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 -19 September
Levi’s opens new store in Knightsbridge
Levi Strauss and Co has announced the opening of its new Levi’s store in London’s Knightsbridge Estate, the second largest retail hub in the UK capital. The new store, with a “prominent” glass façade, spans approximately 300m² across two floors, delivering “elevated” retail experiences to London shoppers and reinforcing the…
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19 September
BoE holds interest rates at 5%
The Bank of England (BoE) has decided to hold interest rates at 5% this month, having lowered them for the first time in four years in August. The bank voted by a majority of 8-1 to keep the rate the same in a bid to help “sustain growth and employment”.…
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19 September
Next acquires 16% stake in homeware brand Rockett St George
Next has acquired a 16% stake in homeware brand Rockett St George, further furthering the partnership following the licensing agreement between the two brands. Rockett said the strategic decision represents a “pivotal moment” in the growth of their partnership and will see Next having a director on the Rockett St…
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19 September
Co-op rolls out 24-hr delivery service for city centre customers
Co-op has unveiled a 24-hour delivery service for customers living near city centre stores as the supermarket responds to growing demand for grocery delivery services. New research from Co-op shows that over 40% of q-comm shoppers would use a 11pm to 5am delivery service if available. This figure rises to…
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19 September
Next ups guidance again as it closes in on £1bn profit
Next has announced that it has upped its full-year profit guidance by £15m, up to £995m, as it closes in on £1bn profit. This is the second time in two months that Next has increased its guidance after increasing it in August to £980m as a result of strong summer…
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19 September
Hammerson sells stake in Bicester Village for £1.5bn
Property firm Hammerson has announced that it has sold off its stake in Bicester Village for £1.5bn to Silver Bidco, a company established by certain affiliates of L Catterton. The news comes after Hammerson announced it had entered into a binding agreement for the disposal of Bicester Village to Silver…
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19 September
Stuart Rose to lead Asda as Mohsin Issa steps back
Asda has announced that Mohsin Issa is set to step down from his executive responsibilities at the supermarket to focus on his previously-announced role as sole CEO of EG Group. Chair Stuart Rose will assume his responsibilities alongside Rob Hattrell, a partner at TDR Capital and a director on the…
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19 September
Ocado ups FY guidance as Q3 sales rise 15%
Ocado has hiked its full-year guidance after a period of strong growth and trading in Q3, boosted by a rise in customers and its online grocery business. The group now expects full-year revenue growth to be in the low double digits, up from its previous guidance of mid-high single digits. It…
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18 September
Today’s news in brief-18/9/24
UK inflation held steady at 2.2% in August, unchanged from July and slightly above the Bank of England’s 2% target. The stability came despite falling food and energy prices, offset by a 1.2% rise in transport costs, driven notably by a 22.2% increase in air fares. Clothing and retail prices…
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18 September
Sephora opens new store in Eldon Square
Global beauty retailer Sephora has announced the opening of its new store in Eldon Square shopping centre, Newcastle. Sephora has taken over a 6,515 sq ft unit to offer shoppers a wide array of brands across beauty, cosmetics, haircare, skincare and more. The Newcastle opening is the fourth store for…
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