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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Dec- 2024 -16 December
Card Factory reappoints Paul Moody as chair despite diversity concerns
Card Factory has reappointed Paul Moody as its chair despite concerns from shareholders regarding the board’s diversity. At the company’s AGM in June, more than 20% of shareholders voted against a resolution to reappoint Moody as chair. Since the meeting, the company said it consulted with 12 of its largest shareholders,…
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13 December
Today’s news in brief-13/12/24
Hundreds of Harrods workers, including retail, restaurant, and cleaning staff, are set to strike on 21–22 December and Boxing Day in a dispute over Christmas bonuses and working conditions. The United Voices of the World (UVW) union said 95% of its members voted to strike after management refused negotiations. Workers…
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13 December
Sainsbury’s opens first ever airport store in Edinburgh
Sainsbury’s has announced the opening of a new 24-hour shop inside Edinburgh Airport. The new convenience store is Sainsbury’s first ever shop to be located at an airport and its arrival is part of a major revamp of the food, drink and shopping options on offer to passengers flying to…
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13 December
Consumer confidence improves marginally in December
Consumer confidence edged up in December as it increased by one point leaving “some room for optimism” despite the public being cautious with big purchases, GfK revealed. According to the latest index for the month, consumer confidence increased by one point reaching -17. Personal financial situation increased by two points…
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13 December
In The Style losses narrow amid job cuts
In The Style has revealed that it posted a loss-before-tax of £2.7m for the year ended 31 March 2024, compared with a loss of £7.7m in the previous year. Despite this, the company’s revenues fell from almost £46m to £30.4m, while UK sales were down from £42.7m to £29m over…
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12 December
Today’s news in brief-12/12/24
Central Group’s executive chair Tos Chirathivat admitted to overpaying in hindsight for Selfridges and other European luxury department stores as part of a £4bn deal in 2021. Chirathivat told the FT the price felt steep given rising global interest rates but noted the valuation may look more reasonable in a…
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12 December
Gloucester Quays completes 11 renewals in 2024
Gloucester Quays has announced 11 renewals as part of 20 leasing deals this year, forming over 44,000 sq ft of space. The deals bolster its position as a top 10 UK outlet and the destination of choice for brands to open, upsize, renew, and refit their stores. Amongst the 11…
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12 December
Shein IPO could be delayed over supply chain checks
Shein’s London IPO could be set to be delayed after the FCA is taking longer than usual to give its go ahead as it takes its time to assess the fast fashion retailer’s supply chains, according to Reuters. The FCA is reportedly looking into Shein’s supply chain after receiving a…
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12 December
Debenhams has ‘greater value’ than current group valuation, says Boohoo CEO
Boohoo group CEO Dan Finley has said that Debenhams single-handedly brings “greater value” than the market cap of the rest of the Boohoo brands, reaffirming his confidence in the group and how he thinks the brand is currently undervalued. In a video posted on the boohooforall website, Finley said: “I…
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12 December
Selfridges co-owner admits £4bn price was ‘too high’
Tos Chirathivat, the executive chair and CEO of Thai family conglomerate Central Group, said in a conversation with The Financial Times that it may have overpaid for its acquisition of Selfridges and other European luxury department stores as part of a £4bn deal in 2021. According to Chirathivat, whose group’s…
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