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 -12 July
Carpetright drafts in advisers to explore sale
Carpetright has reportedly been put up for sale amid increased competition and a slowdown in demand, according to The Times. The company has drafted in advisers PwC to launch a formal sales process with a sale likely to be completed as a pre-pack deal. It could also come in the…
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12 July
GCA warns Amazon it must comply with Groceries Supply Code of Practice
The Groceries Code Adjudicator (GCA) has told Amazon that it must take “swift and comprehensive” action to demonstrably comply with the Groceries Supply Code of Practice in its new 2024 annual survey. According to the GCA’s 2024 annual survey, while the number of suppliers experiencing a code issue fell from…
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12 July
Dr Martens says trading in line with expectations ahead of AGM
Dr Martens has revealed that since the start of the year trading has been in line with expectations, ahead of its annual general meeting (AGM). The footwear retailer has also announced that its current financial year will be “very second-half weighted” particularly in terms of profits, citing that Q1 has…
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12 July
Currys speeds up UK store investment programme
Currys has announced that it will be making further investments in its store portfolio, which will see 50 of its largest stores undergo makeovers to include new categories, seasonal showcases, and “a focus on reinvigorating megastore entrance space”. It comes as Currys believes the blended in-store and online omnichannel model…
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11 July
Today’s news in brief-11/7/24
The UK economy surpassed expectations with a 0.4% GDP growth in May 2024, boosted by improved weather conditions. The services sector led growth, expanding by 0.3%, while construction grew by 1.9%. Analysts see this growth influencing the Bank of England’s upcoming interest rate decision. British entrepreneur Mike Jatania is nearing…
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11 July
Miniso to open new store at Eldon Square shopping centre
Miniso has announced the upcoming opening of a new location in Newcastle’s shopping centre Eldon Square. Located on the Upper Mall opposite John Lewis, Miniso’s new 1,700 sq ft store will showcase the brand’s product ranges including toys, beauty, food and brands such as Sanrio and Disney. The new store…
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11 July
Holland and Barrett losses widen despite surge in revenues
Holland and Barrett has reported that pre-tax losses widened from £59.6m to £65.3m following a rise in administrative expenses, despite seeing its revenues increase 11% to £806.1m during the year ended 30 September. Gross profits also rose by 7% to £475.7m, while distribution and operation costs decreased to £253m that…
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11 July
British entrepreneur close to Body Shop deal
British entrepreneur Mike Jatania is close to completing a rescue deal for The Body Shop, according to reports from Bloomberg. Jatania is thought to be part of a consortium alongside ex-Molton Brown CEO Charles Denton amongst others. It is believed that the retailer’s new owners are planning to retain all…
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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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