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 -15 March
Richemont’s Yoox Net-a-Porter acquisition approved by Italian regulator
Italian market watchdog Consob has given the green light for Richemont’s takeover of luxury online retailer Yoox Net-A-Porter (YNAP). Swiss-based Richemont, which owns brands such as Cartier, Montblanc and Dunhill London, already has a stake in the YNAP Group, but in January made a public tender offer to buy the…
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14 March
3,000 Toys R Us jobs to go as it confirms ‘controlled store closures’
All UK Toys R US stores are poised to shut down after administrators failed to find a buyer, resulting in a store closure programme and a possible 3,000 job losses. Toys R Us appointed Moorfields Advisory partners Simon Thomas and Arron Kendall to oversee an administration at the end of…
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14 March
Research shows Brexit doesn’t mean exit for international retailers in London
Research from real estate advisor, Colliers International, reveals that in the face economic uncertainty due to Brexit, Central London still remains a prime destination for international brands. Colliers found over 50% of stores on core shopping streets are international brands and 30 new retailers have arrived in the last year…
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14 March
Zara owner Inditex sees 41% jump in online sales
The owner of Zara and Massimo Dutti, Inditex, saw online sales revenue grow by 41% in 2017, according to a trading update. In 2017, Inditex invested €1.8bn (£1.5bn) in further developing its integrated stores and online model and upgrading its technology Specifically, the rollout of radio-frequency identification (RFID) technology (used…
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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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