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- 2023 -20 June
Next ups FY guidance as sales improve due to good weather
Next is upgrading its full price sales guidance for the full year by £137m and its full year profit guidance by £40m to £835m, as trading in the last seven weeks has proved “materially better” than the guidance it issued in May. This comes as full price sales in the…
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19 June
Wilko landlords could face no rent for three years under CVA
Some landlords of Wilko stores could reportedly receive no rent for three years, as the chain looks to make drastic cost cuts ahead of a restructuring vote. According to the Sunday Times, it comes as Wilko is looking to slash its rent bill as part of its CVA which is…
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16 June
Frasers ups stake in Asos to over 10%
Mike Ashley’s Frasers has increased its stake in online fashion retailer asos for the third time in two weeks. Frasers has increased its holding to 10.6%, fueling further speculation of a possible takeover offer after beginning last week with a 7.4% stake. Frasers is currently Asos’ fourth largest shareholder having…
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16 June
WHSmith partners with Retail Trust to boost staff wellbeing
WHSmith is introducing new measures to support its employees’ health and happiness after partnering with retail industry charity the Retail Trust to help boost staff wellbeing. The group’s 12,000 plus employees and their families now have access to a range of personalised resources including the Retail Trust’s wellbeing helpline, counselling…
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14 June
WH Smith completes refinancing with £400m facility
WH Smith has completed the refinancing of its existing £363m lending facilities after securing a £400m sustainability-linked facility. The group’s existing £363m lending facilities, consisting of a £250m revolving credit facility and a £113m term loan have now been cancelled and repaid. The new RCF is for a five-year term,…
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12 June
Footfall records highest annual rise since easter despite 5.2% decline
MRI Springboard has recorded the highest rise in annual footfall since Easter with a +6.3% increase versus 2022 despite footfall across UK retail destinations declining by -5.2% last week from the week before. Across the week, footfall was lower than the week before on every day between Sunday and Friday,…
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12 June
Jollyes FY sales hit £115m
Jollyes has posted sales of £115m for the year ended 29 May 2023, up 33% from £85m for the previous period. This is the first time that the company has seen sales pass the £100m barrier. Furthermore, its like-for-like sales grew by 17% over the full year, over double the…
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12 June
Wilko calls in advisors ahead of rent cut talks
Wilko has reportedly appointed property advisers ahead of crunch talks with landlords as the group looks to cut rents across its estate. According to Sky News, the group has drafted in property agent CBRE ahead of formal negotiations with shop owners, which are expected to start in the coming weeks.…
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9 June
M&Co to reopen 50 stores over two years
AK Retail Holdings is reportedly set to reopen roughly 50 M&Co stores over the next two years, with a number of sites to reopen as early as this autumn, Drapers has reported. The retail group, which also owns Yours Clothing BadRhino, PixieGirl, and Long Tall Sally, said that the first…
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9 June
Mothercare CEO steps down after five months
Mothercare CEO Daniel Le Vesconte has stepped down from his role with immediate effect after only five months. Vesconte joined Mothercare from Abercrombie and Fitch in January after having roles at Airwair International, owner of Dr Martens and Vans. He was the first CEO of Mothercare since 2020 after covid…
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