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 -8 March
Foot Locker net losses widen to £300m in Q4
Foot Locker has reported a net loss of $389m (£304.8m) for the fourth quarter ended 3 February 2024, one year into the footwear and clothing retailer’s turnaround strategy. The loss comes after the group reported a net income of $19m (£14m) in the previous year’s Q4, which was caused by…
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8 March
Superdry appoints restructuring firm to explore cost-saving options
Superdry has drafted in advisers from restructuring firm Teneo in a bid to explore cost-saving options, Drapers has reported. The retailer has reportedly been working with the firm on a turnaround plan over the past few weeks. Drapers said Superdry was considering various cost-saving measures, including a potential company voluntary arrangement…
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7 March
Today’s news in brief-7/3/24
The British Retail Consortium (BRC) criticised Chancellor Jeremy Hunt’s Spring Budget, stating that it lacked initiatives to boost investment and growth in communities, particularly for retail businesses. Despite calls to reduce business rates and reintroduce tax-free shopping for tourists, Hunt’s budget did not address these concerns. The BRC emphasised the…
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7 March
Charity Super.Mkt to open debut outlet store at Gloucester Quays
Charity Super.Mkt, the UK’s first-ever multi-charity shop, is set to open its next pop-up at urban outlet Gloucester Quays. The 4,000 sq ft store will launch at the outlet on 14 March, introducing its ‘second-hand department store’ concept to an entrance off High Orchard Street. Charity Super.Mkt will bring together…
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7 March
Co-op announces Real Living Wage staff pay rise
Co-op has announced a pay increase to at least £12 per hour for store colleagues, in line with the Real Living Wage. The move represents the retailer’s biggest ever investment into pay with an increase of over 20% in the last two years for staff. From 1 April, the rate…
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7 March
Shein UK breaches company law by failing to disclose PSC
Shein’s UK arm has reportedly failed to disclose its ultimate ownership, breaching company law that could disrupt its reported plans to list in the UK, According to The Guardian. The publication said it was found that Shein Distribution UK Ltd’s filing with Companies House listed Roadget Business Pte Ltd, which…
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7 March
Asos plans India expansion with Reliance Retail partnership
Asos is said to be in talks with Indian retail company Reliance Retail to bring the British brand to the Indian market, according to Retail Week. Reports have indicated that although an agreement has not yet been reached, conversations between the two parties have “been on for a while”. It…
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7 March
Budget will ‘do nothing to turbocharge investment’, says BRC
The British Retail Consortium (BRC) has stated that the latest Budget announcement will “do nothing to turbocharge investment and growth in communities”. This comes after Chancellor Jeremy Hunt revealed his Spring Budget without many big giveaways for retail businesses. Hunt resisted calls from business leaders to reduce business rates, reintroduce…
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7 March
Hugo Boss sales rise by 18% to €4.2bn in FY23
Hugo Boss has announced an 18% sales increase to €4.2bn (£3.5bn) for the fiscal year 2023. For the first time in its history, sales crossed the €4bn (£3.4bn) threshold, exceeding the brand’s initial mid-term sales target two years ahead of plan. Group’s EBITDA increased by 22% to €410m (£350m), compared…
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7 March
M&S co-CEO to step down
Katie Bickerstaffe is set to retire from her role as co-CEO at M&S to pursue her board career.The company said she would step down after its AGM in July 2024. Bickerstaffe served as a non-executive director and co-COO of M&S prior to being appointed co-CEO in March 2022. According to…
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