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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Dec- 2023 -7 December
Watches of Switzerland posts flat H1 sales
The Watches of Switzerland Group has reported H1 revenues were relatively flat at £761m as it faced a “reduction in the broader jewellery market reflecting temporary softer consumer sentiment and a repositioning to full price sales in the US”. The performance comes despite “continued strong momentum in the US” with…
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7 December
Kelso ramps up THG break-up campaign
Activist THG shareholder Kelso has reportedly ramped up its campaign for THG to confirm its plans to diverge the three arms of its business, according to The Times. Kelso has written to THG’s board of directors to request a stock market statement containing the proposals relating to the de-merging of…
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7 December
Black Friday 2023 surpasses 2019 levels
Black Friday weekend was the busiest day of 2023, slightly surpassing 2019’s figures, according to new figures released today (7 December) by New West End Company. Driving uplift was early morning shoppers, with higher footfall concentrated between 8am – 12pm. This is likely down to the rise in savvy spenders,…
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7 December
Morrisons and M&S made ‘unlawful’ land deals to block rivals, CMA finds
The Competition and Markets Authority (CMA) has taken action after finding that Morrisons and Marks and Spencer made unlawful anti-competitive land deals to block rivals. The regulator confirmed the retailers have now agreed to address 65 anti-competitive land agreements which prevented competitors from opening nearby. According to the CMA, the…
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7 December
Frasers H1 profits rise 25.7% to £364.7m
Frasers Group has revealed that retail profits from trading increased by 25.7% to £364.7m in the half-year period ended 29 October, driven by the “strong” performance from Sports Direct. During the period, Frasers also revealed that profit before tax increased by 8% to £310.2m, while profit after tax rose by…
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6 December
Today’s news in brief-6/12/23
Farfetch is reportedly contemplating the sale of fashion retailer Browns as part of efforts to secure the company’s future amid a funding crisis. Founder José Neves is in talks with shareholders and JP Morgan about potentially delisting the business. The company is also in discussions with Richemont for additional funding.…
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6 December
Poundland completes 87 new store opening in 70 days
Next Saturday (9 December) Poundland will complete the opening of 87 new stores in just 70 days as new stores open their doors in 10 locations. Poundland’s biggest-ever single quarterly opening programme has added around 1m square feet of new space as it opened and relocated stores into bigger premises. …
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6 December
Part of Lakeside to be demolished for £200m redevelopment
Part of Lakeside shopping centre in Essex will be demolished to make space for a £200m warehouse and distribution centre, BBC News has reported. Several stores including Boots, M&S, Asda Home and Burger King will be affected by the plan and will be relocated elsewhere on the site in Thurrock.…
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6 December
Farfetch considers Browns sale amid funding crisis
Farfetch is reportedly considering selling fashion retailer Browns as it faces a race against time to secure the future of the company, according to Drapers. This follows reports that the company is considering taking itself private to prevent its collapse. Founder José Neves is reportedly in discussion with shareholders and…
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6 December
Matches seeks cash to fund turnaround plan
Matches Fashion has reportedly hired an advisory firm as it seeks a cash injection to help fund its turnaround strategy, according to Drapers. The outlet reported that Matches has hired Teneo to explore funding options as it seeks around £50m with it citing a source that “all options are on…
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