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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May- 2023 -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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30 May
New Look names Deloitte to advise on £100m debt refinancing
New Look has reportedly appointed Deloitte to advise on its options for refinancing a £100m debt that is due to expire in 2024, two years after the brand’s latest restructuring, Sky News has reported. According to the outlet, the high street fashion chain’s decision to kick off talks with lenders…
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26 May
Mango to open 13 new UK stores this year
Mango has announced an expansion across the south and centre of the UK, with 13 planned store openings over the span of 2023 in major cities such as Bristol, London, Manchester, Leeds and Brighton. Among the “key” store openings is the Westfield Stratford City branch that opened today (26 May),…
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26 May
April retail sales rise by 0.5%
The Office for National Statistics has revealed that retail sales volumes rose by an estimated 0.5% in April, following a fall of 1.2% in March. This comes as sales volumes rose by 0.8% in the three months to April when compared with the previous three months – the highest rate…
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25 May
Jeroboams to open tenth location
Jeroboams, London’s local wine merchant, has signed to open a new store at 336 King’s Road, marking its tenth location as the brand continues to deliver on its “ambitious growth plans”. Jeroboams will open a 1,298 sq ft unit on the north side of the King’s Road, offering a range…
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25 May
Pets at Home profits fall despite increased revenues
Pets at Home has announced that its profit before tax has dropped 17.7% to £122.5m for the year ended 30 March 2023. The company stated that this was down to the gain on the sale of its Specialist Group in FY22 and the costs of bringing its new DC onstream…
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22 May
Wilko eyes CVA to slash costs
Wilko is considering entering into a company voluntary arrangement (CVA) to renegotiate rents and possibly close some of its stores in a bid to cut costs across the group, according to Bloomberg. Bloomberg reports that the struggling discount chain has reached out to PwC to explore its restructuring options, which…
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19 May
Scottish shops report 10% decline in business rates
Scottish shops have seen a 10% drop in business rate bills, following a revaluation from the beginning of last month. The new Scottish Government figures reflect changing rental values, which have been updated by council assessors for the first time in six years, forming the basis for levying £3.86bn in…
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18 May
Shoezone to open Bury town centre store this May
Shoezone will launch a brand new, relocated store in Bury on 20 May, officially opening at The Rock, Unit E. 05. The new store, which will be open from 9am until 7pm Monday and Saturday and 10:30am until 4:30pm on Sundays, will offer opening offers, as the brand will also…
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18 May
Pepco continues international expansion
Pepco has announced that it is set to launch in Portugal following its successful launch in Spain. The Poundland owner is set to open a new store in Coimbra on 18 May followed by new openings in Albufeira and Olhão during May 2023. The brand will also set up stores…
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