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 -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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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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