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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Jun- 2023 -28 June
Unbound Group ends sales process after failure to secure offers
Unbound Group, owner of Hotter Shoes, has closed its sales process after receiving no potential offers capable of obtaining shareholder and stakeholder support. The group previously launched a strategic review and formal sales process on 19 May to consider the options available to maximise the company’s value, among which the…
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28 June
Boohoo presses suppliers for discount on current orders
Boohoo has reportedly “demanded” a 10% discount on current orders from some suppliers for the second time, as it looks to cut costs across its supply chain, Drapers has reported. Drapers said it understood the products involved are either in production or have been shipped. According to an email sent…
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28 June
Mulberry profits fall to £13.2m in FY23
Mulberry has reported that pre-tax profits fell from £21.3m to £13.2m in the year ended 1 April 2023, despite reporting that revenues rose by 4% to £159.1m over the same period. Its UK retail sales saw a slight decline from £88.5m to £87.7m however, as the first half of the…
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28 June
Boots to close 300 stores despite strong Q3 sales
Boots will reportedly shut 300 branches across the UK over the coming year, despite the group’s retail sales increasing by 13.4% in its third quarter of trading, as the retailer looks to consolidate the business. According to the BBC, the move will see its portfolio fall from 2,200 stores to…
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28 June
Boohoo airs ‘serious concerns’ over Revolution Beauty board changes
Boohoo has raised “serious concerns” about the conduct of the Revolution Beauty board after the company fired and rehired its directors at its AGM. Revolution chief executive Bob Holt, finance boss Elizabeth Lake, and chairman Derek Zissman were all voted out of their positions with a nearly 75% majority for…
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27 June
Sainsbury’s invests a further £15m in price cuts
Sainsbury’s has announced a £15m investment to cut the price of cupboard staples such as rice and pasta to help customers manage their budgets. The retailer will also become the only supermarket to offer Freefrom pasta at the same price as standard pasta as part of the price cuts. This…
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27 June
Vistamusic.com relaunches Dawsons following acquisition
Online music retailer, Vistamusic.com, has relaunched Dawsons following its recent acquisition of the music retailer. Dawsons, which was first established 120 years ago, has been recognised as a trusted name among musicians of all levels and will return under Caldecott Music Group, the owner of NME Networks. According to Vista…
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27 June
Shop price inflation falls to 8.4% in June
Shop price inflation in the UK has fallen to 8.4% in June, down from 9% in May, according to new data from the British Retail Consortium. The inflation figure for June is also below the three month rolling average of 8.7%. The fall in inflation was led by a decrease…
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27 June
Ocado appoints new non-executive director
Ocado Group has appointed Rachel Osborne as an independent non-executive director with effect from September 2023 amid recent takeover speculations. Osborne will also be a member of the audit committee and the people committee, such appointments taking place on the date of her appointment to the board. She was previously…
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27 June
Hot weather fails to tempt shoppers as footfall drops by 2.3%
The recent hot and sunny weather failed to tempt shoppers last week, as footfall across all UK retail destinations fell by -2.3% against the week before, according to new data from MRI Springboard. This was a “sharp” contrast with the week before last, when footfall rose by an average of…
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