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.
-
Nov- 2023 -15 November
Today’s news in brief-15/11/23
Central Group, a Thai conglomerate and co-owner of Selfridges, has reportedly become the largest shareholder by converting a €364m loan into equity. This move follows reports of financial troubles at Signa Group, the other key shareholder. Restructuring efforts were initiated due to rising borrowing costs and falling property valuations. Selfridges,…
Read More » -
15 November
Matalan names former M&S digital boss as non-executive director
Matalan has named the former M&S chief digital and technology officer, Jeremy Pee, as its new non-executive director. Pee has over 20 years of experience in retail, five of which was spent most recently at M&S as its chief technology officer where he was responsible for the group’s digital transformation. …
Read More » -
15 November
Sainsbury’s donates one million meals through Coronation Food Project
Sainsbury’s is donating one million fresh meals to support families in need this winter to mark the launch of a new partnership with FareShare, the UK’s biggest charity tackling food waste to support social good. More than one million meals will be supplied by two of Sainsbury’s fresh food suppliers,…
Read More » -
15 November
Lower energy prices sees inflation drop to 4.6%
UK Inflation slowed sharply to 4.6% in October, beating economists expectations, thanks to a marked reduction in energy prices. According to the latest figures of the Office of National Statistics, housing and household services prices fell by 0.3% between September and October 2023, compared with a rise of 3.4% between…
Read More » -
15 November
UK supermarkets sales rise 8.7% despite cautious consumer spending
Total Till sales at UK supermarkets increased 8.7% in the last four weeks ending 4 November 2023, according to new data released today by NIQ . This growth is against the backdrop of slowing inflation and an increase in promotional activity (24%, up from 21% last year) by supermarkets as…
Read More » -
15 November
Thai investor takes control of Selfridges
Central Group, the co-owner of Selfridges, has taken control of the department store after fellow key shareholder Signa Group was hit by a cash crisis. According to The Telegraph, the Thai conglomerate has now become its largest shareholder after converting a €364m (£317m) loan to Selfridges into equity. Earlier this…
Read More » -
15 November
Asda cuts debt as Q3 sales slow
Asda has announced that it has shaved £300m off its debt pile during the third quarter of the year while also revealing it has seen its sales slow during the period. In the three months to the end of September, the supermarket paid off the £200m loan it took out…
Read More » -
15 November
Joe Browns appoints new chairman
Joe Browns, the Leeds-based fashion and home retailer, has announced that Michael Truluck had joined as chairman with immediate effect. The move will be Truluck’s first chair position after recently leaving his role as CEO of La Redoute International, to spend more time with his family in Yorkshire and to…
Read More » -
15 November
Aurelius acquires The Body Shop for £207m
The Body Shop has been acquired by Aurelius Group from Natura and Co for £207m, which includes an earn-out of £90m. Aurelius will work with the management team to “drive operational excellence” across the group, leveraging its expertise and experience in the omni-channel retail and wholesale markets. The retail group…
Read More » -
14 November
Today’s news in brief
Next has defended its chair, Michael Roney, after more than 20% of shareholders voted against his re-election at the annual general meeting. The votes against Roney were primarily due to concerns that he was “considered as overboarded,” with a secondary issue related to the gender makeup of the board. Under…
Read More »
