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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Dec- 2024 -3 December
UK retail sales dip 3.3% in November
UK total retail sales decreased by 3.3% year on year in November, against a growth of 2.6% in November 2023, the British Retail Consortium showed. According to the new figures, this was below the 3-month average growth of -0.1% and the 12-month average growth of 0.5%. However, the BRC said…
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3 December
Mango achieves 2024 US expansion goals
Mango has achieved its goal of reaching 40 company owned stores in the US by the end of 2024 ahead of schedule. Alongside this, the company has revealed that it plans to exceed the goal by having 42 open at the close of the year. In 2025, Mango plans to…
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3 December
Boohoo repays £50m of £97m loan following fundraising drive
Boohoo has partially repaid its £97m term loan following the conclusion of a recent refinancing drive, as the group continues a turnaround plan after losses tripled in its half-year results. Its board confirmed it has notified lenders of the repayment of £50m of the £97m term loan, with the repayment set…
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2 December
Black Friday helps boost retail footfall
The week of Black Friday combined with the recovery from Storm Bert provided UK retail destinations with a welcome boost in footfall, according to the latest data from MRI Software. Footfall rose by +13.6% in all UK retail destinations last week compared to the week before. This was driven by…
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2 December
Co-op extends £400m sustainability-linked revolving credit facility
Co-op has announced the extension of its £400m sustainability-linked revolving credit facility for a further five years until November 2029. The extension underlines the supermarket’s commitment to a sustainable future and aligns with its sustainability and social goals targets initiated within the original facility agreement. The revolving credit facility provides…
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2 December
Temu to shorten delivery times through expansion of UK suppliers
Temu has plans to increase the number of its UK-based suppliers as a way to speed up delivery times, which could see orders get completed within one business day, The Times has reported. This plan is part of the e-retailer’s “local” initiative, as it seeks to compete with British high…
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2 December
Topps Tiles defends strategy after major shareholder criticism
Topps Tiles has defended its performance and strategy following criticism from a major shareholder, who accused the tile retailer of showing a “complete failure” after sales and profits fell in its full-year results.According to The Times, Topps Tiles’ largest shareholder, Austrian investor MS Galleon, is calling for an overhaul of…
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2 December
Mothercare slips to £1.4m HY loss
Mothercare has reported a pre-tax loss of £1.4m for the 26-week period to 28 September 2024. Its sales also dropped 27% to £21m as its worldwide retail revenue saw a 12% decline to £121.2m from Mothercare’s franchise partners. The group stated that its sales were again impacted by a combination…
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Nov- 2024 -29 November
B&Q to open new store in Rotherham
B&Q has announced it will open a brand-new store in Rotherham on 13 December. To celebrate the opening, B&Q workers hosted a special community day at the local charity, Rotherham Hospice, assisting in setting up its new charity shop ahead of the Christmas season. The day was part of B&Q’s…
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29 November
Urbn reports record revenues of $102.9m in Q3
Urbn, which operates a portfolio of global consumer brands including Urban Outfitters, Anthropologie, Free People, FP Movement and Nuuly, has announced record third quarter net income of $102.9m (£80.82m) for the three months ended October 31, 2024. Its total retail segment net sales increased 3.2%, with comparable retail segment net…
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