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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Mar- 2023 -9 March
Hugo Boss welcomes record sales in FY22
Hugo Boss sales increased 27% to a new record of €3.7bn (£3.2bn), according to the latest 2022 report released today. These recent figures mean that for the first time in the history of the fashion brand, the company exceeded the €3bn threshold (£2.6bn) despite the high levels of economic implications…
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8 March
Hotel Chocolat revenues and profit tumble in H1
Hotel Chocolat has reported a fall in revenues in the half-year ended 25 December 2022, falling from £142m last year to £129m, with its underlying PBT dropping to £10.2m in H1 from £25.4m in the same period last year. In addition, the retailer also reported that its underlying operating profit…
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8 March
TK Maxx eyes further London expansion
TK Maxx is reportedly looking to expand its presence in London, the Evening Standard has reported. As the capital continues to bounce back from Covid restrictions and with the recent ONS analysis regarding a boost in footfall levels, TK Maxx is reportedly among the companies keen to open more shops…
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7 March
Greggs sales rise 23% in FY22
Greggs has welcomed a strong performance in FY22, with total sales up by 23% to £1.5bn, and like-for-like sales in company-managed shops up by 17.8% year-on-year. Over the period, pre-tax profits were also up 1.9% to £148.3m, against £145.6m the prior year. It comes as the group reported a “record”…
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6 March
Starbucks to open 100 new stores as revenues increase 37%
Starbucks has announced plans to open 100 new stores in the UK after its revenues increased 37% to £449m for the year ended 2 October 2022. The company will invest £30m in the UK on a number of initiatives including opening new stores and renovating existing ones. The move comes…
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6 March
Retail leaders criticise business rates reform
Retail bosses from M&S, Sainsbury’s and Currys have criticised the changes made to business rates, according to This is Money. According to the retailers, these changes will still leave high streets and shopping centres still facing high taxes, as the new business rates are charged on shops, pubs and other…
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3 March
WH Smith hit by cyber security attack
WH Smith has been hit by a large cyber security incident which has resulted in company data, including current and former employee data, being hacked by attackers. The group said the attack had no impact on its trading activities, and that its website, customer accounts and customer databases were unaffected…
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2 March
Footfall falls by 5.3% following half-term boost
Footfall across UK retail destinations declined by -5.3% last week from the week before when it surged +7.6% thanks to school half-term. Over the three days from Monday to Wednesday footfall declined by an average of -12.6% in response to an average rise of +16.8% over the same three days…
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2 March
High street chain stores closing at lowest rate since 2014
High street chain stores closed at the slowest rate since 2014 in the second half of 2022 according to data from accounting firm PWC. A total of 11,530 chain outlets, brands with five or more stores, exited GB high streets, shopping centres and retail parks, an average of 32 closures…
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1 March
B&M announces store reshuffle
Discount retailer B&M has announced that it is closing a number of stores over the next few weeks not for financial reasons but as part of a reshuffle of its store estate According to The Mirror, the closures are due to some stores moving to bigger sites or other external…
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