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 -11 July
UK economy beats expectations as GDP jumps 0.4%
UK gross domestic product (GDP) beat expectations in May, increasing 0.4%, as a result of better weather, according to data from the Office for National Statistics (ONS). An unseasonably wet April dented consumer sentiment and hurt construction leading to the slight increase. Construction grew at the fastest rate in almost…
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11 July
Pepco Group LFL revenue dips 4.3% in Q3
Pepco Group, owner of Poundland, Dealz and Pepco, has reported a 4.3% decline in group like-for-like revenues for its third financial quarter ended 30 June. Poundland saw a 6.9% LFL decline due to challenges related to the introduction of new Pepco-sourced clothing and general merchandise ranges. Pepco’s LFL revenues were…
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11 July
Frasers Group further increases stake in Hugo Boss
Frasers Group has announced that it has upped its investment in Hugo Boss, increasing its overall stake from €360m (c. £305m) in May to €490m (c. £415m). The group now has 5.6m shares of common stock, representing 7.99% of Hugo Boss’s total share capital. It also owns 9,721,000 shares of…
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10 July
Whole Foods Market and BasicNet signs retail units in Chelsea
Whole Foods Market and BasicNet have recently signed as new tenants at the One Twenty King’s Road development in Chelsea, London. The development, which has been built from the formerly out of date Kings Walk Shopping Centre, has increased the net area from 55,000 sq ft to 84,000 sq ft…
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10 July
EWM, Bonmarche and Peacocks return to profitability
The owners of Edinburgh Woollen Mill (EWM), Bonmarche and Peacocks, have revealed that all three brands have returned to profitability. Purepay Retail said that Bonmarche and EWM delivered turnover of £195m for the year to February 2023, while operating profit increased to £8.07m, up from a loss of £19.3m the…
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10 July
Dyson to cut up to one third of its UK workforce
Vacuum cleaner maker Dyson is reportedly planning to cut around 1,000 jobs, nearly one third of its UK workforce, following a review of its global needs, as first reported by the Financial Times. On Tuesday (9 July) Dyson staff were informed by email about the redundancies. People familiar with the…
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10 July
Travis Perkins appoints Pete Redfern as new CEO
Travis Perkins has announced the appointment of Pete Redfern as its new chief executive officer, following an “extensive and rigorous” search process. Effective from 16 September, Redfern will succeed Nick Roberts who will step down from his role as CEO on the same day. Redfern will bring over two decades…
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10 July
Timpson CEO steps down to focus on new ministerial role
Timpson CEO James Timpson has stepped down from his role at the shoe repair chain company after being recently appointed as minister for prisons, parole and probation. In a statement shared on LinkedIn, his father Sir John Timpson CBE said that as a result of his son’s decision to focus…
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10 July
Adidas set to announce highest profit in three years
Adidas could be set to announce its highest profit in three years amid success of its Samba and Gazelle trainers, according to reports from Reuters. Data from the London Stock Exchange Group (LSEG) forecasts that Adidas will see a profit margin of 51.4% for its second quarter, hitting its highest…
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9 July
Today’s news in brief-9/7/24
Amazon’s Coventry warehouse is at the centre of a groundbreaking union recognition ballot involving over 3,000 workers. If successful, this vote, set to conclude on July 13th with results expected by July 15th, could compel Amazon to negotiate with GMB Union on pay and working conditions. Concurrently, rallies are planned…
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