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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Apr- 2023 -4 April
Asda appoints CBRE to help open 300 stores by 2026
Asda has appointed global real estate advisor CBRE to help with its nationwide store expansion programme. Last October, the retailer launched a new ‘Asda Express’ convenience brand to bring its great products and low prices to more communities across the UK. The first two Asda Express stores opened before Christmas…
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4 April
Clarks MD steps down
Footwear retailer Clarks has revealed that its managing director of the UK, Ireland, the Middle East and Africa, Joe Ulloa, has stepped down from his role. As a result, Jonathan Ram, who became CEO last April, will take responsibility for the UK and Ireland’s team until a new managing director…
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3 April
Co-op chair Allan Leighton set to step down
Co-op chair Allan Leighton is set to step down from his role due to corporate governance rules. In February 2024 Leighton will have been chair of the group for nine years meaning he must step down. According to the Telegraph, Co-op has hired City headhunting firm Odgers Berndtson to find…
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3 April
Boohoo appoints new non-executive director to board
Online fashion Retailer Boohoo has announced the appointment of Alistair McGeorge as an independent non-executive director of the board. McGeorge will succeed Brian Small as the group’s deputy chairman and will act as interim chair of the audit committee until the search for an additional non-executive director is complete. He…
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3 April
M&S denies reports of head office job cuts
Marks and Spencer has dismissed a recent report by The Sunday Times stating that the retailer is looking to dismiss staff at its headquarters as part of chairman Archie Norman’s reforms. A spokesperson from M&S said: “It is simply inaccurate that hundreds of roles are being cut. As previously reported…
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3 April
Esprit posts HK$664m FY22 loss
Esprit has reported a loss of HK$664m (£68.4m) as its 2022 revenues decreased to $7.1m (£856m), marking a 15% decline over 2021, according to its results for the period ending 31 December 2022. It said that “the unfavourable economic environment” in Germany and the rest of Europe resulted in a…
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3 April
The Fragrance Shop to open flagship store on London’s Oxford Street
The Fragrance Shop has confirmed it is to open a brand new flagship global experiential store on Oxford Street later this summer. The move will mark the first time the UK independent fragrance retailer will open a flagship shop in London. The 2,300 sq ft location will feature a prominent…
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3 April
John Lewis pension assets plunge £2.8bn
John Lewis Partnership saw the market value of its pension assets plunge by £2.8bn last year amid a set of poor financial results. As revealed in its recent annual results, the value of the fund fell from £7.23bn to £4.42bn, largely due to a fall in the value of liability-driven…
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Mar- 2023 -31 March
Prada recruits 400 staff to boost production
Prada Group has announced its plans to recruit over 400 people by the end of 2023, to strengthen its production capacity and craftsmanship expertise in Italy. Prada said that the new hires would further reinforce the company’s “strong industrial strategy”. It also stated that the investment would guarantee “greater agility…
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31 March
Morrisons sales rise in Q1 as it targets £700m cost-cutting drive
Morrisons has revealed that revenues rose by 3.4% to £4.7m in the first quarter of the year as it announced plans to cut costs by £700m over the next three years. The group said the cost-cutting drive would enable further investment in lowering prices, increasing service levels, investing in loyalty…
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