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 -20 May
Today’s news in brief-20/5/24
Asda reported a robust financial performance for Q1 2024, with a 6.6% increase in total revenues (excluding fuel) to £5.3bn and a 1.4% rise in like-for-like sales. The supermarket chain saw notable growth in its George at Asda clothing line and homewares, with the latter boosted by the new Stacey…
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20 May
Waitrose to open Gail’s bakery in-store
Waitrose Canary Wharf has announced it will become the first location with an in-store Gail’s takeaway bakery. The opening comes a year on from the introduction of dedicated Gail’s bakery areas within 64 Waitrose stores. The bakery is being built in Gail’s unique style and will be 280 sq ft…
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20 May
Victorian Plumbing Group acquires Victoria Plum for £22.5m
Victorian Plumbing, the bathroom retailer, has announced the acquisition by Victorian Plumbing Limited, a subsidiary of the company, of the entire issued share capital of AHK Designs Ltd, trading as Victoria Plum in a £22.5m deal. The acquisition of the online only bathroom retailer is on a cash free, debt…
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20 May
British Land sells 50% Meadowhall stake for £360m
British Land has announced that it has sold its 50% stake in the Meadowhall shopping centre in Sheffield. The company has revealed it has sold its stake to Norges Bank Investment Management for £360m. This follows the sale of some ancillary land by the Joint Venture for £7m (British Land…
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20 May
New Look to invest £3.3m in 20 Greater Manchester stores
New Look has announced a £3.3m investment to upgrade and improve its stores in Greater Manchester. The retailer will initially trial several initiatives in its 20 stores in the area over the next 12 months to create a blueprint for further improvements across its wider estate. This will centre around…
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20 May
M&S website and app hit by technical issue
Marks and Spencer’s website and app was down for several hours on Saturday (18 May) due to technical issues, the BBC has reported. During the outage, customers saw an error message on the homepage and could not navigate to any part of the website. The notice read: “Sorry you can’t…
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20 May
Asda revenues surge to £5.3bn in Q1
Asda has reported a 6.6% increase in total revenues (excluding fuel) to £5.3bn and 1.4% growth in like-for-like sales for the first quarter ended 31 March. The supermarket’s continued growth in total revenues, like-for-like sales and margin improvement in food and non-food includes a particularly strong contribution from George at…
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20 May
French conglomerate sues Morrisons over £2.5bn petrol forecourts deal
Bouygues, a French conglomerate, is reportedly looking to block Morrisons’ £2.5bn deal to sell over 300 of its petrol forecourts to Motor Fuel Group (MFG). According to The Times, Equans EV Solutions, a subsidiary of the giant, which is worth €13bn (£11bn), is suing the supermarket for an alleged breach…
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17 May
Today’s news in brief-17/5/24
Asos is set to enter the Indian market through a new long-term partnership with Reliance Retail, marking Asos’ first country-wide exclusive retail partnership. Reliance Retail will manage the exclusive retail presence of Asos’s brands both online and offline across India, utilising various retail formats including exclusive brand stores and digital…
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17 May
Ocado’s net-zero targets validated by Science Based Targets Initiative
Ocado, the world’s largest dedicated online supermarket, operated by Ocado Retail, is amongst the first grocery retailers to have SBTi-validated targets including those originating from forests, land and agriculture (FLAG). The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line…
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