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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Jun- 2024 -4 June
UK retail sales improve by 0.7% in May
UK total retail sales increased by 0.7% year on year in May, against a growth of 3.9% in May 2023. This was above the 3-month average growth of 0.3% and below the 12-month average growth of 2.0%. Food sales increased 3.6% year on year over the three months to May,…
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4 June
Lidl appoints new marketing director
Lidl GB has announced the appointment of Joanna Gomer as its new marketing director and head of campaign and media, who will replace former director Claire Farrant. The promotion comes after Farrant departed the discount retailer in September 2023 to head up marketing for BP’s mobile and convenience retail business…
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4 June
M&S boss sees pay packet rise 75% as profits surpass £700m
M&S CEO Stuart Machin has seen his pay rise 75% £4.73m following strong full-year results at the retailer. Machin received a fixed pay of £908,000 and £3.82m in performance related pay, which is subject to holding periods and is dependent on future share price growth. Alongside this, co-CEO Katie Bickerstaffe,…
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3 June
Today’s news in brief-3/6/24
Shein is reportedly preparing for a landmark London flotation valued at £50bn, marking the city’s most significant public float in over a decade. Sources indicate that the fast-fashion giant will soon file a prospectus with the Financial Conduct Authority, although the exact timing remains uncertain. This move comes after Shein…
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3 June
Lululemon opens upsized store in Covent Garden
Athletic apparel brand, lululemon, has officially launched its upsized store on Long Acre within The Yards, Covent Garden. Opening its doors in a new corner unit on Long Acre, the new store is a 130% upsize for lululemon at 8,330 sq ft, marking a significant investment from the international brand.…
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3 June
Shein to file for £50bn London float
Shein is reportedly eyeing a London flotation that would value the fast-fashion company at £50bn. According to Sky News, the company is set to file a prospectus with the Financial Conduct Authority for approval ahead of the potential float. Sources told Sky that the filing could potentially take place this…
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3 June
‘We should have overtaken Waitrose already’, says M&S boss
M&S CEO Staurt Machin has argued that the company should have “already overtaken” Waitrose following its latest strong results. The company revealed that its profits had risen 41% to £673m while sales increased in both food and fashion departments. In an interview with the The Telegraph, Machin said: “You could…
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3 June
Pashley Cycles appoints new CEO
Pashley Cycles has appointed Andy Smallwood as its new chief executive with effect from 3 June. Smallwood joins Pashley Cycles with over two decades of experience in the cycle industry. He previously worked as chief executive for seven years at Ribble Bikes and prior to that as managing director of…
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3 June
Frasers appoints ex-FRC CEO as NED
Frasers Group has announced the appointment of Sir Jon Thompson, former CEO of Financial Reporting Council, as non-executive director. His expertise in corporate governance, reporting and audit, and experience in large-scale project management, will strengthen the execution of Frasers’ long-term growth strategy and continue to position the group as a…
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3 June
Superdry landlord drops challenge to restructuring proposal
M&G, landlord of Superdry’s London flagship store, will not formally seek to block a restructuring proposal, Sky News has reported. It is understood that Superdry received a reprieve after M&G backed down from a challenge to the struggling fashion chain’s rescue plan. As a result, M&G has decided not to…
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