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 -19 June
B&Q to cut energy costs by dimming lights in stores
B&Q is reportedly set to dim lights and lower temperatures in stores in order to cut energy costs and avoid price rises, according to The Telegraph. The outlet reported that parent company, Kingfisher, has lowered the temperature in stores by 1-2 degrees alongside shortening the hours its heating is in…
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19 June
Wilko landlords could face no rent for three years under CVA
Some landlords of Wilko stores could reportedly receive no rent for three years, as the chain looks to make drastic cost cuts ahead of a restructuring vote. According to the Sunday Times, it comes as Wilko is looking to slash its rent bill as part of its CVA which is…
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19 June
John Lewis property director steps down
John Lewis Partnership’s property director, Chris Harris, has decided to step down from November after five years with the business. Harris’ role spans all areas of property and maintenance. Most recently he set up the new Build to Rent business and last year led the work to secure a partnership…
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19 June
Fanatics acquires Fexpro to expand business in Latin America
Fanatics, a global digital sports platform and provider of licensed sports merchandise, has completed its acquisition of Fexpro, a leading wholesaler of licensed sports and branded apparel serving Latin America. Headquartered in Panama with a presence across Latin America, Fexpro is a preferred licensee for several major US sports leagues…
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19 June
MusicMagpie earnings in line with expectations in H1
MusicMagpie has revealed that first half EBITDA increased 7.7%, a figure that is in line with board expectations, for the unaudited period ended 31 May. The news comes after a “challenging” start to the year, with postal strikes and low consumer confidence impacting December and January sales. However, the group’s…
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16 June
CMA clears Amazon’s acquisition of iRobot
The CMA has cleared Amazon’s $1.7bn (£1.3bn) purchase of iRobot, as the authority considered areas of potential concern, after the online giant announced its proposed acquisition of the Roomba maker in August 2022. The CMA was concerned whether Amazon could enter to compete as a supplier of robot vacuum cleaners…
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16 June
EE opens new visionary store in Westfield London
EE has unveiled the future face of retail at its visionary new flagship store, The EE Studio, located in Westfield London, White City. Designed to empower customers with the best connectivity and technology solutions for their whole connected life, the 4,230 sq ft showcase will also serve as a hub…
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16 June
Frasers ups stake in Asos to over 10%
Mike Ashley’s Frasers has increased its stake in online fashion retailer asos for the third time in two weeks. Frasers has increased its holding to 10.6%, fueling further speculation of a possible takeover offer after beginning last week with a 7.4% stake. Frasers is currently Asos’ fourth largest shareholder having…
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16 June
Kingfisher joins EDRA/GHIN task force to lower Scope 3 emissions
Kingfisher has teamed up with other home improvement companies in an effort to aid the industry in lowering its Scope 3 greenhouse gas emissions. The news comes after EDRA/GHIN, the global trade bodies for home improvement retailers, launched a new collaborative taskforce to reduce the sector’s emissions that come from…
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16 June
Tesco sales up 9% amid signs of easing inflation
Tesco has announced that its sales excluding fuel in the UK and Ireland have risen 9% to £13.8bn for the 13 weeks ended 27 May 2023. Overall, the company posted sales of £14.8bn across its stores in the UK, Ireland and Central Europe including Booker, an increase of 8.2%. This…
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