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- 2022 -10 June
ProCook issues FY23 profit warning amid ‘challenging’ market
ProCook has issued a warning over its profits for the upcoming financial year, as its trading has been impacted by “increasingly challenging market conditions” since its Q4 update, with customers affected by the “exceptional” pressures on spending. The kitchenware group noted that in the current quarter, it is also trading…
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9 June
Co-op to launch new food waste reduction platform
The Co-op is set to launch a new platform which aims to help retailers reduce food waste and is currently being trialled in some of its own stores. Founding partners Co-op and Microsoft, supported by technology consultancy BJSS and Team ITG, have created the platform – named Caboodle – a…
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7 June
B&M unveils new store opening in Newark
B&M has officially opened a new store in Newark, located on Northgate Retail Park. The new store boasts a range of branded products, including toys, food and drink, homeware, electricals, pet products, health and beauty and more. Representatives from Home Start Newark were invited to cut the ribbon and officially…
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7 June
May footfall boosted by bank holiday weekends, but cost pressures starting to show
Footfall strengthened in May to -13.7% below 2019, up from -15.9% in April 2022, according to the latest figures from Springboard, however it warned the results still “belie the underlying cost pressures that are starting to reveal themselves”. It found footfall declined by -16.4% in high streets, -17.8% in shopping…
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7 June
May consumer spending rises 9.3%, Barclaycard reveals
Consumer card spending grew 9.3% in May compared to the same period in 2021, inflated both by the rising cost of living and the “artificially” dampened demand last year due to travel and hospitality restrictions amid the pandemic. According to data from Barclaycard, spending on essential items rose 4.8%, and…
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6 June
Lands End revenue dips 5% in Q1
Lands End has reported a net revenue decrease of 5.5% to $303.7m (£241.6m) in the first quarter of 2022, compared to $321.3m (£255.6m) in 2021. Global sales tumbled 15.7% in the first quarter, while International sales decreased 21.7% driven by “delayed receipts of key products due to global supply chain…
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May- 2022 -31 May
Violence and abuse against retail workers tripled over pandemic
Retail workers were subjected to a “huge” rise in violence and abuse over the pandemic, with incidents almost tripling to 1,301 per day in 2020/21, compared to 455 in 2019/20 according to the British Retail Consortium (BRC). The BRC’s crime survey found that of the 1,301 incidents recorded every single…
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31 May
UK footfall forecast to rise by 8% over Jubilee weekend
Following a modest rise in footfall last week, retail experts expect the Platinum Jubilee and school half term holiday to cause footfall in retail destinations to surge by as much as +8% over the bank holiday weekend. According to Springboard, it anticipates an uplift of as much as +10% in…
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30 May
Reebok owner in talks to seal £300m Ted Baker takeover
Reebok’s owner, the Authentic Brands Group (ABG), is reportedly racing to finalise a £300m takeover of Ted Baker, according to Sky News. ABG has reportedly become the preferred bidder for the London-listed fashion retailer, and has indicated that it is willing to pay more than 150p-a-share for the company. According…
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26 May
Nike to consider exiting Russia after not renewing main franchise deal
Nike is reportedly considering exiting Russia permanently after not renewing its franchise agreement. According to reports first revealed by The Vedomosti Daily, the news comes after the sports giant didn’t renew its agreement with Inventive Retail Group, which owns Russia’s largest chain of retail stores. IRG president Tikhon Smykov reportedly…
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