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 -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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11 June
Henri Lloyd enters administration with 31 stores set to close
Henri Lloyd has announced it has entered administration which will see 31 stores close and a large amount of jobs at risk. RSM, Henri Lloyd’s administrators blamed “challenging trading conditions on the High Street” for the waterproof clothing company’s demise. House of Fraser, who have suffered retail struggles of their…
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11 June
Retail footfall returns to high street
High street footfall increased to 0.5% in May according to the latest BRC-Springboard Footfall and Vacancies Monitor. According to the report May’s better weather resulted in a marginal improvement in footfall across the nation’s high street and out-of-town shopping areas, but it wasn’t enough to overcome the long term trend…
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11 June
Poundworld rescue talks collapse putting 5,000 jobs at risk
Poundworld is expected to appoint administrators today after last-ditch rescue talks collapsed leaving over 5,000 jobs at risk. The discount retailer’s talks with potential buyer R Capital have collapsed only days after a deal with another investor, Alteri Investors, was also scrapped. This has led to its owner’s American equity…
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8 June
Tesco CEO blames business rates for decline of the high street
Dave Lewis the CEO of Tesco has said that business rates have played a “large part” in the decline of many high street retailers. Lewis questioned whether the rise of business rates created an “uneven playing field” for some retailers. Last year’s restructure of business rates saw rises for some…
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