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 -26 June
Clarks CEO resigns following conduct that ‘fell short’ of company expectations
The CEO of family-owned footwear retailer Clarks has resigned after his “conduct, conversations and expressions fell short” of company expectations. Clarks said that it has accepted Mike Shearwood’s resignation “following an investigation into complaints that breached the company’s code of ethics on a number of occasions”. Shearwood joined Clarks as…
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25 June
Goldsmiths jewellers owner appoints banks ahead of IPO listing next year
The parent company of British jewellery retail chain Goldsmiths has appointed two banks to manage its flotation on the stock market next year. Aurum Holdings, which also owns Watches of Switzerland, has appointed Goldman Sachs and Barclays to aid with a public listing that may take place in London next…
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25 June
More than 130 jobs cut as Mattressman enters CVA
Mattressman has announced it is to enter a Company Voluntary Agreement (CVA) which will see the closure of 14 of its 25 stores. The store closures will see 136 jobs cut as the bed retailer looks to “downsize” and begin a “restructuring process”. Mattressman looked to be in rude health…
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22 June
M&S to introduce artificial intelligence in new ‘strategic partnership’
Microsoft and Marks and Spencer (M&S) have announced the signing of a ‘strategic partnership’ which will test the integration of Microsoft AI technologies into the retailer’s customer experience, stores and wider operations. The partnership will see the two organisations work together to explore how technologies such as artificial intelligence can…
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22 June
Colliers proposes new property leasing approach to target UK retail troubles
A “radical approach” to property leasing is being proposed to help shopping environments throughout the UK by property consultants Colliers International . The five-point plan is aimed at helping retailers access viable trading space while enabling retailers, landlords and investors to find occupiers for the rising amount of empty shops…
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21 June
EXCLUSIVE: Poundworld confusion as staff memo casts doubt on ‘closing down’ sale
Store managers at Poundworld are preparing to promote a ‘closing down’ sale, despite a staff memo circulated yesterday which cast doubt on whether any stores will actually shutter. The memo, which was written by administrators at Deloitte, and which a Poundworld spokesperson told Retail Sector had been circulated as an…
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21 June
Sir Philip Green seeks judicial review as PwC court battle kicks off
The former owner of BHS and current Topshop and Arcadia owner, Sir Philip Green, has requested a judicial review of the Financial Reporting Council’s (FRC) report into PwC’s handling of the retailer’s audit shortly after collapsed. As the hearing into the report prepares to be taken to the High Court…
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21 June
Dixons Carphone profits plummet 24% despite sales boost
Dixons Carphone’s profits have dropped by 24% in a year despite seeing a 3% increase in sales. In the 12-month period ending 28 April 2018, group profit before tax contracted from £500m to £382m, impacted by a negative £87m year-on-year loss from “revaluations and insurance contract terms”. However like-for-like revenue…
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20 June
EXCLUSIVE: Starbucks says ‘no UK store closures’ after US announcement
Starbucks’ recent US store closures announcement “does not affect” its UK stores, Retail Sector has learned. The clarification comes days after the US business said it would increase its store closure rate to 150 amid weak sales forecasts and a falling share price. Historically the company closes 50 underperforming stores…
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20 June
Hornby announces £10.1m loss
Hornby has announced a pre-tax loss of £10.1m and “lower than expected sales” leading to shares plummeting by 20% this morning. Revenue at the toy manufacturer has also dropped 20% to £37.5m and losses after tax rose to £9.9m. A Hornby spokesperson told Retail Sector a key factor in the…
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