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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Jul- 2024 -26 July
JD Sports eyes job cuts at Derby distribution centre
JD Sports has confirmed that it is considering the future of a number of jobs at its Derby distribution centre. The 514,000-square-foot warehouse can be found on Derby Commercial Park, off Raynesway, and opened around three years ago. A person familiar with the situation has stated that “no final decision”…
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25 July
Today’s news in brief-25/7/24
Burberry is on the lookout for a new chair to replace Gerry Murphy amidst challenging times in the luxury goods market. Following a profit warning and CEO change, Burberry aims to rejuvenate its struggling business, highlighting ongoing difficulties exacerbated by weakened demand from the Chinese market. Hammerson remains optimistic despite…
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25 July
Lidl to invest £1.5bn in beef industry over next five years
Lidl GB has committed to invest £1.5bn into the British beef industry over the next five years, as part of its wider commitment to sourcing 100% British beef. The supermarket is launching the Sustainable Beef Group to support farmers transitioning to sustainable practices. Those in the group will be rewarded…
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25 July
Howdens maintains full-year outlook as H1 sales and profits rise
Howdens has welcomed good revenue growth in the first half of the year despite a “challenging” marketplace, as sales rose by 4.3% to £966.3m, with the group maintaining its full-year outlook. Profit before tax was in line with last year at £112.3m, up from £111.9m, following a £16m investment in the…
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25 July
Hammerson upbeat despite £517m loss
Hammerson has hailed a “strong performance” in the first half of the year ended 30 June despite experiencing a £517m loss. It said the loss was due primarily to a reclassification of the Value Retail stake “from a carrying value of £1.1bn” that the company sold on 22 July for…
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25 July
Burberry begins hunt for chair’s successor
Burberry is reportedly seeking a new board member who could replace incumbent chair Gerry Murphy, according to reports from Sky News. The company is reportedly working with headhunters to identify two new non-executives who would be contenders to replace Murphy. A definitive timetable for his successor has not been laid…
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25 July
Virgin Wines EBITDA hits £2.8m
Online wine retailer Virgin Wines UK has reported a 260% increase in EBITDA to £2.8m, with its profit-before-tax also expected to be £1.95, up from a loss of £430k, for the year ended 30 June 2024. Meanwhile, its revenue was in line with the prior year at £59m (FY23: £59m).…
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25 July
Majestic strengthens store portfolio amid £1m investment
Wine retailer Majestic has opened two brand new stores in the South East of England and completed two major refurbishments in the Midlands and Scotland within one week thanks to a £1m investment. It comes as the business reaffirms its commitment to experiential bricks-and-mortar stores through its efforts to expand…
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24 July
Seven Dials to welcome quartet of store openings
Covent Garden’s Seven Dials is set to welcome NN.07 first standalone UK store, Form&Thread’s West End debut and the opening of Wax London’s third boutique alongside Vivobarefoot’s upsized flagship store. Introducing its first standalone UK store, NN.07 will be opening at Seven Dial’s 7 Earlham Street in August. The opening…
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24 July
40% of consumers opt for cashless payments despite 2.6% surge in cash usage
Almost four out of 10 UK adults (39%) were living largely cashless lives during 2023, despite the number of people mainly using cash in 2023 rose to 2.6%, according to UK Finance’s latest Payment Markets Report, produced in collaboration with Accenture. The report revealed that one third (34%) of UK…
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