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
Today’s news in brief-8/3/24
Superdry has partnered with restructuring firm Teneo to explore cost-saving measures amid financial struggles. With a reported revenue decline of 23.5% in the first half of the year to £219.8m, Superdry is considering options such as a company voluntary arrangement (CVA) or restructuring plan to navigate the challenging retail market.…
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8 March
Majestic opens latest small-format store in Marlow
Majestic has opened the doors to its newest small-format store in Marlow ahead of the four-day Easter weekend. The 2,200 sq ft unit is around half the size of the average Majestic store, and stocks a “carefully” curated range of more than 600 wines – including a dedicated area for…
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8 March
M&S expands Nobody’s Child presence to 60 stores
M&S has announced it will welcome fashion brand Nobody’s Child to 48 more stores across the UK from March, bringing the total number of M&S stores the brand is available in to 60. As well as welcoming the brand back to popular locations including Trafford Manchester, the pop-up shops will…
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8 March
Frasers Group puts Matches into administration
Frasers Group has announced that it has put Matches into administration just two months after acquiring the business. Frasers stated that the decision had been taken after Matches consistently missed its business plan targets and made material losses outside of funding from Frasers. It is unclear whether Frasers is looking…
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8 March
Abercrombie and Fitch sales hit $4.3bn in FY23
Abercrombie and Fitch has reported net sales of $4.3bn (£3.4bn) for the full-year ending 3 February, up 16% as compared to last year. Throughout the year, Abercrombie brands finished with a 27% net sales growth to $2.2bn (£1.7bn) compared to $1.7bn (£1.3bn) in 2022, reflecting a 10% compound annual growth…
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8 March
Deliveroo expands Screwfix partnership to 15 locations
Deliveroo has reportedly expanded its Screwfix partnership to 15 locations since its launch, according to Retail Week. The news comes after the exclusive tie-up between the two groups was announced in November 2023 as part of its Deliveroo Shopping feature, which allows users to shop from a range of non-food…
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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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