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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Jan- 2024 -2 January
Uniqlo UK boss to cut prices to attract more shoppers
Uniqlo’s UK boss, Alessandro Dudech, has vowed to cut prices as inflation eases out as it seeks to attract more shoppers to boost its expansion plans, the Telegraph has reported. According to Dudech, the group plans to pass on the falling cost of materials to consumers by cutting prices on…
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Dec- 2023 -22 December
Today’s news in brief- 22/12/23
Nike has announced a cost-saving plan of $2bn over the next three years and revised down its sales forecast. This move has led to an over 11% drop in the company’s stock price during after-hours trading. The company anticipates a pre-tax charge of $400-450m in the current quarter due to…
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22 December
Tesco predicts record demand for no and low alcohol drinks
Shoppers are set to create record demand for no and low alcohol beer, wines and spirits this Christmas, according to Tesco. The prediction comes after the supermarket saw its strongest ever sales in 2023 with high demand sustained across the year. Demand for no and low alcohol beer at the…
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22 December
ScS shareholders approve £99m Poltronesofà deal
ScS has announced that its shareholders have voted in favour of the group’s £99m takeover by Italian firm, Poltronesofà. At a general meeting this week, shareholders approved all resolutions regarding the deal, allowing the move to proceed. In October, ScS and Cerezzola Limited, a newly incorporated wholly-owned subsidiary of Poltronesofà,…
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22 December
UK retail sales rise 1.3% in November
Retail sales volumes are estimated to have increased by 1.3% in November 2023, from no growth (revised from a fall of 0.3%) in October 2023, according to new figures by the ONS. Non-food store sales volumes rose by 2.3% in November 2023, following a 0.2% increase in October 2023. Retailers…
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22 December
Nike lowers sales forecast amid $2bn cost savings plan
Nike has announced that it is set to make cost savings of $2bn (£1.57bn)across the next three years and has lowered its sales forecast. This news caused the sportswear retailer’s stock price to drop over 11% in after hours trading yesterday. The company expects a pre-tax charge of between $400m(£315m)…
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21 December
Today’s news in brief-21/12/23
Frasers Group has confirmed its acquisition of the Matches business from MF Intermediate Limited in a deal estimated at £52m. The deal involves the purchase of 100% of the shares of six companies, along with the senior and junior debt owed by these entities. The transaction, to be settled in…
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21 December
Nike Rise to open at Trinity Leeds in 2024
Nike has announced that it will bring its concept store, Nike Rise, to Trinity Leeds next year. The retailer will join a number of international brands who have signed at the centre this year. The 10,000 sq ft Nike Rise store aims to enhance shopping experiences through innovative digital experiences…
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21 December
4,500 retailers in critical financial distress, new data reveals
Nearly 4,500 retailers are now in critical financial distress as poor consumer confidence, “sticky” inflation, and elevated interest rates force consumers to hold back from spending big, even in the run up to Christmas, according to new data from Begbies Traynor. Following its findings, which analysed the first 10 weeks…
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21 December
Frasers Group acquires Matches for £52m
Frasers Group has confirmed it has acquired the Matches business from MF Intermediate Limited in a deal estimated to be around £52m. The company has purchased 100% of the shares of a group of six companies, as well as the acquisition of the senior and junior debt owed by those…
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