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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Mar- 2018 -29 March
‘Beast from the East’ chills retail sales
Year-on-year sales volumes declined for the first time since October 2017, according to CBI’s latest monthly Distributive Trades Survey. Additionally, sales for the time of year were significantly below normal, and by the greatest extent since April 2013. The volume of orders placed with suppliers, meanwhile, was broadly unchanged. Sales…
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29 March
A quarter of SME retailers expect to see Easter sales increase
A quarter of SME retailers expect to see an increase in sales activity over the Easter bank holiday weekend, according to a study commissioned by Royal Mail. DIY items, electronics and alcohol are the products that most SME retailers expect will sell well over the Easter bank holiday weekend. The…
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29 March
Conviviality administration announcement puts 2500 jobs in danger
Bargain Booze owner Conviviality has announced plans to file for administration within the next two weeks, after failing to secure a proposed £125m fundraising bid to avert bankruptcy. The unexpected £30m tax bill led to a suspension of the off-licence retailer’s shares on the junior market and the cancellation…
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28 March
Nominations open for Barclaycard Everywoman Retail Awards
Nominations for the Barclaycard everywoman in Retail Awards are now open with new categories. The awards were launched to increase awareness of the ‘diverse range of opportunities for women in retail, by shining the spotlight on role models and inspiring more women to consider a career in retail’. This year’s…
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28 March
DFS ‘confident’ despite halved profits
DFS has seen a fall in both its sales and pre-tax profits for the six months to 27 January amid “challenging market conditions”. The sofa and living room retailer said revenue before acquisitions was down by 3.5% to £366.5m and profits had decreased by 58.1% to £7m, where it was…
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27 March
Select seeks CVA putting 2,000 jobs at risk
Genus UK, the parent company of fashion retailer Select, is seeking a Company Voluntary Arrangement (CVA) that would allow it to slash rents in its 183 stores. While the group said it currently has no plans to close any stores, the CVA proposal includes an option for landlords to “take…
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23 March
Next admits 2017 was ‘the most challenging year’ as annual profits drop
Next has seen its annual profits drop by 8% after what the retailer described as its most challenging year for 25 years. The fashion retailer’s pre-tax profits dropped to £726.1m down from £790.2m, although this was in line with expectations. Next attributed the decline to “a weak clothing market” as…
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23 March
Toys R Us founder dies aged 94
The founder of Toys R Us, Charles Lazarus, has died aged 94, after a period of declining health. He founded the company and began selling toys 1957, after he returned from military service in the Second World War. The toy retail firm has issued the following statement: “There have been…
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22 March
Conviviality launches £125m fundraising bid to avert bankruptcy
Conviviality has announced it urgently needs to raise £125m to avert bankruptcy as it issued its third profit warning in a single month. In a statement the off-licence retail group confirmed that through its broker, Investec Bank, meetings with institutional investors have been arranged for the coming days to effect…
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22 March
PerfectHome to refund £2.1m to customers issued unaffordable loans
Rent-to-own firm PerfectHome has been ordered to refund a total of £2.1m to customers issued with loans they could not afford, in an agreement with the Financial Conduct Authority (FCA). The FCA identified that the firm’s affordability assessments did not adequately take into account customer circumstances. Additionally, the regulator said…
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