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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Mar- 2024 -21 March
Alibaba records rise in SME buyers at March Expo 2024
Alibaba.com has recorded a positive rise in the number of active B2B buyers from the UK at this year’s March Expo 2024. March Expo, which is Alibaba.com’s flagship online trade show, aims to connect buyers and sellers from around the world, helping them to discover new products, services and possibilities…
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21 March
Co-op launches ‘Best of British’ section online
Co-op has launched a dedicated “Best of British” section across its online delivery website to further demonstrate its commitment to British sourcing. The convenience retailer has added the new British section on its same-day delivery website to offer a convenient way for member owners and shoppers to browse and order…
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21 March
Majestic in advanced talks to snap up Vagabond Wines
Majestic Wine, which is owned by Fortress Investment Group, is reportedly in advanced talks to acquire Vagabond Wines, according to Sky News. The news comes after the London-based chain Vagabond Wines filed notice to appoint administrators earlier this month. Vagabond Wines was founded in 2010 by Stephen Finch in Fulham.…
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21 March
Next profits hit record high of £918m
Next has revealed its profit before tax increased 5% to £918m as it focused on improving its product ranges, online service levels and managing its costs and profitability. It comes as group sales also increased 6% to £5.84bn as the company onboarded further companies onto its Total Platform. Next also…
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21 March
Temu revenues double to £27bn in FY23
Temu owner PDD Holdings has reported total revenues at the discount e-retail group hit ¥247bn (£27bn) in the full year to 31 December 2023, nearly doubling from ¥130bn (£14.2bn) in 2022. The group attributed its financial performance to its marketing efforts, which led to more transactions. As a result, operating…
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21 March
Kingfisher mulls bid for Homebase stores in Ireland
Kingfisher, the owner of B&Q, is reportedly mulling a bid for Homebase’s stores in the Republic of Ireland, following reports the wider Homebase business is up for sale. According to The Times, the move would see the end of Homebase stores in the country, as Kingfisher would most likely rebrand…
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21 March
Aldi forecasts record-breaking Easter sales
Aldi has revealed that it expects record-breaking sales across the Easter period which this year comes early with Easter Sunday on 31 March. The budget supermarket is set to sell around 20 million hot cross buns and 8.6 million of its own-label chocolate eggs. It predicts that lamb sales will…
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20 March
Today’s news in brief-20/3/24
UK inflation dropped to 3.4% in February 2024, surpassing economists’ expectations of 3.5%. This decline was mainly attributed to easing food inflation. The prices of bread and cereals rose slightly by 0.3% compared to a significant increase of 2.3% in the previous year, contributing to the overall decrease in food…
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20 March
Holland and Barrett to increase hourly staff pay to £12
Holland and Barrett is set to increase its hourly pay by 9% to £12, almost 5% above the National Living Wage, from April. The retailer’s London-based employees will receive a further increase to £13 an hour. The new upcoming pay rates will mean that in the past two years alone,…
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20 March
One Stop announces home delivery partnership with Snappy Shopper
Retail convenience chain, One Stop, has selected Snappy Shopper as one of its home delivery partners, following a trial period last year. One Stop, which has over 1,000 convenience stores nationwide, will initially introduce Snappy Shopper’s services to 250 of these stores from June this year. The collaboration aims to…
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