News
The latest news, updates and analysis on the the UK retail industry. Covering every segment of the market, Retail Sector’s business journalists keep you in the picture.
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Jul- 2018 -17 July
Bad debt owed to UK retailers rises to £53.6m in three months
There has been a 2464.5% increase in bad debt owed to UK retailers in the last three months, according to credit report company Creditsafe’s quarterly Watchdog Report. This has been a rise of more than £51.5m, bringing the total to £53.6m and the firm has said that the debt is…
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16 July
The Works to open 50 stores per year and plans to IPO
Discount retailer The Works has unveiled plans to float on the London Stock Exchange and open 50 new stores each year, as it defies falling high street footfall. The Works is planning a £100m listing on the stock market which will give management and shareholders a £36.7m payout. Along with…
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16 July
Debenhams denies cash problems as insurers withdraw cover
Debenhams has disputed claims that it is facing a cash problem amid reports that its credit insurers have reduced cover for its suppliers. According to a report by The Sunday Times, insurers Euler Hermes, Coface and Atradius have all reduced cover for new supplier contracts. Suppliers typically use credit insurance…
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16 July
Footfall dips for seventh consecutive month despite World Cup boost
Retail footfall dipped for a seventh consecutive month in June, despite the boost in spending brought on by the World Cup. BRC’s Footfall Springboard and Vacancies Monitor reported that year-on-year footfall for the month dropped by 0.9% The high street was the only area that delivered footfall growth, albeit marginally,…
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16 July
Former Easyjet director joins John Lewis Partnership board
The John Lewis Partnership has appointed Andy Martin as its new non-executive director and as chair of the group’s audit and risk committee. He succeeds Sarah Hogg, whose term of office ended on 30 June 2018, and will work alongside Keith Williams, deputy chairman of the board, and board member…
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13 July
Poundworld to shutter a further 80 stores
The administrators of Poundworld, Deloitte, have announced a further 80 store closures, in addition to the closure of 25 stores announced on 10 July 2018. The shuttering of these 80 stores will be phased from Friday 20 July to Sunday 22 July, reducing the number of open stores to 230.…
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13 July
Build-A-Bear Workshop ‘pay your age’ offer leads to ‘riots’
A ‘pay your age’ offer at Build-A-Bear Workshop has lead to “riots” at stores across the UK and America. The offer allowed customers to purchase bears worth in excess of £45 for the same price as their child’s age. Stores across the UK including those in Sheffield, Birmingham and Telford…
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13 July
Hobbycraft reports eighth consecutive year of sales growth
Arts and crafts retailer Hobbycraft has reported its eighth consecutive year of sales growth, driven by multi-channel platform expansion. The group’s full year results ending 18 February 2018 saw total revenue increase by 6.4% to £168.5m, and like-for-like store increase by 2.3%. E-commerce retailing also grew by 21.5% and now…
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13 July
Bumper June footfall sees record increase of 11.4%
UK retailers benefited from record month-on-month growth in footfall for June, with a 11.4% increase in high street traffic compared with May. Compared with the same period last year, footfall was 7.8% lower, but June did deliver a reduction in the year-on-year deficit for the fourth successive month, data from…
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13 July
Wilko appoints Craig McGregor as new retail director
Homeware retailer Wilko has announced that former Topshop retail director Craig McGregor will be joining its senior team to help tackle the “changing retail environment”. McGregor joins Wilko with over 15 years’ senior leadership experience from across the UK, US and Europe, including retail director roles at Topshop/Topman and Matalan…
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