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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Jul- 2023 -19 July
Inflation falls faster than expected in June
The rate of price rises has fallen to 7.9% in June, down from 8.7% in May, according to the latest Consumer Prices Index (CPI) from the Office for National Statistics (ONS). On a monthly basis, the CPI rose by 0.1% in June 2023, compared with a rise of 0.8% in…
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19 July
Hotter Shoes rescued through Woolovers deal
The future of footwear retailer Hotter Shoes has been secured following a sale of the business to Woolovers Group. Will Wright and Rick Harrison from Interpath Advisory were appointed joint administrators of Beaconsfield Footwear Limited, trading as ‘Hotter Shoes’, on 18 July 2023. Headquartered in Skelmersdale, the company is a…
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18 July
Hollister and Gilly Hicks open at Liverpool ONE
Hollister Co, the global teen retailer division of Abercrombie & Fitch, has recently opened at Liverpool ONE featuring an updated store design concept. The store opening sits alongside sister brand Gilly Hicks, giving the brand an expanded footprint and first dedicated storefront at Liverpool ONE. Located on South John Street,…
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18 July
Tesco explores freehold acquisitions to combat inflation
Tesco is reportedly looking to acquire the freeholds of more stores in order to minimise its lease liabilities and reduce its exposure to inflation, The Times has reported. According to its annual accounts, the supermarket chain now owns the freehold of 60% of its 4860-stores, an increase from 40% in…
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18 July
Supermarkets see largest drop in grocery price inflation since its peak
Grocery price inflation has seen its steepest decline since inflation peaked in March this year, falling 1.6 percentage points to 14.9% in the four weeks to 9 July 2023, according to the latest data from Kantar. It comes as take-home grocery sales over the same period grew by 10.4% compared…
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18 July
Authentic Brands Group appoints Kevin Wills new CFO
Authentic Brands Group, a global brand development, entertainment and marketing platform, has announced the appointment of Kevin Wills as chief financial officer. Wills has nearly two decades of experience in financial leadership across the fashion, retail and consulting sectors. He most recently served as chief financial officer and member of…
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18 July
Supermarkets willing to back fuel price checker to drive down prices
Energy Secretary, Grant Shapps revealed yesterday (17 July 2023) that supermarkets and retailers have agreed to back a fuel price checker to drive down prices for motorists, according to the Sun. As part of the scheme, Tesco, Asda, Sainsbury’s and Morrisons will share cost data with the public by next…
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18 July
Revolution Beauty CEO and chair step down amid Boohoo settlement deal
Boohoo and Revolution Beauty have brought an end to their ongoing feud with the signing of a settlement agreement that will see major board changes at the beauty retailer. As part of the agreement, CEO Bob Holt OBE and chairman Derek Zissman agreed to resign from Revolution’s board, although Holt…
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18 July
Ocado restates FY23 guidance despite increased losses
Ocado has restated that it has full confidence in its FY23 guidance despite posting losses of £289.5m for the half year ended 28 May 2023. The main reasons for these losses are put down to £192.5m worth of depreciation of assets and amortisation plus £77.2m worth of exceptional items. These…
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17 July
Zalando launches body measurement tool for size recommendations
Leading online fashion platform Zalando has launched a new tool that enables customers to receive size recommendations based on their unique body measurements. By taking two pictures of themselves with their phones in tight clothing, Zalando said it is able to predict the customer’s body measurements, and reportedly marks a…
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