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 -10 September
Schuh launches ‘Single Shoe’ initiative to increase inclusivity
Schuh has introduced a new initiative to enable customers to make single shoe purchases nationwide in a step towards greater inclusivity. The initiative, available in-store, sees schuh customers get 50% off single shoes taken from a brand new pair. The new offering follows the positive feedback already received from customers…
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10 September
Wickes HY profit falls to £23.4m
Wickes has revealed that its adjusted profits fell to £23.4m, down from £31.1m, for the 26 weeks ended 29 June 2024. Alongside this, the DIY retailer saw its total revenues fall 3.4% year-on-year from £827.7m down to £799.9m. However, its operational costs were flat year-on-year following planned management action taken…
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10 September
Burberry valuation hits 15-year low as market value falls to £2bn
Burberry shares have dropped by about 8% following a downgrade by Barclays, which has reduced the luxury fashion retailer’s market value to £2bn – its lowest valuation since 2009, The Telegraph has reported. The news comes after the retailer’s recent exit from the FTSE 100. According to Barclays, Burberry’s situation…
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10 September
Beaverbrooks invests £1.6m in Bracknell store refurb
Family-owned national diamond, jewellery and watch retailer Beaverbrooks has made a £1.6m investment in the complete refurbishment and expansion of its Bracknell store, doubling its size and elevating it as a destination for luxury and Swiss watches. Following the investment, the newly refitted store, located on The Avenue, reopened on…
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10 September
JD Sports to close Derby warehouse with almost 200 jobs lost
JD Sports has made the decision to close its distribution centre in Derby, meaning almost 200 jobs could be lost, according to reports first revealed by the BBC.The outlet said staff at Derby Commercial Park were informed of the decision on Friday (6 September) following a six-week consultation period. It…
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10 September
Avalara names Kevin Sellers as CMO
Avalara, a provider of tax compliance automation software for businesses of all sizes, has announced Kevin Sellers has been named executive VP, chief marketing officer. Sellers brings more than 25 years of broad-based global marketing expertise to the role with Avalara adding he has a “proven track record of driving…
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10 September
Mountain Warehouse to open 50 new stores
Mountain Warehouse has revealed that it will open 50 new stores next year. According to The Times, the outdoor retailer is ramping up its expansion strategy driven by a surge in demand for in-person shopping experiences. Last month, the retailer reported £386m in sales and £26.2m pre-tax profit for the…
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9 September
Today’s news in brief-9/9/24
Asos has declined a £215m bid for Topshop from Shein and Authentic Brands Group, choosing instead to proceed with a joint venture alongside Heartland, an investment firm owned by retail billionaire Anders Povlsen. This decision values Topshop and Topman at £180m, with Asos selling a 75% stake for £135m. The…
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9 September
Gymshark appoints new chief people officer
Gymshark has announced the appointment of Sian Keane to the role of chief people officer. Keane is the latest in a series of senior appointments at Gymshark, following Mat Dunn joining from Asos as chief financial officer, Carly Natalizia (formerly O’Brien) joining from The Very Group as chief digital officer…
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9 September
Asos rejected £215m Shein Topshop bid for lower offer
Asos reportedly declined a £215m bid for Topshop from Shein and Authentic Brands Group, in favour of its joint venture with Heartland, according to The Sunday Times. The retailer agreed to sell a 75% stake in Topshop and Topman for £135m in a deal that valued the two brands at…
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