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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Dec- 2022 -2 December
Next partners with Tom Joule to acquire Joules
Joules has confirmed that its founder Tom Joule has partnered with Next Plc to acquire the majority of assets of Joules via a newly formed company out of administration for a total cash consideration of £34m. In addition, Next has acquired the current Joules Head Office for £7m cash. Next…
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1 December
Hotel Chocolat falls to £9.2m loss in FY22
Hotel Chocolat has fallen to a pre-tax loss of £9.2m in its latest full-year results, down from a profit of £3.7m the prior year, with results in part affected by the restructuring of its joint venture in Japan. The group noted that without impairments from its business operations in Japan…
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1 December
Foschini eyes Joules rescue deal
The Foschini Group is reportedly close to agreeing a deal to acquire the majority of collapsed retailer Joules’ stores and assets, according to Sky News. If the deal goes ahead, it is likely to see roughly a quarter of Joules’ 132 shops closed, with the loss of “several hundred” jobs.…
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1 December
Footfall gap to 2019 widens to -11.1% in Nov despite Black Friday boost
The gap in footfall from 2019 widened in November to -11.1% from -9.8% in October and -12.6% in September; -12.4% in high streets, -17.3% in shopping centres and -3% in retail parks, according to the latest figures from Springboard. Springboard added that in the absence of Black Friday the gap…
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Nov- 2022 -30 November
Boohoo alters suppliers payment terms
Boohoo has changed payment terms for suppliers from 30 days to 60 days, effective from 1 December, according to Drapers. Manufacturers will be paid 30 days from the invoice date, up from 14 days currently. In a letter to suppliers, seen by Drapers, Boohoo Group said: “As the business grows,…
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29 November
Black Friday boosts footfall +9.3% YOY
Footfall was up +9.3% compared with 2021 across all UK retail destinations on Black Friday, according to the latest figures from Springboard. Shopping centres were the clear winner on Black Friday with a rise in footfall of +16.8%, followed by high streets (+11.3%) and then retail parks (+7.1%). However, despite…
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29 November
Wilko MD steps down amid refinancing talks
Wilko has announced that its managing director Alison Hands is stepping down from her role, as she is set to take up a new role as CEO of Lincolnshire Co-op next year. It comes as The Grocer has reported that the high street retailer is in emergency talks with lenders…
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28 November
Primark to invest £140m in UK stores over next two years
Primark has unveiled plans to invest £140m over the next two years in its UK store estate. This will include the opening of at least four new stores in Bury St Edmunds, Craigavon, Salisbury and Teesside Park. The investment creates at least 850 new jobs and increases selling space by…
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24 November
Dr Martens profits fall 5% after growth investment
Dr Martens has recorded a 5% fall in pre-tax profits to £57.9m during the six months to September 30, while EBITDA was flat year on year at £88.8m. The business sold 6.3m pairs of boots, shoes, and sandals, up 400,000 on an underlying basis compared with the same period of…
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23 November
Dreams provides £5m cost of living support package for staff
Bed retailer Dreams has announced that it is providing support for its staff during the cost of living crisis, starting with a £5m package as part of its “people first strategy”. The company plans to advance a pay raise that was due in April 2023 to December 2022. The pay…
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