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 -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…
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14 November
Phase Eight and Hobbs open upsized store at Merry Hill
Sovereign Centros has announced that premium womenswear brands, Phase Eight and Hobbs, have opened at Merry Hill, one of the UK’s top ten retail and leisure destinations. Having relocated from separate units, the sister brands have been brought together into an upsized 6,000 sq ft space on the Upper Mall,…
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14 November
Lidl reduced food waste by 43% since 2016, report finds
Lidl has reduced its food waste by almost half (43%) since 2016, according to the retailer’s fourth ‘Good Food’ report, which means that the retailer is on track to hit its 50% reduction target by 2030. According to Lidl, providing more meals to charity has helped reach this milestone. Last…
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14 November
Dr. Martens appoints Giles Wilson as CFO
Dr. Martens plc has announced that Giles Wilson has been appointed to the role of chief financial officer (CFO). Wilson will join Dr. Martens and take up his role in 2024, with the date to be confirmed and announced in due course. Wilson is an experienced CFO who joins Dr.…
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14 November
Sainsbury’s, M&S and Currys call for business rates freeze
Supermarket retailers such as Sainsbury’s, M&S and Currys have urged the chancellor to freeze business rates for all retail businesses at the forthcoming Autumn Statement. According to the British Retail Consortium, as things stand, business rates for retailers in England alone will increase by 6.7% next April, which represents an…
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14 November
Avon to open its first UK physical stores
Avon has announced that it is set to open physical stores in the UK for the first time in its history. For the majority of its 137 year history Avon has relied on door to door salespeople to sell its goods but that is set to change. This news comes…
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14 November
Next defends chair following shareholder rebellion
Next has defended its chair, Michael Roney, after more than 20% of shareholders voted against his re-election at the company’s AGM earlier this year. Back in May, 20.84% of voting shareholders chose to not support his re-election as a director of the company. Under the 2018 UK Corporate Governance Code,…
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14 November
Hammerson considers sale of Bicester Village-owner stake
Britain’s biggest shopping centre owner, Hammerson, is in talks to sell its stake in Bicester Village-owner for about £1bn, Sky News has reported. The shopping centre owner is believed to be in discussion with multiple investors about buying the 40% stake in Value Retail and a deal could be striked…
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14 November
Revolution Beauty raises FY23 guidance as profits rise
Revolution Beauty has raised its profit guidance for the financial year as it has revealed a pre-tax profit of £400k, an increase from a loss of £13.7m, in the six months ended 31 August. The company’s operating losses also narrowed from £12.5m to £500k over the period, which Revolution attributed…
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13 November
Today’s news in brief-13/11/23
Retail theft is projected to cost UK retailers £7.9bn in 2023, with a notable increase in employee theft. Thruvision Group plc and Retail Economics conducted the research, revealing that shoppers contribute to 60% of the theft (£4.7bn), while employees, particularly in distribution centres, contribute 40% (£3.2bn). Employee theft in DCs…
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