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 -1 February
UK footfall falls 20.1% in January
Footfall across UK retail destinations in January has followed the traditional post-Christmas dip with activity declining by 20.1% from December 2023. Historically, this decline in footfall has averaged 22.6% in January from 2009 – which is when MRI Software first started publishing its footfall benchmarks – to 2020, therefore this…
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1 February
Boohoo lenders reject £75m debt extension bid
Boohoo’s attempt to extend its repayment deadline on a £325m debt has been rejected by some of its lenders due to declining sales, according to the Telegraph. The online retailer told the Telegraph that it has managed to push the deadline on the £250m of the borrowing, which was supported…
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1 February
Morrisons EBITDA hits £970m
Morrisons has revealed that its EBITDA increased 6.5% to £970m, for the year ended 29 October 2023. Alongside this, the supermarket’s full-year total revenue excluding fuel was £14.9bn, an increase of 2.7% compared with last year. The company posted a total revenue excluding fuel of £3.6bn, up 3.2% and like-for-like…
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1 February
Ikea UK turnover hits £2.5bn as profits double in FY23
Ikea UK has seen turnover hit £2.46bn in FY23, with total sales up by 11.9%, as operating profits almost doubled from £49.6m to £111.2m. Trade was particularly boosted by click and collect purchases, which soared by 48% over the period. In addition, there were one million new visits to IKEA…
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1 February
Co-op launches UK’s first convenience retail media network
Co-op has officially launched the UK’s first retail media network in the convenience sector, in an effort to help brands reach new and wider audiences, while improving advertising relevancy for its shoppers. The launch aims to bring together the retailer’s in-house team and its long-term retail media agency partner Threefold…
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Jan- 2024 -31 January
Today’s news in brief-31/1/24
The Body Shop is set to sell parts of its business in Europe and Asia. The deal involves an agreement with an international family office, covering around 14% of the business. This move is part of The Body Shop’s strategy to prioritise key markets and global franchise partner relationships. The…
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31 January
Liverpool One celebrates activation of Luxe Collective pop-up
Liverpool One has announced the success of a pop-up activation for Luxe Collective, the pre-loved luxury retailer. Marking the brand’s first activation in the North West, the immersive ‘Real vs. Fake’ fashion experience welcomed large crowds to partake in the audience challenge and competition, as well as the opportunity to…
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31 January
M&S introduces recyclable paper packaging across Cafés
Marks and Spencer has introduced new recyclable paper packaging across its range of sandwiches and toasties that are available in all M&S Cafés across the UK. The news comes as M&S plans to remove 1 billion units of plastic packaging by 2027 on its roadmap to net zero by 2040. …
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31 January
HMV full-year profits soar amid vinyl revival
HMV has welcomed rising profits and sales in its latest full-year results, following a boost from the resurgence of vinyl sales over the period. In new filings from Companies House, the group’s owner, Sunrise Records and Entertainment, reported that pre-tax profits rose from £1.9m to £5.2m in the year ended…
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31 January
Morrisons to sell 337 petrol forecourts in £2.5bn deal
Morrisons has revealed it has agreed a deal with Motor Fuel Group (MFG) to sell 337 Morrisons petrol forecourts (including fuel, convenience retail kiosk and ancillary services) in a £2.5bn deal. The agreement also includes the acquisition of more than 400 associated sites, across the UK, for Ultra-Rapid electric vehicle…
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