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 -30 July
Boohoo hires advisers amid refinancing talks
Boohoo lenders have allegedly hired advisers to discuss refinancing options to tackle its £325m debt wall and losses. According to Bloomberg, creditors have hired FTI Consulting Inc to deal with the refinancing as Boohoo is also working with bankers at Rothschild and Co. The retailer’s latest annual report shows that…
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30 July
Selfridges CEO to step down after four years at company
Andrew Keith has announced he is stepping down from his role as CEO of Selfridges in the UK in order to “pursue new ventures”. Selfridges Group CEO André Maeder, who joined the company in May, is set to take over his responsibilities in the UK after Keith leaves the company this…
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29 July
Today’s news in brief-29/7/24
Ted Baker is reportedly considering closing all its UK stores within weeks. After entering administration earlier this year, the fashion retailer has already shut 15 stores, resulting in job losses. The brand, now owned by Authentic Brands Group (ABG), is seeking a partner to manage its UK and Europe operations.…
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29 July
Axel Arigato opens flagship store in Covent Garden
Swedish footwear brand Axel Arigato has opened its flagship store in Covent Garden’s Seven Dials neighbourhood. With a footprint of 2,500 sq ft, Axel Arigato Covent Garden offers an extensive range of womenswear, menswear, and accessories, including sneakers and ready-to-wear. To celebrate its 10th anniversary, the brand will also launch…
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29 July
Ted Baker plans to shut all UK stores within weeks
Embattled retailer Ted Baker is considering shutting all of its stores within the next few weeks, according to reports first revealed by The Sun newspaper. Ted Baker has already shuttered 15 stores across the UK, resulting in the loss of 245 jobs, after the business behind the brand, No Ordinary…
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29 July
CMA deems supermarket loyalty promotions not misleading shoppers
The Competition and Markets Authority (CMA) has officially cleared supermarkets of using misleading loyalty promotions, having failed to find any evidence to the contrary in the industry. It comes as the authority published its cost-of-living report last week, which recognised that “effective competition” between retailers was keeping prices as low…
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29 July
Iceland posts record profits as £1 range proves popular
Iceland has reportedly posted record profits for the full-year as it managed to control its energy bills and its revamped £1 value range proved popular among squeezed customers. Its underlying profits rose 24% to £315.7m in the year ended 29 March, and its sales nudged up 6.6% to £4.2bn, the…
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29 July
Ocado boss plans to retain stake in M&S JV
Time Steiner, Ocado CEO, has reportedly announced that the group plans to retain its stake in Ocado Retail, its joint venture with Marks and Spencer (M&S), according to the Financial Times. In an interview with the FT Steiner said: “I don’t want to sell the other half right now, so…
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29 July
Walgreens outlines Boots investment plans after abandoning sale
Walgreens Boots Alliance has laid out plans that will see it invest in retailer Boots after shelving plans for its sale for the second time, according to The Sunday Times. The company revealed to the paper that it has begun “sprucing up” the retailer’s stores, investing in its beauty halls,…
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29 July
British Land signs three healthcare leases at Crownpoint Retail Park
British Land has leased 12,800 sq ft of space to three healthcare businesses at Crownpoint Retail Park, Denton in Greater Manchester. InHealth, the UK’s largest specialist provider of diagnostic and healthcare solutions, has taken a 5,000 sq ft unit for a Community Diagnostic Centre, while CVS Vets, one of the…
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