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 -8 January
£90m Oxford Street revamp project to begin in autumn
Westminster City Council has greenlit the £90m renovation of Oxford Street and has set to move the programme forward with construction due to start in autumn 2024. The news comes after the council received positive feedback from more than 1,600 people in the borough, as well as support for all…
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8 January
Sandersons sales grow 5% to £7m in 2023
Sandersons Boutique Department Stores has reported a 5% retail sales growth in 2023 across the company’s three bricks and mortar stores and online, with a “strong” November and December. The independent department store chain has seen retail sales grow from £564k in 2016 to almost £7m in 2023, despite a…
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8 January
iSmash eyes sale amid growing losses
iSmash is reportedly exploring a possible sale of the business after its auditors warned of a “material uncertainty” over its future amid growing losses, the Times has reported. According to its recent trading update, the company revealed it fell further into the red in the year to the end of…
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8 January
Matalan invests £35m to lower prices
Matalan has announced that it has invested £35m to cut prices on over 700 products amid the ongoing cost of living crisis. The investment is funding price reductions across all core categories from January, online and in store. Prices are being cut by an average of 15% across core and…
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8 January
120,000 retail jobs lost in 2023
Almost 120,000 retail employees lost their jobs in 2023 after more than 10,000 shops shuttered over the year, according to new data from the Centre for Retail Research. It found that during the 2023 calendar year, a total of 119,405 jobs were lost and 10,494 stores were shuttered across the…
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5 January
Today’s news in brief-5/1/24
Asda and Usdaw have signed a collective bargaining agreement, enabling the union to represent hourly-paid employees in convenience stores and Leon restaurants acquired from EG Group. Usdaw will negotiate on pay, hours, and holidays annually for employees across 356 convenience stores and 77 Leon restaurant sites. Asda’s Chief People and…
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5 January
Tesco and The Entertainer announce extended partnership
Tesco and The Entertainer have recently announced they are extending their partnership to cover the entire Tesco UK business, and the Republic of Ireland from March 2024. Tesco customers will be able to shop The Entertainer’s range of brands such as Barbie, Nerf, LOL and Paw Patrol, as well as…
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5 January
Northern Ireland records investment volumes of £338m, CBRE finds
Northern Ireland’s commercial investment sector held steady in 2023 despite economic challenges, recording total investment volumes of £338m, CBRE NI has revealed. Investment sales were accumulated across 31 transactions, exceeding 2022’s tally of £330m and marking the investment sector’s strongest performance since 2015. The standout transactions of the year included…
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5 January
Next boss warns of stock delays due to Red Sea attacks
Next chief executive Lord Simon Wolfson has warned of stock delays as a result of the attacks on cargo ships in the Red Sea. Wolfson told The Guardian that while the current situation is a “minor inconvenience” it could become a major problem this year if it continues. Attacks from…
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5 January
Ann Summers secures £8m funding to bolster growth
British retailer Ann Summers has secured £8m in asset-based funding from Secure Trust Bank Commercial Finance, Retail Week has revealed. The deal will help the retailer bolster its physical and online retail offerings, on top of “boosting working capital across the business.” Ann Summers chief financial officer John Boyle said:…
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