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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May- 2018 -29 May
Number of department stores ‘falls 25%’ in less than a decade
The number of large department stores in England has fallen by 25% in less than a decade according to new research by secured lending platform Lendy. It said department stores have been more sharply affected than the rest of the high street by online shopping, as the unusually heavy debt…
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29 May
Westend Retail Park in Dublin sold for €147.7m
Irish property management group Green Reit has sold the Westend Retail Park in Blanchardstown, Dublin, to a DWS real estate fund for €147.7m (£128.9m).The sale amount is in line with the most recent valuation of the property, which was €147.1m (£128.4) in December 2017. The retail park comprises 230,742 sq…
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29 May
Carphone Warehouse to close 92 stores this year
Carphone Warehouse CEO Alex Baldock has announced that the company will close 92 stores by the end of the year. In a trading update that also focuses on the electrical and mobile phone retailer’s 2018/19 outlook Baldock said the company is taking “early action” as a result of a warning…
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25 May
Cath Kidston appoints Melinda Paraie new CEO
Cath Kidston, the global lifestyle brand, has appointed Melinda Paraie as its new chief executive. Paraie joins from John Hardy, the New-York based jewellery company where she has been the chief merchandising officer for the past year. Paraie, who is American and currently lives in New York, will move to…
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25 May
Sainsbury’s new ‘dogsbody’ contract hammered by unions, MPs and staff
Sainsbury’s new contracts which the supermarket says are a ‘boost’ to staff have been accused of bringing in a “dogsbody contract” by staff members speaking to the media. More than 100 MPs have written a joint letter saying that they believe the increase in basic pay is being used to…
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25 May
Homebase sold for £1 putting 11,000 jobs at risk
Australian retail group Wesfarmers has sold Homebase to HMV owner Hilco Capital for a token £1. Hilco specialises in restructuring and refinancing other companies and will acquire all Homebase assets, including the brand, its store network, freehold property, property leases and inventory for the nominal amount. Homebase was acquired by…
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25 May
April retail sales see recovery
Retail sales saw an unexpected boost in the month of April as consumers returned to the high street following the good weather. According to the latest figures from the Office for National Statistics (ONS), retail sales rose 1.6% in April. When compared with March 2018 the quantity bought in April…
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24 May
Poundworld to close 117 stores by 31 August
Poundworld is looking to close 117 of its 355 UK stores by 31 August as part of its CVA proposal, it has been revealed. The Grocer reports it has seen a document detailing the proposals, which suggest almost a third of its stores would be set to close and rent…
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24 May
B&Q owner Kingfisher reports poor Q1 sales
DIY retailer B&Q has reported a 9% drop in like-for-like sales for the three months to April 30 2018. According to the group the report reflects an ongoing issue of lowered footfall and soft demand patterns. The adverse weather conditions and temporary snow related store closures impacted B&Q’s like-for-like sales…
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24 May
Philip Green’s Arcadia records £10.9m loss
Topshop owner Arcadia Group – Philip Green’s retail empire – has recorded a loss of £10.9m in the year up to August 2017, starkly contrasting with last year when it profits were £59.4m. Accounts filed at Companies House showed the group also saw a 6% drop in sales down to…
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