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 -14 October
Retailers urge chancellor to apply Retail Rates Corrector
More than 70 retail CEOs have urged chancellor Rachel Reeves to ease business rates amid warnings that a £2.7bn tax would hit retailers, leisure and hospitality firms, The Guardian has reported. In an open letter coordinated by the British Retail Consortium, CEOs have called on the government to introduce a…
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14 October
Bestseller profits up 8% to £594m
Danish fashion brand Bestseller has reported an 8% increase in profits to DKK 5.3bn (£594m) for the year to 31 July 2024, despite a 4% drop in revenue to DKK 35.6bn (£3.99bn). The group stated that profitability primarily improved due to normalisation and efficiency gains in the company’s logistics operations.…
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14 October
Mulberry’s majority shareholder rejects increased Frasers bid
Mulberry’s majority shareholder Challice has turned down an increased bid of £111m from Frasers Group as it has “no interest in selling”. Chalice pointed out that Frasers would be unable to take over Mulberry without its support. Frasers, which already owns 37% of Mulberry, raised its offer for the retailer…
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14 October
Selfridges’ property value falls by more than £600m
The value of Selfridges’ property portfolio plunged by more than £600m last year, according to The Sunday Times.The Times reported that accounts for the department store’s property assets showed its £3.1bn property portfolio had been marked down by £638.6m by valuers, a fall of 20.6%. It also reported that over…
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11 October
Today’s news in brief-11/10/24
Ikea reported a 5.3% decline in retail sales to €45.1bn (£37.7bn) after implementing significant price reductions across 63 markets. Despite the sales decrease, the strategy led to a 4.5% increase in store visits and a notable 21% rise in online traffic, driven by heightened consumer demand. This period also saw…
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11 October
Under Armour opens biggest outlet store in Caledonia Park
Global sports apparel brand Under Armour has opened its biggest outlet store in Scotland at Caledonia Park. The retailer has opened a 3,465 sq ft store at the premium designer outlet village, complementing its high-quality sportswear category alongside anchor brands, Nike and adidas. The store showcases Under Armour’s comprehensive range…
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11 October
Ikea sales dip 5.3% in FY24 after cutting prices
Ikea has seen a 5.3% decrease in retail sales to €45.1bn (£37.7bn) for its 2024 financial year as it “substantially” lowered its prices across 63 markets. However, as a result of the price decreases, the retailer saw a 4.5% upward trend both in store visitation and a 21% increase in…
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11 October
THG raises £95m to fund Ingenuity demerger
THG has raised over £95m to fund the demerger of its Ingenuity arm, which is set to become a standalone and independent company, after receiving “strong support” from new investors and existing shareholders.The oversubscribed and upsized fundraise of £95.4m comes as existing shareholders contributed around £50m, while CEO Matthew Moulding…
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11 October
River Island falls to £32.2m loss
River Island has fallen to a pre-tax loss of £32.2m for the year ended 30 December 2023, compared with a profit of £7.5m for the same period in the previous year. It comes as the retailer’s sales fell 15% to £701.5m, down from £825.8m in the previous year. It attributed…
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11 October
Aldi to recruit 3,500 staff ahead of festive season
Aldi has announced that it is looking to hire 3,500 store colleagues in the lead-up to Christmas. With a wide range of permanent store positions available, Aldi is seeking team members to help replenish stock, assist customers and maintain its high standards of service during the festive period and beyond.…
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