
Almost half of consumers prefer independent stores
New research has found that nearly half (42%) of consumers would shop with an independent retailer because they prefer to support smaller operations over a larger retailer. The YouGov research commissioned by marketing automation suite Pure360 also found that awareness of the smaller operations is growing, with 63% of consumers…
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12 June
Ted Baker continues to buck high street gloom with continued revenue growth
Ted Baker has posted a 4.2% increase in group revenue for the 19-week period ending 9 June as it continues to defy the high street gloom. Ted Baker said the performance was achieved despite the impact of unseasonal weather across Europe and the East Coast of America in the early…
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12 June
New Look reports operating loss of £74.3m
New Look has reported an underlying operating loss of £74.3m in its latest financial results for the year to 24 March 2018. The embattled retailer had previously reported a 7.3% drop in revenue to £1.35bn for the year to 24 March 2018. In addition, the retailer decreased its UK like-for-like…
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