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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Nov- 2023 -17 November
Halfords joins bid to rescue Wiggle
Halfords is reportedly among a group of retailers expressing interest in buying online sports retailer Wiggle, Sky News has reported. The retailer is said to have put up a bid to snap up Wiggle, joining Frasers Group, the owner of Sports Direct and Evans Cycles. Next is also believed to…
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17 November
HMV to return to iconic Oxford St flagship
HMV is set to return to its iconic Oxford Street location this month, four years after it first shuttered the flagship site. The music retailer will return to 363 Oxford Street, home of the first HMV store which opened in 1921, on 24 November. According to HMV, the reopening of…
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17 November
Next to close Bradford warehouse, 780 jobs at risk
Usdaw has entered into consultation talks with Next as the retailer plans to close a Bradford warehouse, putting 780 local jobs at risk. The news comes as Next wants to centralise its online operations in a bid to improve stock availability. The union said it understood that the clothing retailer…
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16 November
Today’s news in brief-16/11/23
Mars has acquired Hotel Chocolat in a £534m deal, offering a 168% premium on the share price. Mars sees cultural alignment between the two companies, sharing values of quality, sustainability, and purpose. Hotel Chocolat’s directors deemed the deal “fair and reasonable.” Mars, with its international footprint and global supply chain,…
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16 November
JD upsizes store at Bullring & Grand Central
Hammerson has announced that JD has more than doubled its footprint at Bullring and Grand Central, after officially opening an upsized store at the destination. The new 27,500 sq ft store demonstrates the appeal of Bullring and is reflective of Hammerson’s wider strategy to enliven its assets with high profile…
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16 November
Burberry issues profit warning as luxury sales slow
Burberry has revealed its annual adjusted operating profits would be towards the lower end of its current consensus range of £552m-£668m following a slowdown in demand for luxury goods. This comes despite a 4% increase in revenues to £1.396bn during the 26 weeks ended 30 September 2023. Q2 comparable store…
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16 November
Mars acquires Hotel Chocolat for £534m
Mars has agreed to a takeover of Hotel Chocolat in a deal which values the business at £534m. The cash offer from Mars represented a 168% premium on its share price which closed at 139p on Wednesday (15 November). The directors of Hotel Chocolat stated that they believed the terms…
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16 November
Dr. Martens appoints new chief brand officer from Apple
Dr. Martens has announced that non-executive director Ije Nwokorie will join as chief brand officer from 1 February 2024. On appointment into this role, Nwokorie will cease to be a member of the board and will step down as a member of the audit and risk, nomination and disclosure committees. …
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16 November
Marks Electrical sees revenues rise to £53.9m
Marks Electrical Group has reported a 24.8% increase in revenues to £53.9m in H1 2024 compared with £43.1m in H1 2023. However, for the six months ended 30 September 2023 its adjusted EBITDA decreased from £2.7m to £2.3m due to the strategic decision to introduce its own installation service, combined…
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16 November
Iceland posts £17m full-year loss amid soaring energy prices
Iceland has fallen to a loss of £17.1m in its latest full-year results following a “wholly unprecedented” rise in global energy costs. It comes as the group saw a £93.6m rise in energy costs, which it attributed to the global surge in wholesale prices following Russia’s invasion of Ukraine. Nonetheless,…
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