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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Aug- 2022 -4 August
Next raises profit guidance amid strong sales performance
Next has revealed its sales performance exceeded expectations by £50m, leading the retailer to raise its full-year profit guidance by £10m to £860m. Full price sales were 4.7% stronger than expected in the second quarter to 30 July, which Next said was due to “unusually warm and dry weather in…
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3 August
Poundland targets 25 new sites amid wide-ranging price cuts
Poundland has confirmed it is set to open 10 new and relocated stores before the end of September, with up to another 15 in the pipeline by the end of the year. The new openings stretch from South Wales and southern England to the north of Scotland, and its store…
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3 August
JD Group to open flagship store in Trafford Centre
The JD Group has announced it has agreed a deal with Manchester’s Trafford Centre which will see it launch a new flagship store at the location. The new 42,412 sq ft flagship store will be the largest in its global portfolio. The news comes shortly after the announcement that Next…
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2 August
Travis Perkins reports ‘good’ H1 performance
Travis Perkins has revealed an adjusted operating profit of £163m for the six month ended 30 June, down just 0.6% from the same period last year (£164m). It comes as the group posted strong revenue growth of 10.3% up to £2.5bn. It also reported strong market outperformance in merchanting with…
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1 August
Shop vacancies fall for third quarter in a row
In the second quarter of 2022, the overall GB vacancy rate decreased to 14.0%, which was 0.1 percentage points better than Q1 and 0.5 percentage points better than the same period last year, according to the BRC. This was the third consecutive quarter of falling vacancy rates. All locations saw…
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Jul- 2022 -29 July
Iceland warns of costs as energy bill set to double by 2023
Iceland has warned the global impact of energy prices is likely to have an impact on its performance next year. The news comes as it is set to be hit with a surge in energy costs from the running of its freezers, according to The Financial Times. Iceland’s energy bill…
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28 July
Hammerson returns to profit
Hammerson has revealed a pre-tax profit of £50m for the six months ending June 28, contrasted with a £376m loss over the same period in 2021. However, the group also saw revenues fall to £62m from £65.3m. The company said this reflects a 48% increase in like-for-like net rental income,…
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27 July
THG and SoftBank abandon plans for £1.6bn investment
THG has announced the proposed £1.6bn investment for SoftBank into the company has been terminated with immediate effect. SB Management, a division of SoftBank, took the option to buy a 19.9% holding in THG Ingenuity, the retailer’s technology platform, last May. However, The retailer said that “in light of global…
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26 July
Shoezone ups profit guidance amid ‘better than expected’ trading
Shoe Zone has announced “stronger than expected” trading in its latest update detailing the figures since 29 June, with the company now expecting adjusted profit before tax for FY 2022 to be not less than £9.5m. It said the upturn was due to “higher than expected demand for summer products,…
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22 July
Transitional relief could cost retailers over £1bn, BRC warns
Retailers have warned that the failure to fix the “flawed” Transitional Relief system could cost the industry over £1bn between 2023-2026, and it will reportedly force shops which are most impacted by artificially inflated rates bills to close, according to the British Retail Consortium (BRC). The BRC is calling for…
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