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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Jan- 2024 -29 January
Frasers Group to open new locations in Queensgate
Frasers Group is set to open several dynamic stores in Queensgate, Invesco’s 835,000 sq ft shopping centre, located in the heart of the city. Frasers Group will open the doors to a Frasers and Sports Direct, occupying the former John Lewis space. These stores will create compelling retail destinations in…
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29 January
Hela Apparel Holdings acquires Focus Brands
Sri Lankan clothes manufacturer, Hela Apparel Holdings, has announced its acquisition of Focus Brands, a brand management company in one of its key markets. The acquisition comes as Focus Brands currently holds exclusive licensing agreements for the design and distribution of a number of major names, including Ellesse and Nautica…
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29 January
Retail accounted for 19% of 2023 UK administrations, study finds
The retail sector accounted for 19% of administrations in 2023 – the highest industry in the UK, according to analysis by full-service law firm Shakespeare Martineau. A total of 1,641 businesses, 239 of which came from the retail sector, filed for administration last year – marking a 22% increase compared…
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29 January
Iceland boss backs Labour government
Richard Walker, managing director of Iceland and former Tory donor, has publicly backed Keir Starmer to be the next Prime Minister. Walker told The Guardian that the Labour leader understands how the cost of living crisis has put an “unbearable strain” on families. He wrote in the newspaper that Starmer…
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29 January
EY resigns as Asda auditor
Big Four firm EY has reportedly resigned as auditor of supermarket giant Asda after one of its senior partners started a romantic relationship with billionaire chief executive Mohsin Issa, according to the Telegraph. The report stated that EY had informed the grocer about its decision in June, but Asda did…
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29 January
John Lewis Partnership mulls 11,000 job cuts
John Lewis Partnership is reportedly considering cutting up to 11,000 roles over the next five years as part of a turnaround plan for the group. According to The Guardian, news of the potential cuts comes after the group slashed redundancy terms this week. Sources told the paper that at least…
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29 January
Superdry considers ‘cost-saving options’ amid CVA rumours
Fashion retailer Superdry has confirmed that it is working with its advisors “to explore the feasibility of various material cost saving options”. The news follows Sky News reports over the weekend which speculated that the retailer and PwC were looking at options that could lead to a company voluntary arrangement…
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29 January
THG to cut 160 jobs across three departments
THG has plans to cut 160 jobs across its marketing, sales and warehouse departments, The Times has reported. It is understood that roughly 60 marketing and sales roles are due to be dismissed at the retailer’s online and tech business. In addition, the group plans to cut the remaining 100…
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26 January
Today’s news in brief-26/1/24
Superdry reported a challenging trading environment with half-year revenues down 23.5% to £219.8m. The wholesale division faced a significant decline of 41.1%, while the retail segment, though more resilient, was down 13.1%. Store revenue in the UK and Republic of Ireland saw a 10.2% decline due to unseasonal weather impacting…
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26 January
Rituals opens at two new locations
Luxury beauty and wellbeing brand Rituals has officially opened at Festival Place in Basingstoke, and Merry Hill in the West Midlands. The Dutch retailer offers a collection of body care, home fragrance, and skin care products, home items, and gift sets, to a range of luxurious bath and body products. …
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