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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Jun- 2018 -22 June
House of Fraser CVA approved by creditors, 31 stores to close
House of Fraser has announced that its Company Voluntary Arrangement (CVA) proposals have been approved by the company’s creditors in a final agreement that will see 31 stores close. The creditors’ meetings were held at 10am today and the company with both CVA proposals were approved. House of Fraser said…
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22 June
Chanel reveals profits for the first time
Fashion brand Chanel has released its profit figures for the first time in its 108-year history. Chanel saw an 18% rise in profit on last year, rising to £1.35bn and sales up by 11% to £7.5bn on the previous year. The brand, known for its luxury jackets, perfumes and handbags…
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22 June
House of Fraser focuses on ‘brand renewal’ ahead of CVA decision
House of Fraser is to renew its product and trade strategy as part of a transformation journey as its shareholders prepare to vote on its company voluntary agreement (CVA). The plan will focus on “ensuring House of Fraser becomes a destination for customers to shop their favourite brands while providing…
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22 June
M&S to introduce artificial intelligence in new ‘strategic partnership’
Microsoft and Marks and Spencer (M&S) have announced the signing of a ‘strategic partnership’ which will test the integration of Microsoft AI technologies into the retailer’s customer experience, stores and wider operations. The partnership will see the two organisations work together to explore how technologies such as artificial intelligence can…
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22 June
Colliers proposes new property leasing approach to target UK retail troubles
A “radical approach” to property leasing is being proposed to help shopping environments throughout the UK by property consultants Colliers International . The five-point plan is aimed at helping retailers access viable trading space while enabling retailers, landlords and investors to find occupiers for the rising amount of empty shops…
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21 June
Moonpig appoints new managing director
The online cards retailer Moonpig has announced its decision to appoint its new managing director. Ecommerce entrepreneur Nickyl Raithatha will start from 2 July, replacing former MD James Sturrock, who doubled the size of the online cards retailer after delivering three years of double-digit growth, making Moonpig the UK’s number…
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21 June
EXCLUSIVE: Poundworld confusion as staff memo casts doubt on ‘closing down’ sale
Store managers at Poundworld are preparing to promote a ‘closing down’ sale, despite a staff memo circulated yesterday which cast doubt on whether any stores will actually shutter. The memo, which was written by administrators at Deloitte, and which a Poundworld spokesperson told Retail Sector had been circulated as an…
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21 June
MPs hit out at ‘baloney’ supermarket claims of price-cut post-merger
Neil Parish MP yesterday told Asda CEO Roger Burnley not to “give us a load of baloney” after Burnley repeatedly claimed his firm’s merger with Sainsbury’s and the product price cuts they have promised would not negatively affect small suppliers. Burnley said during a Environment, Food and Rural Affairs select…
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21 June
Amazon’s ‘Hub’ apartment delivery solution launches in the US
Amazon has announced a new delivery solution called ‘Hub’ for apartment buildings which allows packages delivered to safe lockers in residential buildings without porters. Some of the nation’s largest residential property owners and managers have signed up to the scheme, including AvalonBay, Fairfield Residential, Pinnacle, JP Morgan Asset Management,…
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21 June
Sir Philip Green seeks judicial review as PwC court battle kicks off
The former owner of BHS and current Topshop and Arcadia owner, Sir Philip Green, has requested a judicial review of the Financial Reporting Council’s (FRC) report into PwC’s handling of the retailer’s audit shortly after collapsed. As the hearing into the report prepares to be taken to the High Court…
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