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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Nov- 2023 -23 November
Rituals and Miniso open stores at Derbion
Midlands’ retail and leisure destination, Derbion, has announced that Rituals and Miniso have taken up leases. The news follows a string of recent openings at the centre including Yankee Candle’s 1,300 sq ft store and TUI’s all-new 1,000 sq ft space. Rituals has signed a lease for a 1,700 sq…
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20 November
Go Outdoors revenues halve as operating costs bite
Go Outdoors profits almost halved from £21.5m to £13m for the year ending 28 January 2023. The retailer of outdoor clothing and equipment attributed this decline in profits to property, utility and freight costs, which “increased disproportionately” during the financial year. However, according to filings on Companies House, the performance…
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16 November
Mars acquires Hotel Chocolat for £534m
Mars has agreed to a takeover of Hotel Chocolat in a deal which values the business at £534m. The cash offer from Mars represented a 168% premium on its share price which closed at 139p on Wednesday (15 November). The directors of Hotel Chocolat stated that they believed the terms…
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13 November
Theft to cost retailers £7.9bn in 2023, study finds
It has been forecast that retail theft will cost UK retailers £7.9bn this year, according to new research by Thruvision Group plc and Retail Economics. Thruvision, a provider of walk-through security technology, and Retail Economics stated that shoppers account for 60% of the value of the theft (£4.7bn) while employees,…
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13 November
The Range losses widen to £11.7m in FY23
The Range has reported that losses have widened to £11.7m, falling more than 10% in the financial year ended 29 January 2023. Gross profit margins also dropped from 33% to 31.9% in the year, which the retailer attributed to higher costs of goods purchased and freight costs, as well as…
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10 November
Majestic partners with Rest Less on over-50s staff recruitment
Majestic has announced a new partnership with Rest Less as part of a drive to attract a greater number of older colleagues into the business. Rest Less, a digital platform for the over-50s, was launched in 2019 with a mission to help its members get the most out of life,…
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9 November
The Works lowers guidance due to sales uncertainty
The Works has announced that it has lowered its full-year guidance to an adjusted EBITDA of approximately £6.0m due to uncertainty in the second half of the year. The company stated that it anticipates trading conditions during H2 FY24 tol remain challenging and consumer spend to be subdued. However, the…
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9 November
WH Smith revenues up 28% to £1.7bn in FY23
WH Smith has reported that total group revenues increased 28% to £1.7bn for the year ended 31 August, up from a total of £1.4bn in 2022, despite high street trading profits dipping from £33m in 2022 to £32m. The retailer did particularly well within the travel category, which saw trading…
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8 November
Poundland expands clothing offering across UK&I
Poundland owner Pepco Group has completed the transition to new clothing ranges at the discount retailer, bringing its family fashion offer to 560 stores across the UK and Ireland, including all 56 former Wilko locations that have now reopened. The transition, which took place over the last eight weeks, meant…
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8 November
Bensons for Beds sees 7% sales rise despite ‘tough market conditions’
Bensons for Beds has reported a +7% LFL sales growth for the year ending 30 September 2023, despite tough market conditions. The results follow the retailer’s consistent sales progress in Q1 (7%), Q2 (9%), Q3 (8%) and Q4 (7%). The news comes on the back of a “successful” transformation strategy,…
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