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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May- 2024 -29 May
Primark enters 17th market with new Budapest store
Primark has officially entered its 17th market with the opening of a store in Hungary’s capital Budapest. The move comes after the fashion retailer invested more than €8m (£6.8m) as part of its growth plans in Central and Eastern Europe. Primark’s Budapest store, which spans over 33,900 sq ft of…
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29 May
ScS chief executive to step down
The chief executive of specialist furniture retailer ScS Steve Carson is stepping down from his role, City AM has reported. Carson, who is leaving the retailer this summer, oversaw the £99m takeover deal of ScS by Italian retailer Poltronesofá in October 2023. Poltronesofá currently operates 167 stores in Italy, 106…
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28 May
Today’s news in brief-28/5/24
Shop price inflation has returned to normal levels, with the British Retail Consortium (BRC) reporting a decrease in annual shop price inflation from 0.8% in April to 0.6% in May. This marks the lowest rate since November 2021 and is below the three-month average rate of 0.9%. Non-food items remained…
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28 May
M&S and Next eye The Body Shop rescue deal
Both M&S and Next are reportedly considering launching rescue bids for the embattled retailer The Body Shop, as administrators get ready to launch an auction process. According to The Times, administrators FRP Advisory are reportedly “encouraged” after the high street firms expressed early interest in The Body Shop. The outlet…
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28 May
Ted Baker lender expressed ‘concern’ over administrators
Ted Baker’s largest lender, Secure Trust Bank, has fallen out with its administrators over an alleged conflict of interest, according to reports from The Times. The bank attempted to replace Teneo as it is owned by the same private equity firm that owns a stake in Ted Baker owner Authentic…
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28 May
Gov should be talking about ‘falling apprenticeships’, says John Lewis boss
The outgoing chair of John Lewis, Dame Sharon White, has claimed that the government should be discussing the reasons why apprenticeships are declining instead of the PM’s new national service plan. Speaking on the BBC’s Sunday with Laura Kuenssberg, White, who will step down as boss of John Lewis next…
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28 May
Victorian Plumbing revenues dip to £144.6m in H1
Victorian Plumbing’s revenues dipped 1% to £144.6m in the six month period ended 31 March. Gross profits were up 8% to £72.3m however, with a gross profit margin increasing 4% points to 50% representing the highest gross margin since listing in 2021, underpinned by own brand sales. The bathroom products…
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28 May
Boohoo shareholders to revolt over exec bonuses
Boohoo is facing a backlash from its investors after awarding millions of pounds in bonuses to executives despite widened losses, The Sunday Times has reported. The fast-fashion group will reportedly face a shareholders revolt at its annual general meeting next month over proposals for a new long-term incentive scheme. According to…
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28 May
Shop price inflation returns to ‘normal levels’, BRC finds
Shop price annual inflation eased from 0.8% in April to 0.6% in May, according to the British Retail Consortium’s (BRC) latest shop price index. This has been confirmed to be below the three-month average rate of 0.9%, with the annual shop price growth being at its lowest since November 2021. …
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24 May
Today’s news in brief-24/5/24
In April, retail sales volumes dropped by 2.3% following a 0.2% decline in March, primarily due to ongoing wet weather, as reported by the Office for National Statistics (ONS). Non-food stores experienced a significant 4.1% fall, equalling the largest drop since January 2021, with clothing, sports equipment, and furniture retailers…
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