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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Apr- 2024 -17 April
Getir mulls asset sales amid restructuring talks
Grocery delivery app, Getir, is reportedly considering a number of asset sales as part of restructuring talks, according to Sky News. It is understood that the Turkish Group, which has expanded its presence in the UK, is in talks to offload FreshDirect, a US-based online grocer that it acquired late…
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17 April
BRC calls on PCC candidates to ‘get tough’ on retail crime
The British Retail Consortium (BRC) has called on Police and Crime Commissioner (PCC) candidates to commit to three pledges that would support the fight against “spiralling” retail crime ahead of local elections on 2 May. As part of its #GetToughOnRetailCrime campaign, the three pledges are as follows: Make retail crime…
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16 April
Today’s news in brief-16/4/24
Superdry has announced a restructuring plan targeting rent reductions across 39 UK stores. The company, seeking to secure its future amidst financial challenges, will undergo a delisting from the stock exchange. Founder Julian Dunkerton is underwriting an equity raise of up to £10m to support the initiative. While store closures…
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16 April
Primark lowers prices on hundreds of kidswear items
Primark is lowering prices on hundreds of its essential kids clothing and accessories as the retailer reaffirms its commitment to keeping prices low on kidswear. The move applies to the price points of selected summer essentials and aims to help families make their money go further as they start planning…
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16 April
Bath and Body Works opens first London store in Westfield
US retailer Bath and Body Works opened its first London location in Westfield this April, following the success of its opening in Manchester. In partnership with Next, the new Westfield store features almost 2,000 sq ft of sales floor space with “a new immersive shopping experience”. As part of the…
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16 April
Marks Electrical FY sales hit record £114.3m
Online white goods retailer Marks Electrical has reported record full-year revenues of £114.3m for the 12 months ended 31 March 2024. Marks said thanks to the 16.9% increase in sales, it managed to improve market share in the Major Domestic Appliances and Consumer Electronics markets. It also revealed that its…
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16 April
Superdry seeks rent reductions as part of restructuring plan
Superdry has revealed its restructuring plan as it seeks reductions in rent across 39 of its UK stores. Furthermore, the company is set to delist itself from the stock exchange and receive an equity raise underwritten by founder Julian Dunkerton. Restructuring is a formal procedure under the Companies Act for…
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16 April
B&M expects profits to hit top end as revenues jump 10%
B&M has forecast its full-year profits to hit the top end of its previous guidance after it revealed a 10% rise in revenues to £5.5bn for the 53 week financial reporting period to 30 March 2024. The group now expects its FY24 group adjusted EBITDA (pre-IFRS 16) to be £629m,…
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16 April
Dr Martens CEO to step down as US revenues decline
Dr Martens has revealed that CEO Kenny Wilson will step down this year, as the shoe retailer expects its USA decline in wholesale revenues to have a detrimental impact on profitability in FY25. Upon Wilson’s departure, the board has revealed that the current chief brand officer, Ije Nwokorie, will step…
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16 April
Sosandar FY revenues rise 9% to £46.3m
Sosandar revenues jumped 9% to £46.3m during the financial year ended on 31 March. The womenswear brand rose from a £1.3m loss in H1 to an expected profit of £1.1m in H2. As a result, the brand expects FY24 to be in line with market expectations with a marginal loss…
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