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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Apr- 2018 -25 April
Boohoo sales double in full year results
Online fashion retailer Boohoo has revealed a £579.8m increase in sales, up 97% for the year ending on 28 February 2018. The online pure-play group saw strong growth across its three major brands. Boohoo’s revenue increased by £374.1m, up by 32%, and sister company Pretty Little Thing saw revenue increase…
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25 April
Kering revenue boosted by Gucci’s ‘spectacular growth’
Luxury goods group Kering has announced 36.5% revenue growth for the first quarter of 2018, driven by a 49% rise in revenues at Gucci. Thanks to “favourable market conditions” Kering reported that its group revenues for Q1 totalled £2.72bn. Kering attributed the growth to the group’s online sales which “more…
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25 April
Increase in retailers using secondary revenue to boost profits
More retailers are making use of secondary revenue to increase sales outside of core offerings, online marketing company Webloyalty’s ‘Beyond the Core II’ report suggests. According to the report, there has been an increase of retailers working with third parties on secondary revenue – up from 23% to 36% this…
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25 April
Argos chastised by ASA over raising prices to include ‘free’ add-ons
The Advertising Standards Agency (ASA) has warned Argos after it was found raising prices to cover the cost of supposedly ‘free’ extras. The advert in question was for a Canon Powershot SX620 camera priced at £179.99, in which further text said the camera came with a free 16GB SD card…
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24 April
650 retail stores have closed in 2018 so far
Nearly 650 retail stores and restaurants have shut or are at risk of closure since the start of 2018. According to analysis by BBC 5 live’s Wake Up to Money Maplin and Toys R Us sites accounted for half of the total closures, as both chains fell into administration on…
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24 April
300 jobs lost as East poised to stop trading next week
Fashion retailer East is to stop trading next week after administrators were unable to find a buyer, with 300 employees to be made redundant. According to reports, East will cease trading on 4 May after administrators at FRP Advisory were unable to find a buyer despite receiving at least three…
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24 April
Debenhams partners with Western Union to offer global money transfers
Debenhams has signed a partnership with Western Union to offer global money transfers through its existing travel money desks. Western Union already has a presence in Ryman, John Lewis and Sainsbury’s, and Debenhams will introduce the service at 112 of its stores. The news comes as the department store reported…
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24 April
Co-op’s £143m takeover of Nisa cleared by CMA
The Co-op’s £143m takeover of Nisa approved by the Competition and Markets Authority (CMA), subject to a court sanction on May 4. The Nisa board voted in favour of the proposal by Co-Op in November 2017 and the deal is hoped to be completed by 8 May. In a joint…
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23 April
Shop that sold illegal tobacco ‘wants its licence back’
A shop that was banned from selling tobacco and alcohol is reapplying for a new licence, it has been reported. Owner Nzar Jabar Kadir’s bid has been opposed by local authorities who cite a massive hive of criminal activity around the shop and fear that allowing it to sell alcohol…
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23 April
Record online retail sales growth in March
Online UK retail sales grew by 18.9% year-on-year (YoY) in March, as the high street reported the steepest year-on-year drop in footfall since 2010. Weekly analysis revealed growth doubled to 27% in the final week over Easter, increasing from 13% the previous week. Both clothing, and beer, wine and spirits…
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