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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Sep- 2024 -24 September
Portman and Derwent to deliver 28,500 sq ft retail space in Marylebone
The Portman Estate and Derwent London have unveiled plans for the launch of Loxton Walk, a new retail and leisure destination in the heart of Marylebone. Launching in 2025, Loxton Walk will deliver 28,500 sq ft of new retail and leisure space across 17 ground floor units, accessible via four…
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24 September
Harrods investigating if current staff involved in Al Fayed allegations
Harrods has revealed that it is investigating if any of its current staff were involved in allegations against former owner Mohamed Al Fayed. Al Fayed, who owned the store between 1985 and 2010, has been accused of multiple rapes and sexual assaults by several women who worked for him. The…
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24 September
Card Factory HY profits fall 43% amid rising wages
Card Factory has reported that adjusted profits before tax fell by 43% to £14.5m in the six-month period to 31 July, due to “substantial” increases in National Living Wage as well as freight inflation and the phasing of strategic investments. This comes despite group revenues rising by 4.9% to £238m…
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24 September
Frasers Group lowers stake in Currys
Frasers Group has announced that it has lowered its stake in Currys just over a year after making an investment into the retailer. The group has lowered its holdings in the electricals business from 10.9% to 2.8%. The news comes after in June 2023 Frasers had made a “strategic investment”…
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24 September
Represent Clothing turnover hits £80.8m in FY23
Clothing retailer Represent has delivered “exceptional” results for the year ended 31 December 2023, as its turnover increased 67% to £80.8m. Its operating profit-before-tax also increased from £9m in 2022 to £13m in 2023. Meanwhile, the group reported EBITDA of £14.6m, reflecting an increase of £4.8m in the prior year.…
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24 September
Over 150 MPs call on Asda to end equal pay dispute
More than 150 MPs have written to Asda bosses calling for them to end an ongoing equal pay dispute, the GMB Union has said. According to the union, 159 MPs have written to majority owner TDR Capital urging it to settle the legal battle, which has seen “tens of thousands” of…
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23 September
Today’s news in brief-23/9/24
Frasers Group is facing audit issues with two brands, I Saw It First and Choice, revealing significant payroll data discrepancies. Auditors struggled to verify £7m in payments for I Saw It First due to lost data during system transitions. Similarly, Hart Shaw encountered missing crucial information for Choice. These revelations…
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23 September
Seasalt Cornwall appoints new CFO
Seasalt Cornwall has announced the appointment of Louise Couch to the role of chief financial officer, reporting directly to CEO Paul Hayes. Couch, who has gained industry experience from previously working for fast-paced consumer and tech businesses, will also join the executive board and will contribute to the clothing brand’s…
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23 September
Berghaus opens store at Gloucester Quays
Outdoor brand Berghaus has opened its second standalone UK store at Gloucester Quays. The new Berghaus store has opened opposite Adidas, delivering its outdoor-focused philosophy and signature range of performance gear to the South West in a standalone store for the first time. Designed to ensure proper support for outdoor…
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23 September
SGS Group refinances four UK shopping centres
SGS Group has officially refinanced four major shopping centres – Lakeside in Essex, Atria in Watford, Victoria Centre in Nottingham and Braehead in Glasgow – following a £445m loan from OakNorth. The four shopping centres, which are spread across 4.6m sq ft, have a catchment population totalling 9.4m and boast…
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