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 -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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18 March
Naked Wines drafts in advisors to explore refinancing options
Naked Wines has reportedly drafted in debt advisers to explore refinancing options after the group was hit by difficult trading conditions, Sky News has reported. According to Sky, the wine retailer has hired Interpath Advisory to help it explore its options after the group started losing investor confidence. Shares in…
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18 March
Sainsbury’s CEO apologises as tech issues hit online deliveries
Sainsbury’s CEO Simon Roberts has apologised to the supermarket’s customers after a software glitch impacted contactless payments, leaving thousands without their food orders. The grocer said that a technical glitch had affected its ability to to fulfil the majority of online deliveries on Saturday (16 March), as customers slammed its…
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18 March
Frasers Group calls in administrators for two kids brands
Frasers Group has called in administrators from Kroll Advisory for Kids Cavern and Base Childrenswear on Friday 8 March, Drapers has reported. This comes after the group acquired the two brands from JD Sports in December 2022 in a £47.5m deal. The deal also included Tessuti, Choice, Clothingsites, Cricket, Giulio,…
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15 March
Today’s news in brief-15/3/24
After 14 years of service, Iain McDonald, a non-executive director at THG, has announced his intention to step down from his position. McDonald has been instrumental in guiding THG’s growth and evolution into a global leader across Beauty, Nutrition, and Technology sectors. The board, upon his departure, will consist of…
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15 March
Aldi celebrates successful partnership with Company Shop Group
Aldi is celebrating a “significant milestone” in its partnership with surplus food and household products redistributor, Company Shop Group. In the past year, Britain’s fourth-largest supermarket has now donated two and a half million meals from its regional distribution centres across the UK through Company Shop Group, saving an estimated…
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15 March
St Johns Shopping Centre store sales spike 32% in February
St Johns Shopping Centre in Liverpool has reported that store sales rose by 32% in February, compared with the previous year. According to management at the shopping centre, it has outperformed national and regional footfall trends, as total footfall rose 5.3% last month – ahead of the national average of…
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15 March
THG NED to step down after 14 years
THG has revealed that Iain McDonald has informed its board of his intention to step down as a non-executive director at the end of March 2024, shortly after his 14th anniversary as a THG director. The company said McDonald is both a “highly-valued and experienced” member of THG’s board, who…
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