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 -15 June
N Brown Q1 sales hampered by poor weather
N Brown has seen revenues fall by 9.9% to £148.7m in its first quarter of trading, attributed to poor weather at the start of Spring as well as lower consumer confidence over the period. In the quarter ended 3 June 2023, product revenue fell by 11.9% to £93.6m, while Financial…
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15 June
Issa Brothers near £650m Asda property sale
Mohsin and Zuber Issa are on the brink of selling a part of Asda’s property portfolio to a US investor in a deal worth £650m, The Times has reported. According to The Times’ understanding, following a “competitive” bidding process, the New York-based investor Realty Income Corporation is close to buying…
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14 June
Just Hype strengthens management team
Leicester-based Just Hype, a global fashion and accessories brand, has announced the appointment of two new executives to further strengthen its management team. Dave Leigh has been appointed as the new Commercial director, while Melissa Wright has been appointed as the new head of Buying. Leigh brings a wealth of…
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14 June
WH Smith completes refinancing with £400m facility
WH Smith has completed the refinancing of its existing £363m lending facilities after securing a £400m sustainability-linked facility. The group’s existing £363m lending facilities, consisting of a £250m revolving credit facility and a £113m term loan have now been cancelled and repaid. The new RCF is for a five-year term,…
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14 June
GMB invites business secretary to meet striking Amazon workers
The GMB Union has invited secretary of state for business and trade, Kemi Badenoch MP, to meet striking Amazon workers before they head to parliament today (14 June). Workers from the retail giant’s fulfilment centre in Coventry have met MPs, including members of the shadow cabinet, in their fight to…
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14 June
UK retailers need to do more for diversity and inclusion, BRC says
UK retailers must put more strategies in place regarding diversity and inclusion among their top executives, the BRC reported. According to a new BRC report, 93% of retailers have implemented a strategy to improve diversity and inclusion across their business, while many have expanded these plans in order to focus…
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14 June
Games Workshop expects PBT to rise to £170m
Games Workshop has revealed it expects its profit before tax for the year to be no less than £170m, up from £157m in 2021-22, according to its annual report for the 52 weeks ended 28 May 2023. It also expects its core revenue to be not less than £440m, up…
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14 June
CMA orders Sainsbury’s and Asda to stop anti-competitive land agreements
Sainsbury’s and Asda have recently been ordered to stop using unlawful anti-competitive land agreements by the Competition and Markets Authority (CMA). The unlawful agreements include placing restrictions on land they own from being used by a rival supermarket, a move which doesn’t allow shoppers to have more choice and benefit…
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14 June
Asda to freeze prices on more than 500 products
Asda has announced that it has frozen the prices of over 500 branded and own-branded products following an investment to “give customers more control over what they spend each week”. The price lock, which runs until the end of August, includes cupboard essentials such as cereals, pasta and tea, as…
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14 June
BRC names new chairman
The BRC has announced the appointment of Andy Higginson as the new incoming chairman to succeed Tony De Nunzio in September this year. Higginson has over 30 years of senior executive and non-executive experience in the retail industry in the UK and internationally, covering major brands. Previously, he was CFO…
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