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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Apr- 2023 -11 April
UK retail sales jump 5.1% in March
Total retail sales in the UK were up 5.1% in March according to data from the British Retail Consortium and KPMG. This is above the three-month average growth of 4.8% and the 12-month average growth of 2.6% for the five weeks between 26 February and 1 April. Like-for-like retail sales…
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11 April
Poundstretcher eyes stock market listing
Poundtsretcher is reportedly eyeing a floatation on the stock market, The Mail On Sunday has reported. According to City sources, the discount retailer has hired advisers to explore a potential listing after the business welcomed strong sales during the pandemic. The Mail said it was “not yet clear” if the…
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10 April
Wilko collapses into administration, 12,000 jobs at risk
High street homeware retailer Wilko has collapsed into administration, putting around 12,000 jobs at risk. In an open letter confirming the news, CEO Mark Jackson said the business had left “no stone unturned” in an attempt to keep the business afloat but has conceded it has “no choice but to…
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6 April
Footfall falls 2.8% in March
March delivered an unexpected shock for retailers as footfall across all UK retail destinations dropped by -2.8% compared with February, according to the latest data from MRI Springboard. Springboard said it is the first month-on-month decline for March since it started publishing data in January 2009, except for 2018 (Beast…
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3 April
The Fragrance Shop to open flagship store on London’s Oxford Street
The Fragrance Shop has confirmed it is to open a brand new flagship global experiential store on Oxford Street later this summer. The move will mark the first time the UK independent fragrance retailer will open a flagship shop in London. The 2,300 sq ft location will feature a prominent…
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Mar- 2023 -20 March
Home Bargains owner pockets £20m dividend despite falling profits
The billionaire owner of Home Bargains received more than £20m in dividends last year despite the company’s profits falling 26%, according to This Is Money. TJ Morris, the company that owns Home Bargains, posted profits of £290m for 2022 from revenues of £3.42bn. This led the company to pay out…
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16 March
Superdrug raises pay for newly-qualified pharmacists
Superdrug has announced a pay increase for newly-qualified pharmacists that will see their wages rise to £50k. The news comes as the high street drugstore is actively recruiting for 200 roles, while also introducing a new ‘financial wellbeing’ package. There are currently 155 pharmacists working for Superdrug, with an average…
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15 March
Zara owner sales jump 17.5% in FY22
Inditex, the parent company of high street retailer Zara, has revealed that sales reached €32.6bn (£28.7bn) in FY22, an increase of 17.5% on the prior year. According to the group, its sales grew 18% in constant currencies across all its key geographical areas both in stores and online. While online…
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14 March
Severe weather sees footfall drop 7%
Footfall across UK retail destinations declined by -7% last week due to “severe” weather conditions, a far greater decline than in the week before last when footfall had dropped by a modest -1.1%, according to the latest figures from Springboard. Springboard revealed that high streets were by far the hardest…
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13 March
UK retailers reassure investors amid Silicon Valley Bank collapse
UK retailers THG, Moonpig, and Naked Wines have moved to reassure investors of their financial security following the collapse of US-based Silicon Valley Bank (SVB) last Friday (10 March). The news comes after SVB was shut down by US regulators on Friday, with its UK arm thought to have around…
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