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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Aug- 2023 -17 August
Costco to open 14 new stores
Bargain retailer Costco is reportedly set to open 14 new stores across the UK, according to The Sun. The outlet revealed that the expansion plans are aiming to be completed in just two years but could take longer depending on how easily the company manages to acquire sites. The company…
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17 August
Birkenstock UK profits fall despite jump in revenues
Birkenstock has revealed that its profits fell 12% to £3.9m in the sandal brand’s UK division for the year to 30 September 2022, despite its revenue surging 49% to £34.5m. While the retailer’s wholesale revenues increased 40% from £21.2m to £30m in 2022 – representing 87% of the company’s total…
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17 August
Aldi to hire more than 1,700 employees amid expansion drive
Aldi is looking to hire more than 1,700 people in its warehouses by the end of the year as part of its nationwide expansion drive. The recruitment will include both full-time and part-time positions at its Regional Distribution Centres, with salaries of up to £53,000 per year. The supermarket plans…
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16 August
Harvey Nichols CEO to step down
The CEO of Harvey Nichols, Manju Malhotra, has quit after 25 years with the company, The Telegraph has reported. Prior to her departure, Malhotra reportedly wanted to make significant changes after many loss-making years at the group, which operates eight department stores in the UK and Ireland. According to the…
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16 August
Axing tourist tax would ease high street woes, says Pandora boss
Pandora UK&I general manager Rasmus Brix has said that in light of the cost-of-living crisis and ongoing train strikes, eliminating the tourist tax would create a “significant boost” for the high street. Brix told The Mail the firm was “missing out” due to the absence of VAT-free shopping for visitors…
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16 August
Inflation falls for second consecutive month to 6.8%
Inflation fell for the second consecutive month in July to 6.8%, down from 7.9% in June, as the energy price cap and the slowing of food costs helped drive down prices. According to the latest figures from the Office for National Statistics, the easing in the annual inflation rates in…
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16 August
Sales boom at Oliver Proudlock’s male jewellery brand Serge DeNimes
* Jewellery loving stars such as Harry Styles and Formula 1 driver Lewis Hamilton are inspiring a new generation of men to accessorise with rings, bracelets and chains; * Former Made In Chelsea star Proudlock is creative director and founder of the brand and oversees four new collections a year…
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16 August
H&M probes Myanmar factory labour abuses
H&M has reportedly launched an investigation into 20 alleged instances of labour abuse at Myanmar garment factories, according to Reuters. This is in relation to a report by the non-governmental organisation, the Business and Human Rights Resource Centre (BHRRC) which is set to be released on Wednesday (16 August). The…
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16 August
EG Group offloads 63 convenience stores in the US
EG America, a subsidiary of EG Group, has agreed to sell 63 of its US convenience stores to convenience store chain Casey’s in a bid to reduce its debt. The stores in question are located in Kentucky and Tennessee, and currently operate under the Minit Mart and Certified Oil banners.…
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16 August
Asda sales up 9.6% to £5.4bn in Q2
Asda saw like-for-like sales increase 9.6% to £5.4bn in the second quarter, a 1.8% increase on the previous quarter as the retailer continues to “focus on supporting families during the cost-of-living crisis”. The company has attributed its performance to its continued investment in low prices and improved quality, which has…
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