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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May- 2022 -25 May
Frasers Group sells US retail businesses to GoDigital in £60m deal
Frasers Group has confirmed that it has disposed of its US retail businesses trading as Bob’s Stores and Eastern Mountain Sports for a cash consideration of £59.9m to GoDigital Media Group. The company said that funds will go into the group’s general working capital pool. Retails brands that remain under…
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25 May
Marks and Spencer warns of profit squeeze as it exits Russia
Marks and Spencer (M&S) has revealed it expects its profits to flatline in the upcoming financial year as the rising cost of living coupled with increased costs are expected to impact its trading. It comes as it also announced its decision to permanently exit Russia after temporarily suspending trading in…
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25 May
Pets at Home reports record year as profits surge
Pets at Home has reported that its underlying pre-tax profits have surged 65.3% to £144.7m for the year to March 2022. Retail revenue grew by 18.5% after store and online sales rose by 17.7% and 18.4% respectively. The company also reported a total group revenue growth of 15.3% to £1.3bn,…
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24 May
H&M unveils new Braehead store
H&M has announced the opening of its new store at Braehead shopping centre, a retail and leisure destination, under the ownership of property company SGS and assets managed by Global Mutual Properties. H&M has relocated from its former unit to a new ground floor space, spanning 17,000 square feet, on…
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24 May
Harrods appoints chief financial officer
Harrods has appointed Tim Parker as its new chief financial officer for the group. He joins Harrods following 10 years at Jardin Matheson, where he held a range of senior finance leadership positions across Hong Kong and Malaysia for the diversified Asia-focussed group. Originally qualifying as an accountant with PwC…
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23 May
Ted Baker selects preferred bidder as Sycamore backs out
Ted Baker has announced it has selected a preferred counterparty to buy the business as US Private equity firm, Sycamore, has officially backed out of acquiring the fashion retailer. The company said it is moving forward into a process of confirmatory due diligence, which is likely to take several weeks. …
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20 May
The Works warns of trading slowdown despite ‘strong’ FY22
Arts and crafts and book retailer The Works has warned it has experienced a slight slowdown in recent trading due to the cost of living crisis, despite reporting a “strong” FY22 performance. In a trading update for the 52 weeks ended 1 May 2022, the retailer revealed it was trading…
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20 May
Retail sales rise by 1.4% in April
Retail sales volumes rose by 1.4% in April 2022 following a fall of 1.2% in March 2022, with sales volumes 4.1% above their pre-coronavirus February 2020 levels. In the three months to April 2022, sales volumes fell by 0.3% when compared with the previous three months; this continues the downward…
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19 May
French Connection launches own rental service
Global retailer French Connection has become the first major fashion brand to launch an on-demand rental service for latest-season stock in the UK. French Connection Rental will allow customers to rent individual pieces from its current collection, and will not require a subscription. The service will be powered by rental-as-a-service…
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19 May
M&S warns chancellor of potential ‘damage’ of online sales tax
Marks and Spencer has penned a letter to the chancellor warning of the potential damage an online sales tax would have on the high street. It comes as the government’s consultation on whether to implement such a tax closes on Friday (20 May). The government said the idea behind the…
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