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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Mar- 2018 -14 March
Poundworld fined £1.1m for ‘out of control’ infestation
Discount retailer Poundworld has been fined £1.1m due to its Croydon store failing food hygiene protocols, with over 100 dead mice and a dead fox found in the premises. The retailer was found to have taped products up that rodents had eaten and put them back on sale, reports the…
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14 March
Adidas reports double digit growth across all ‘key’ regions
Sports retail giant Adidas has reported double-digit growth across all of its key regions over the last year, with sales in Western Europe rising 12.6% to £5.23bn. Overall net sales increased 14.8% to £18.8bn while gross profits rose 17.6% to £8.96bn. Adidas attributed the figures to growth in “key strategic…
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14 March
Morrisons reports third consecutive year of profit growth
Supermarket giant Morrisons has revealed profit growth of 16.9% to £380m, in a third consecutive year of positive financial growth. The group’s like-for-like sales also rose to 2.8% in 2018, compared with 1.9% the previous year, and revenue increased by 5.8% to £17.3bn. In the trading update the group said…
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14 March
UK millennials put off by ‘difficult returns’
Research by returns management company ReBOUND has found that 59% of millennial shoppers stop shopping with online retailers which have difficult or unclear return processes. With ReBOUND’s findings suggesting that 42% of British shoppers return goods more now than two years ago, 35% of those asked in the survey claimed…
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13 March
Oxford street pedestrianisation edges closer amid widespread support
Plans to transform London’s Oxford Street into a pedestrian-only zone has received widespread support, according to a consultation report. Transport for London (TfL) and Westminster City Council said that of the 22,000 responses 48% were completely happy for the plans to go ahead and another 16% were happy despite having…
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13 March
Leading retailers support plan for sustainability and equality
Over 25 leading UK retailers, including Sainsbury’s and John Lewis, have signed up to a series of pledges to tackle global challenges over the coming decades. The ‘Better Retail Better World’ scheme includes a series of stretching targets for the retail industry to achieve by 2020, and uses the United…
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13 March
Consumer spending suffers weakest start since 2012
The latest Visa UK Consumer Spending Index data revealed a reduction in overall consumer spending in February, calling it the weakest start to the year since 2012. On an annual basis expenditure declined by 1.1%, similar to the 1.2% reduction seen at the start of 2018. Overall, household spending has…
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13 March
Study finds independent retail and leisure outlet growth is soaring
As multiple stores like New Look, Maplin and Toys ‘R’ Us close, a study by OnBuy.com has found that this has led to a rapid increase in the number of independent retailers. The study from the online retailer considered where multiple stores have declined in comparison to areas independent stores are…
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13 March
French Connection breaks the retail slump, reduces losses
French Connection has today announced that it is close to a return to profit, after annual losses fell dramatically. The fashion retailer said in its financial year ending 31 January 2018, trading performance improved with group revenues up 0.5% to £154.0m. During the same period in 2017, they were down…
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12 March
Farfetch poised to make £4bn IPO after hiring US banks
Online luxury retailer Farfetch has hired bankers from JP Morgan and Goldman Sachs as it readies itself to make an initial public offering (IPO). Farfetch, launched in 2008, enables nearly 900 boutiques and luxury brands to sell their designer products to around two million from 190 countries. According to reports,…
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