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 -23 April
Yoox Net-A-Porter launches fine jewellery platform
Online fashion retailer Yoox Net-A-Porter (YNAP) has launched its first dedicated online destination for fine jewellery and luxury watches. The platform, part of the Net-A-Porter website, features a fine jewellery collection from more than 40 brands, including Piaget, Cartier, Pomellato, Tiffany & Co and Buccellati. Customers will also be able…
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23 April
Boohoo expected to report 95% sales increase
Boohoo is expected to report a 95% increase in sales when it publishes its full year results on Wednesday (25 April), the City has predicted. According to City AM, this will mean an increase of £574.6m with pre-tax profits at around £47m. Boohoo has heavily invested in its infrastructure with…
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23 April
Wesfarmers entices Homebase bidders with £100m dowry
Potential bidders for Homebase are being enticed by a sizeable dowry as its owners Wesfarmers ask for initial takeover bids to be submitted by the 23 April. The Australian owners of the DIY chain are looking for a fast exit from the UK market and sources close to Wesfarmers say…
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23 April
Alibaba and Valentino create 3D virtual store
Alibaba has partnered with Valentino to create an virtual 3D store that can be browsed by visitors to Alibaba’s Tmall Luxury Pavillion. The store will be mirrored in real life by a pop-up in Beijing’s fashionable Sanlitun district, as the two brands look to integrate the online and offline shopping…
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20 April
Furniture shop closing down after rent increases by £100,000
Phillip Logan, owner of furniture store Uno in South Belfast has decided to close his shop after facing a rent increase of £100,000. The premises was originally leased for 10 years but Logan has now opted to exercise a five year break clause. Logan has accredited the rise in rent…
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20 April
Bonmarché expects profit to meet expectations despite sales drop
Bonmarché has announced that for the 52 weeks to the 31 March in store like-for-like sales were down by 4.5% caused by a 11% drop in sales in Q4. However the women’s retailer said that it still expects full year profits to “be in line with expectations”. Online sales experienced…
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20 April
Sainsbury’s trials UK’s first grocery delivery service by electric bike
Supermarket giant Sainsbury’s has announced that it is trialling the UK’s first grocery delivery service by electric cargo bike. A fleet of five zero emission bikes will be setting off across South London from the Streatham Common store, delivering up to 100 orders a day to local customers who’ve shopped…
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19 April
Store closure fears loom as House of Fraser appoints advisors
House of Fraser has appointed KPMG to advise the company on a restructuring plan, raising speculation that a number of stores may be about to close. The consultancy specialists are expected to look at all of the department store’s options including a Company Voluntary Agreement. The appointment is understood to…
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19 April
Woman charged £930 for 11p Banana in Asda online typo disaster
Asda has apologised after a woman attempted to buy a banana for sale on it’s online shop priced at £930.11 rather than the intended price of 11p. The lady had assumed it was just a typo until her credit card company’s fraud prevention team texted her to say her bill…
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19 April
Debenhams profits plummet by 84%
Debenhams has announced that its pre-tax profits fell by 84% to £13.5m after the ‘Beast from the East’ temporarily closed 100 stores. The department chain also saw its like-for-like sales fall by 2.2% for the 26 weeks to 3 March, attributed to a “challenging UK market background”. Revenue also decreased…
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