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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Oct- 2022 -31 October
Footfall sees largest increase since Easter during half-term week
Footfall across UK retail destinations rose by 8.2% last week from the week before, a greater increase than in any week since Easter 2022, according to Springboard. Footfall rose in all three key destination types; by 10.7% in shopping centres, by 8.7% in high streets and by 4.2% in retail…
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31 October
Wilko increases staff pay to £10
Wilko has announced it has increased its entry level hourly rate to £10 – 50p above the national living wage. The pay increase comes after a successful national ballot of team members undertaken by the GMB trade union. The retailer said it is committed to an additional market forces temporary…
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28 October
Store vacancy rate falls but remains below pre-pandemic levels
In the third quarter of 2022, the overall GB vacancy rate decreased to 13.9%, a 0.1% rise from Q2 and 0.6% better than the same period last year, according to the latest monitor from the BRC and Local Data Company. This was the fourth consecutive quarter of falling vacancy rates.…
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27 October
Shop workers report rise in customer abuse, Retail Trust says
The cost of living crisis has reportedly led to a rise in the number of retail staff facing abuse from customers, according to ITV news. In figures shared by the Retail Trust, it reported that 70% of retail workers had said that abuse had “gotten worse” in the past two…
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26 October
M&S warns it will close Oxford Street store if rebuild plans are blocked
Marks and Spencer has warned an inquiry it will close its Oxford Street location if its plans to demolish and rebuild the property are refused, according to the BBC. M&S’s scheme to rebuild the site featuring new offices, a gym and a cafe have faced opposition from campaigners who argue…
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26 October
Virgin Wines posts profit upturn as it warns of oncoming crisis
Virgin Wines has said that its profits before tax rose to £5.1m for the year ended 1 July 2022, up from £1.7m in 2021. While group revenues fell year-on-year from £73.6m to £69.2m, it remains 63% above pre-pandemic levels three years ago. Meanwhile the group’s cash balance was down from…
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25 October
Nothing to open first retail store in Soho
Carl Pei’s challenger-technology brand, Nothing, has announced it is opening its first ever retail store, aimed at being “a physical expression of everything the business stands for”. Opening before Christmas 2022, the Nothing Store will sit in the heart of Soho, carrying all Nothing devices, including the yet to launch…
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25 October
Footfall falls 2.3% amid falling incomes and political uncertainty
Footfall across UK retail destinations declined by -2.3% last week from the week before, with drops in all three key destination types – -3.3% in high streets, -1.5% in retail parks and -0.7% in shopping centres, according to the latest data from Springboard. Springboard said this indicates “consumer nervousness” as…
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25 October
Shoe Zone celebrates positive year
Shoe Zone has revealed that its adjusted profit before tax is expected to be no less than £11m for the year ended 1 October 2022, up from £9.5m in the previous year. Group revenue also increased by 31.2% to £156.2m, up from £119.1m a year earlier. This was boosted by…
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24 October
Lenders prepare to take control of Matalan as bid deadline hits
Lenders are reportedly preparing to take control of Matalan after the deadline for its rescue bids was hit last Friday (21 October). According to The Telegraph, the bondholders who are owed £350m by Matalan “effectively control the business” after it failed to refinance the debts earlier this year. The Telegraph…
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