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 -19 March
Primark trials ‘sold’ stickers as anti-theft deterrent
Primark UK has started trialling a new anti-theft measure, which sees checkout staff at some of the fashion retailer’s branches seal up paper carrier bags with blue “sold” stickers. This measure means that any customers carrying bags without the stickers will be stopped at the door by store security guards. …
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19 March
Wickes welcomes ‘robust’ FY23 trading amid Solar Fast acquisition
Wickes has announced a “robust” trading performance for the year ended 30 December 2023 as it confirms that it has acquired a 51% stake in Gas Fast Limited, parent company of Solar Fast. In FY23, statutory profit before tax increased 2% to £41m as the group reported an 11% increase…
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19 March
Ikea introduces new round of price cuts ahead of Easter
Ikea has announced its next wave of price cuts on hundreds of its most popular items ahead of the Easter holidays, to provide customers with a more affordable life at home. The group is passing on £125m in savings as cost pressures ease out. As a result, 400 items are…
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19 March
Asda launches new staff benefits as it confirms pay rise
Asda has launched two new benefits for staff and confirmed that its proposal to raise retail pay rates to £12.04 per hour has been accepted by employees. The benefits include Care Concierge, which is managed by Legal and General and offers expert assistance in later-life care for loved ones, while…
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18 March
Today’s news in brief-18/3/24
The Saudi PIF, along with Kering, is reportedly eyeing a stake in Selfridges as the store’s co-owner, Central Group, faces financial struggles due to the collapse of its Austrian partner, Signa. The potential deal, valued around £2bn, is complicated by legal proceedings in Austria. Selfridges reported a narrowed loss and…
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18 March
Hype to target kids and families with new travel product range
Hype has announced its new growth strategy, which will centre around a product range of travel accessories aims at kids and families. By focusing on children and their families, the group aims to enhance its brand identity and strengthen its position in the market as a “go-to destination” for fashionable…
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18 March
Central Co-op raises hourly pay amid further benefits for employees
Central Co-op has announced significant investments in its employees by raising minimum pay to £12 an hour, alongside paid breaks and a suite of additional benefits aimed at enhancing workers well-being and flexibility. The pay increase, effective from 1 April, equates to an additional £2,535 per annum for a full-time…
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18 March
Saudi PIF and Kering eye Selfridges stake
Saudi Arabia’s Public Investor Fund (PIF) and Gucci owner Kering are reportedly considering a stake in luxury department store Selfridges as its co-owner continues to struggle with its financing, according to The Telegraph. The outlet said that the collapse of Austrian co-owner Signa has left Thailand’s Central Group searching for…
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18 March
Currys ups profit guidance after takeover bid fails
Currys has revealed that it expects its full-year pre-tax profit to be “at least £115m” after predicting it would land between £105m and £115m earlier in the period. The company stated that this was due to positive like-for-likes and robust gross margins. Furthermore, the company’s disposal of its Greek business…
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18 March
M&S nears banking ‘superapp’ agreement with HSBC
M&S is in talks to finalise an agreement with HSBC to establish a new banking and loyalty “superapp”, according to Sky News. The new seven-year agreement would encompass payments, financials services as well as the retailer’s Sparks loyalty programme. Under the existing agreement with HSBC, whose UK arm owns M&S…
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