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 -3 October
Today’s news in brief-3/10/24
Tesco has reported a robust first half of the financial year, marked by increased sales and profits, prompting an upward revision of its full-year guidance. The supermarket giant achieved a 10% rise in retail operating profits to £1.56bn, with statutory operating profits climbing 13% to £1.6bn. This growth was supported…
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3 October
Miniso opens first Miniso-Go store in Paddington
Miniso has today (3 October) opened the doors to its very first Miniso-Go store in the UK in Paddington, London. This new store spans over 400 sq ft and features Miniso’s signature affordable and innovative products, including toys, homeware and lifestyle accessories. The Miniso-Go store will cater to travellers and…
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3 October
Topps Tiles sales dip 5.7% in Q4
Topps Tiles has seen a 5.7% decline in group sales to £248m for the 52-week period ended 28 September 2024. Group sales for the year, excluding revenues from the assets acquired from the administrators of CTD1, were broadly “in line” with the year ending September 2022. The tile specialist said…
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3 October
M&S launches recruitment drive to fill 11,000 Christmas roles
Marks and Spencer has announced it will be recruiting over 11,000 new customer assistants to support in stores across the UK over the festive period. The retailer is recruiting even more colleagues than last year with over 1000 more vacancies available, reflecting the additional investment M&S is making in colleague…
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3 October
British Land acquires seven retail parks for £441m
British Land has acquired a portfolio of seven retail parks for £441m, as well as announced a proposed equity placing of approximately £300m – by way of an accelerated bookbuild offering to fund this acquisition. The rest of the asking price will be financed from existing cash and in place…
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3 October
Sainsbury’s chief calls for Budget action on consumer confidence
Sainsbury’s boss Simon Roberts has called on the government to introduce measures to improve consumer confidence in the Budget this month. He told Reuters that despite falling inflation, higher wages, and solid employment levels, UK shoppers remain nervous about spending on bigger ticket items. Recent surveys have shown UK consumer…
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3 October
Tesco ups FY guidance as sales and profits rise in H1
Tesco has upped its full-year guidance after a period of “strong momentum” and rising profits in its half-year results, with the supermarket’s boss noting the business is “in good shape”. Over the period, retail operating profits rose by 10% to £1.56bn, while statutory operating profits were up by 13% to £1.6bn. …
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2 October
Today’s news in brief-2/10/24
Shop prices fell by 0.6% in September, marking the lowest annual growth since August 2021. Non-food items saw deflation deepen to -2.1%, while food inflation slightly rose to 2.3%, influenced by higher prices in cooking oils and sugary products. Nike’s first-quarter revenue dropped 10% to $11.6bn, prompting the company to…
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2 October
Grown Alchemist to make UK debut in Soho
Beauty retailer Grown Alchemist is set to make its UK debut within the London Soho neighbourhood, opening at 35 Beak Street in November. With an emphasis on “rejuvenation” and “evolution”, the Australian brand is set to open its first store outside of Melbourne, taking a two-floor 600 sq ft space…
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2 October
Booths narrows pre-tax losses to £1.6m
Supermarket chain Booths has narrowed its losses from £4.0m in 2023 to £1.6m and has reported a 6.7% rise in sales to £318.7m for the year ending 30 March 2024. The group attributed the performance to increased footfall and basket spend, partly due to inflation and the benefit of an…
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