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 -29 February
Tesco launches Accelerator Programme for developing brands
Tesco has welcomed 27 up-and-coming brands to its Welwyn Garden City campus as it launched its new innovation initiative, the Accelerator Programme. The programme will provide support to some innovative brands in the UK, with the suppliers benefiting from the opportunity to be stocked in Tesco stores and online, and…
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29 February
Hammerson rental income jumps 6% amid footfall boost
Hammerson has reported a 6% increase in like-for-like gross rental income following a record year of leasing with 306 deals. As a result, Hammerson also saw a 11% increase in its adjusted earnings growth to £116m. Footfall across its retail locations was also up 3% with LFL sales in the…
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29 February
Half-term boost fails to save Feb footfall
Half-term failed to save footfall figures in February as it declined by -2.2% across UK retail destinations for the second consecutive month, largely driven by a drop in footfall of -3.5% in high streets, according to the latest figures from MRI Springboard. MRI said the start of the month was…
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29 February
Central Co-op calls on gov to address ‘alarming rise’ in retail crime
Central Co-op is encouraging its members and customers to write to their local MPs and advocate for legislative reform that will help to criminalise assaults on shopworkers. It comes as the British Retail Consortium (BRC) recently reported that incidents of violence and abuse in retail environments have increased to over…
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29 February
Frasers Group CMO exits amid marketing team restructure
Frasers Group chief marketing officer Beckie Stanion has left her post amid a restructure of the company’s marketing team, leaving 20 jobs at risk, according to Drapers. The company stated this move aims to “improve operational efficiency and delivery across all areas of marketing functions” and the business has launched…
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29 February
Ocado posts £394m FY loss despite improved cash flow
Ocado has posted a £394m pre-tax loss for FY23, despite also reporting strong revenues growth, positive adjusted EBITDA and improved cash flow across all of its businesses. The pre-tax loss comes after the retailer was boosted by £187m from a settlement with Norwegian competitor AutoStore. Despite the loss, the company…
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29 February
Footasylum revenue jumps 7% to £320m in FY23
Footasylum has announced that its total revenue was up 7% to £320m for the financial year which ended 27 January 2024. EBITDA in FY24 for the group also jumped 38% to £22m, compared with £16m for FY23. The retailer experienced sales growth across all business channels during the year, helped…
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28 February
Getir donates £30k to charity through Nisa partnership
Getir has donated £30,000 to London’s Community Kitchen (LCK) thanks to its long-standing partnership with Nisa. Getir began stocking Co-op products nationwide from November 2022 after a successful trial period in local London stores. Funds were made possible through Nisa’s registered charity, Making a Difference Locally (MADL), which raises funds…
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28 February
Today’s news in brief-28/2/24
Shein is reportedly contemplating shifting its Initial Public Offering (IPO) from New York to London amidst anticipated regulatory hurdles in the US due to its Chinese affiliations. The move would mark one of London’s largest IPOs ever. Chancellor Jeremy Hunt has engaged in talks with Shein’s chairman, Donald Tang, urging…
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28 February
Jollyes acquired by TDR Capital
Jollyes has been acquired by TDR Capital from previous owners Kester Capital, for what Kester calls a 4.2x return on investment. The investment, expected to be completed by the end of March, will enable Jollyes to continue to grow its store estate at pace. Upon completion of the deal TDR…
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