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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May- 2023 -22 May
LK Bennett profits hit £30m amid spike in eventwear sales
LK Bennett has reported a 40% rise in its gross profit for the year ended January 2023 to over £30m, thanks to an increase in eventwear sales, according to Drapers. During the 12 months to January, the brand’s turnover stood at £49m, which means a 30% increase on the previous…
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19 May
Dobbies increases support for team members’ mental health
UK garden centre retailer Dobbies will be increasing the mental health support of its 4,000 team members by training more mental health first aiders across its business. As part of the retailer’s continued commitment to the wellbeing of its team, it has increased the number of mental health first aiders…
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19 May
Poundland to seek new London locations following Bow store refurb
Discount store chain Poundland has announced it is continuing to seek out locations in the M25 for its new store format. The move follows successful openings of its ‘Local’ stores over the last six months in East Dulwich, Clapham, Swiss Cottage and Whitechapel. The announcement coincides with an extension to…
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19 May
John Allan to step down as Tesco chair amid personal conduct allegations
John Allan is set to step down as the chairman of Tesco following allegations regarding his personal conduct with colleagues. Tesco noted that in recent weeks, four allegations have been made in the media in relation to his personal conduct, and while three of these have been “vigorously denied” by…
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19 May
Scottish shops report 10% decline in business rates
Scottish shops have seen a 10% drop in business rate bills, following a revaluation from the beginning of last month. The new Scottish Government figures reflect changing rental values, which have been updated by council assessors for the first time in six years, forming the basis for levying £3.86bn in…
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19 May
Unbound eyes sale as it seeks additional funding
Hotter Shoes owner Unbound Group has announced that it is looking to offload the company as its board of directors continues to seek additional funds. Unbound has appointed Interpath Advisory as joint financial adviser alongside Singer Capital Markets, its current financial adviser, to manage the formal sale process. The board…
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19 May
A Day’s March opens new London store
Swedish label, A Day’s March, is to open new retail space housed across three storeys in London’s Soho this June. The townhouse is a historic grade-listed building and will showcase the brand’s core collections across menswear and womenswear. Working with Shaftesbury Capital, the 2,700 square feet of retail space is…
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19 May
Consumer confidence up by three points in May
GfK’s long-running consumer confidence index increased three points to -27 in May. The index measuring changes in personal finances during the last 12 months is up one point at -20, which is two points better than May 2022. The forecast for personal finances over the next 12 months increased five…
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19 May
Lucy & Yak to open four new stores
Lucy and Yak is reportedly set to expand its high street presence through the opening of four new stores this year, according to Drapers. The brand, best known for its overalls and jumpsuits, currently has five stores in Brighton, Norwich, Bristol, Nottingham and Cambridge. It is now looking to further…
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19 May
Farfetch falls to £140m loss in Q1
Luxury fashion platform Farfetch revealed a loss after tax of $174m (£140m) for the first quarter ended 31 March 2023, despite its revenue increasing by 8% year-over-year to $556.4m (£448.4m) in the same period. While the group’s digital platform gross merchandise value (GMV) decreased by 1% year-over-year to $799m (£643m),…
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