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 -13 May
Lidl GB ups staff pay for third time in 12 months
Lidl GB has announced that it is increasing pay for hourly-paid colleagues to a minimum of £12.40 across the country, up from £12, marking the third time it has increased staff pay in the past year. In London, colleagues will see entry level pay rise to £13.65, up from £13.55.…
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13 May
John Lewis appoints new fashion director
John Lewis has announced the appointment of Rachel Morgans as its new director of finance. Morgans is currently working as creative consultant to brands in the UK and US and will join the company in June 2024. She has almost 30 years’ of experience in the fashion industry and holding…
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13 May
Shein accelerates London IPO preparations
Shein is reportedly ramping up its move towards a London IPO after its attempt to float in New York faced regulatory hurdles, sources have told Reuters.One source told Reuters that Shein now plans to update China’s securities regulator on changing the IPO venue and file with the London Stock Exchange…
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13 May
Retailers call for overhaul of ‘broken’ apprenticeship levy
Large retailers such as John Lewis, Tesco and M&S have called for the apprenticeship levy to be overhauled as the current system is “a complete waste of money”, This is Money has reported. It is understood that the retailers believe the rules around the apprenticeship levy limit them from using…
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13 May
The Very Group appoints Nadhim Zahawi as non-exec chair
The Very Group, which operates digital retailers Very and Littlewoods, has appointed former senior government minister and MP for Stratford-on-Avon Nadhim Zahawi as non-executive chair and board member. Zahawi, who recently announced he will stand down as an MP at the next general election, will replace current non-executive chair Aidan…
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10 May
Today’s news in brief-10/5/24
The UK economy has emerged from recession with a growth of 0.6% in the first quarter of 2024, surpassing economist expectations. This growth was primarily driven by consumer-facing services, which expanded by 0.6% after a decline in the previous quarter. Notably, retail trade played a significant role in this recovery,…
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10 May
Footasylum to upsize location at Metrocentre
Footasylum is upsizing its location at the top five super regional malls Metrocentre. The retailer is set to increase its presence by 25%, taking a 12,375 sq ft unit enabling it to stock a larger range of streetwear, sportswear, and footwear for men, women, and kids. This relocation and notable…
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10 May
John Lewis cut 3,800 jobs in past year to reduce costs
The John Lewis Partnership has revealed that it cut 3,800 roles across the company in an effort to reduce costs. The number of employees at the Partnership fell to 70,500 at the end of January down from 74,300 the previous year. As first reported by the Telegraph, the job losses…
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10 May
UK economy exits recession as GDP jumps 0.6% in Q1
The UK economy is no longer in recession after it grew by 0.6% between January and March this year, according to official figures from the Office for National Statistics (ONS). The performance beat economist expectations of 0.4% growth. A recession, which is defined as two consecutive three-month periods where the…
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10 May
Frasers ups stake in Boohoo to 23.1%
Mike Ashley’s Frasers Group has upped its stake in Boohoo to 23.1% as it continues investing in a number of UK fashion retailers. It has upped its stake from 16.5% and now holds 293,028,671 voting rights in the company. The news comes after it was reportedly revealed that the group…
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