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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Feb- 2024 -26 February
John Lewis to axe 200 contractors in an effort to cut costs
The John Lewis Partnership will be making approximately 200 contractors redundant from its customer service provider, Foundever, The Telegraph has reported. Foundever, which has been the retailer’s partner for the past 17 years, has handled the majority of its customer service with a team of 1,000 people. The news comes…
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23 February
Today’s news in brief-23/2/24
Consumer confidence in the UK dropped by two points to reach -21 in February, according to the GfK index. The survey highlighted decreases in various measures compared to the previous month, including personal finances and the country’s economic situation over the past year. However, there was no change in the…
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23 February
The Co-op opens new local franchise store in Sussex
The Co-op has opened a new store on Eastbourne Road, in Uckfield, which brings into use surplus space in the grounds of the Highlands Inn to create a “community hub”. The 2,500 sq ft purpose-built convenience store, which will operate as a Co-op franchise, will be open between 7am and…
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23 February
Mother’s Day spend to hit £1.7bn despite shoppers trading down
UK shoppers are set to spend £1.7bn on Mother’s Day this year, a 1.1% increase on 2023, as over half of consumers intend to purchase an item to celebrate the occasion, though price remains a main concern, according to the UK Mother’s Day Intentions 2024 report from GlobalData. However, Global…
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23 February
Shein eyes Boohoo suppliers for UK expansion
Shein has reportedly begun the process of onboarding a number of Boohoo suppliers as it ramps up its UK expansion, according to Drapers. The company reportedly sent an invitation email to suppliers used by Boohoo late last year, and some are now in discussions with Shein’s Chinese office in Guangzhou.…
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23 February
Sports Direct opens new flagship store in Cardiff
Sports Direct has today (23 February) opened its fourth flagship store in Cardiff, Wales, marking the launch of their new outdoor category. With a new and younger generation of outdoor adventurers on the rise and both developing and existing communities embracing the category, Sports Direct is now giving locals the…
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23 February
Gymshark FY23 PBT halves despite healthy sales
Gymshark has revealed that sales rose 15% to £556m in 2023, despite posting a pre-tax profits fall from £27.8m to £13m for the 12 months to 31 July. The activewear group attributed its rise in sales to the “relevance and quality” of its products, as EBITDA also rose in line…
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23 February
Zara owner expands budget brand Lefties in bid to rival Shein
Zara owner Inditex is reportedly expanding its low-priced, Gen Z-focused brand Lefties in a bid to be competitive against fast fashion rivals such as Shein. According to Reuters, the company is “quietly growing” its budget ranges as part of this strategy, including the expansion of Lefties, which sells €17.99 (£15)…
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23 February
Consumer confidence falls in February
UK consumer confidence dropped two points in February to -21, according to GfK’s long-running index. The survey revealed that four measures were down and one was unchanged in comparison to last month’s announcement. The index measuring changes in personal finances during the last year was down two points at -14.…
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22 February
Today’s news in brief-22/2/24
Taxpayers are expected to cover millions in redundancy payments for laid-off staff at The Body Shop as the company undergoes restructuring. The company’s administrators plan to close nearly half of its stores, affecting over 2,200 employees. Only staff with over two years of tenure qualify for redundancy pay, with payments…
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