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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Oct- 2024 -18 October
Boohoo CEO to leave amid strategic review and new debt deal
Boohoo has announced that its CEO John Lyttle is set to step down after five years in the role. He will continue to work with the leadership team and board over the coming months whilst a successor is found. It comes as the retailer has secured a £222m debt refinancing…
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18 October
Furniture Village doubles employee profit share payouts
Furniture Village has doubled its employee profit share payouts following its strong trading performance for the year ended in June. After the retailer’s share buyback in October 2022, resulting in the business becoming 100% family owned, it implemented a companywide profit-sharing scheme known as the ‘Family Partnership’. The group’s full-year…
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17 October
Today’s news in brief-17/10/24
N Brown has agreed to a £191m takeover by Falcon 24 Topco, a company led by Joshua Alliance, a member of the founding Alliance family. Joshua, who already holds a 6.6% stake, will acquire the fashion retailer at 40p per share. Other family members, including former chair Lord David Alliance,…
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17 October
Mint Velvet opens new store in centre:mk
Mint Velvet, the British womenswear brand, has opened its new boutique and debut Milton Keynes location, within centre:mk’s premium Silbury Arcade. Spanning 2,100 sq ft, the store offers Mint Velvet’s latest collection of womenswear footwear, and accessories. Designed by London-based StudioJill, the interior reflects the brand’s “distinct relaxed glamour identity”. …
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17 October
The Entertainer rolls out over 850 concessions in Tesco stores
The Entertainer has completed a major roll-out of more than 850 brand-new toy shops within Tesco stores as part of its new partnership. The toyshop’s significant expansion across 861 large Tesco stores in the UK and Republic of Ireland was achieved in just eight months. The roll-out involved over 4.5…
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17 October
DFS chief financial officer to step down
Retailer of living room and upholstered furniture DFS has announced that chief financial officer John Fallon is set to step down from his role. Fallon has said that he will not stand for re-election at the company’s AGM on 22 November. He will remain as CFO throughout the remainder of…
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17 October
Tesco signs ‘largest’ PPA to power 144 supermarkets
Tesco has signed its largest UK Power Purchase Agreement (PPA), which has secured 65% of the solar power generation from Cleve Hill Solar Park in North Kent, to meet the equivalent electricity needs of 144 of its large retail stores annually. Cleve Hill is the largest solar and battery storage…
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17 October
Snapchat debuts immersive AR ‘high-street’ with Boots and Depop
Snapchat has announced the launch of an all-new immersive high-street experience, Snap Street, set to open in East London this October. The Ely’s Yard building in Brick Lane will be transformed into an actual indoor ‘high-street’ with shop-fronts showing off the state-of-the-art Augmented Reality (AR) experiences available on Snapchat –…
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17 October
N Brown agrees £191m takeover deal by Alliance family
N Brown has agreed to a £191m takeover deal that will see Joshua Alliance, a member of the group’s founding family, acquire the company. Alliance, currently a non-executive director of N Brown, made a cash offer of 40p per share through his newly formed company, Falcon 24 Topco. He already owns…
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16 October
Today’s news in brief-16/10/24
Inflation in the UK has dropped to 1.7% in September, marking its lowest level in over three years, down from 2.2% in August. This decline, driven largely by falling airfares and petrol prices, is below the Bank of England’s 2% target, which may result in pressure to lower interest rates.…
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