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 -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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9 June
Timpson FY profits beat expectations at £40m
Timpson Group has welcomed full-year profits of £40.7m in FY22, up from £24.5m the prior year, “way beyond” the group’s expectations as it benefited from the lifting of Covid restrictions. In the full-year ended 1 October 2022, its turnover also hit £297.4m, up from £212.2m the year before. The group…
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8 June
The White Company begins search for new London stores
The White Company has launched a search for five new London stores as part of its plans to expand, Drapers has reported. The news comes as a few UK retail property agents have been sent a list of locations that the retailer would like to open stores in, including Blackheath,…
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8 June
John Lewis chair pledges return to profit before 2026
Sharon White, chair of the John Lewis Partnership, has promised that the company will return to profit before 2026, in a speech to the Employee Ownership Association. After three consecutive years of posting losses White stated that the five-year plan started in 2021 would “get the partnership back to sustainable…
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6 June
Retail sales slow despite bank holiday boost
The ONS has reported that UK total retail sales increased by 3.9% in the four weeks between 30 April and 27 May, yet were still below the three-month average growth of 4.7% despite three bank holidays taking place in one month. However, May retail sales improved upon a 1.1% decline…
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May- 2023 -31 May
WHSmith raises guidance ahead of summer
WHSmith has announced that it is raising its profit guidance for FY23 as it hedges its bets on a strong summer travel demand. The company saw its travel sales increase 31% for the 13 weeks to 27 May 2023, compared with the same period last year. Its total travel sales…
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31 May
Summer bank holiday boosts UK footfall by 5.4%
Over the May summer bank holiday weekend, footfall increased by 5.4% across all UK retail destinations, according to the latest report by Springboard. High streets benefited from the long weekend, with footfall up 8.5% compared with 2022 whilst retail parks experienced 5.2% uplift on bank holiday Monday. Footfall soared over…
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31 May
B&M FY profits fall by 17% to £436m
B&M has reported that pre-tax profits fell by 17% to £436m in FY23, down from £525m the prior year. Despite this, group revenues hit £4.9bn in the year ended 25 March, meaning that the group is 30.7% ahead of its pre-pandemic FY20 levels. According to the group, despite the fall…
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