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 -17 May
Mothercare to shut 50 shops and restore CEO Mark Newton-Jones
Mothercare has announced as part of a Company Voluntary Agreement (CVA) it will shut 50 of its 137 stores with around 800 jobs axed. As part of its restructuring plan the parenting retail chain confirmed that a further 21 stores will see a rent reduction. Former CEO Mark Newton-Jones is…
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16 May
Mystery surrounds ownership of 57,227 UK companies
Around 57,227 British companies are still not complying with new measures brought in to counter fraud and money laundering, according to big data and anti-money laundering (AML) firm Fortytwo Data. The businesses are not yet compliant with new regulations which states they must declare those people with significant control (PSCs)…
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16 May
Wickes cuts 100 head office jobs
DIY retailer Wickes is cutting 100 head office jobs due to “mixed” trading conditions and a new structuring plans. The cuts that see a third of jobs at Wickes head office terminated, come at a time when Wickes is seeing a like-for-like sales increase of 3% and an increase in…
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16 May
Arcadia’s profits plummet by 42%
Arcadia Group’s parent company Taveta Investments has reported a 42% drop in the company’s profit for the year to 26 August 2017. The group – which owns high street chains Topshop, Dorothy Perkins and Miss Selfridge – made £124.1m in profits before goodwill, amortisation and exceptional items. Total sales fell…
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16 May
Moss Bros trading recovers slightly but sales struggles continue
Moss Bros has announced a slight improvement in its first quarter for 2018 despite its sales figures continuing to struggle. Total like-for-like sales were 5.2% lower for the 15 week period to the 12 May 2018. However this is an improvement on the 6.5% decline that was reported in its…
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16 May
‘Royal wedding fever’ to boost retail spending by £195m
The royal wedding is set to boost retail sales across the UK by an estimated £195m by the end of August, according to retail specialists Springboard. According to the group retailers are set to receive a much needed boost in May, with an estimated £93.1m to be spent across UK…
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15 May
Mothercare to speed up store closures and job cuts
Mothercare have announced they are set to speed up the closure of stores and cutting of jobs, in order to attract fresh funds from investors. The baby store chain confirmed to media that it was launching an equity fund as part of a restructuring and refinancing package. The new strategy…
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15 May
Morrisons donates £45,000 to ‘fight fresh food waste’
Morrisons has donated £45,000 to the Community Fridge Network, a food surplus scheme run by environmental charity Hubbub. The money will be used to increase the current network of 31 community fridges to 58 by November. The fridges are stocked with edible surplus food from local businesses and households and…
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15 May
Decline in retail vacancies slows job growth market
Job growth has slowed since the beginning of the year with the retail industry suffering the biggest decline, according to new figures published by UK job site Reed. The Reed Job Index shows the slowest growth rate for new job postings since it began in January 2010. The index was…
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15 May
ASOS launches same-day delivery in Birmingham
Online fashion retailer ASOS has announced that ASOS Instant, its same day delivery option, is now available in Birmingham. The move follows successful launches in London, Leeds and Manchester over the past six months. ASOS Instant is available to customers with deliveries to selected Birmingham, London, Leeds and Manchester postcodes…
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