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
Poundland introduces new £3 meal deal
Poundland has today (28 May) launched its brand new £3 meal deal with sandwiches, salads and snacks. The new ranges raise the bar as Poundland introduces new options from high quality companies that already supply other multiple retailers such as M&S. What sets Poundland’s offer apart is that the price…
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29 May
M&S to invest £30m in London store portfolio
M&S has announced plans to invest over £30m in new and renewed stores across London this financial year, which is also expected to support an estimated 100 new jobs. As a result, the retailer will be opening two new fresh-market style food halls in Sidcup and Friern Barnet, as well…
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29 May
Retail sales recover as inflation slows, CBI finds
Retail sales grew at their fastest pace since December 2022 in the year to May, as sales volumes jumped 8% to -44%, according to the latest CBI Distributive Trades Survey. Furthermore, the CBI said it comes as selling price inflation in the retail sector “eased considerably” in May, from 20%…
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29 May
Ocado to be relegated from FTSE 100 as stocks fall
Ocado could face relegation from the FTSE 100 after its share price collapsed, amid reports the company is considering moving its listing from London to New York. The London Stock Exchange named Ocado Group as an indicative FTSE 100 deletion ahead of its next quarterly reshuffle, with technology group Darktrace…
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29 May
Boohoo ditches £1m exec bonus plan after shareholder backlash
Boohoo has announced that it has decided to withdraw from paying its top executives bonuses worth £1m after it received backlash from shareholders for awarding millions of pounds in bonuses to executives despite widened losses. It comes as some shareholders criticised Boohoo’s plan to hand co-founders Mahmud Kamani and Carol…
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29 May
Pets at Home PBT drops 3.2%
Pets at Home has revealed that its underlying profit-before-tax dropped 3.2% year-on-year to £132m for the year ended 28 March 2024. The company said it expected this drop as a result of short-term availability issues as it transitioned to its new distribution centre and weaker performance of discretionary accessories. This…
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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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