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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Nov- 2024 -8 November
Boohoo accuses Frasers of ‘commercial self-interest’ as row continues
Boohoo has raised “concerns” over Frasers’ behaviour in a new open letter to the Mike Ashley-owned company, as a row over Frasers’ own involvement in Boohoo continues, with the retailer now accusing Frasers of “commercial self-interest”. Its latest response comes as Frasers sought stronger involvement in Boohoo’s strategic review, with…
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8 November
Lego opens 20th UK store in Bristol
The LEGO Group has officially opened its 20th Lego store in the UK and its second in the city of Bristol at Cribbs Mall. The new store is the 20th Lego store in the UK and brings with it the creation of over 27 new jobs within the local community.…
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8 November
Burberry names former Topshop CEO as new product boss
Burberry has announced the appointment of the former CEO of Topshop and Topman in London, Paul Price, in an expanded role as chief product merchandising and planning officer. Price is due to assume his new role on 9 December and has plans to relocate to London in January 2025. He…
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7 November
Today’s news in brief
Asda announced plans to cut 475 head office roles and reduce hybrid work arrangements, requiring staff to be in the office at least three days per week from January 2025. This decision is part of a turnaround strategy aimed at streamlining the company’s structure amidst challenging market conditions. The layoffs,…
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7 November
Aesop to open at Victoria Leeds in January 2025
Australian-born luxury skin care brand Aesop is set to unveil its first store at Redical’s Victoria Leeds in January 2025. Measuring 753 sq ft, the store will showcase Aesop’s full range of fragrance, skin, hair and body care formulations. As a Certified B Corporation, Aesop is dedicated to sustainability and…
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7 November
Bank of England cuts interest rates to 4.75%
The Bank of England has cut interest rates for the second time this year, with rates now cut to 4.75%. The bank voted by a majority of 8–1 to reduce Bank Rate by 0.25 percentage points to 4.75%. One member preferred to maintain the previous rate of 5%. It had previously…
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7 November
Asda to cut 475 head office roles and reduce hybrid working
Asda has confirmed that it is set to cut 475 jobs from its head offices in Leeds and Leicestershire, whilst also ordering staff back to the office as part of a turnaround plan for the group. The supermarket is set to reduce hybrid working for office staff, mandating that employees…
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7 November
Mamas and Papas sales hit ‘record’ £154m in FY24
Mamas and Papas has reported record sales of £154.3m, up 7.1%, for the 12 months to 31st March 2024. Sales across its 36 UK concessions with M&S and Next grew 48% in the period thanks to six additional destinations as well as the full-year sales impact from 15 new locations…
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7 November
Sainsbury’s maintains outlook as H1 profits rise by 4.7%
Sainsbury’s has reported that profit before tax rose by 4.7% to £356m in its half-year results, with underlying operating profit up by 3.7% to £503m, as the group maintained its outlook of “strong profit growth” for the full year. While the group reported that like-for-like retail sales rose by 3.4%,…
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7 November
Pandora delivers 11% organic growth in Q3
Pandora has welcomed organic growth of 11% in its third quarter, as like-for-like sales grew by 7% to 6.1bn DKK (£681m), and operating profit rose to 980m DKK (£109m), up from 920m DKK (£102m) the prior year. Like-for-like growth in key European markets hit 4%, while growth in the US…
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