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 -15 May
LDO reports sales up 17% to £19.7m in Q1 2023
London Designer Outlet has reported that its sales reached over £19.7m– an increase of 17% in Q1 2023 compared with the same period in 2022 and 5% on pre-pandemic levels (2019). It also recorded its “strongest ever” April, where sales grew to £8.6m, representing a £1.2m increase on the year…
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15 May
Currys raises guidance after ‘better than expected results’
Electronics retailer Currys has increased its profit guidance to between £110-120m for the year ended 29 April 2023. The retailer lowered its guidance in March to around £104m following poor performance in the Nordics but has reversed this after a strong final two months of the year in the UK.…
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15 May
Shein to launch 30 pop-ups around EMEA
Shein has announced plans to host roughly 30 pop-ups around the Europe, Middle East and Africa (EMEA) region this year. The news comes as the global e-retailer of fashion, beauty and lifestyle products officially opened its EMEA headquarters in Dublin city centre, Ireland, which will host its strategic IT hub…
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15 May
Allbirds co-founder steps down as co-CEO
The co-founder of footwear retailer Allbirds has stepped down from his role as co-CEO to instead take up the role of chief innovation officer. Tim Brown, who co-founded the company alongside Joey Zwillinger in 2016, said he will support Zwillinger going forward, as Zwillinger will now act as sole CEO…
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15 May
Zara relocates to Trinity Leeds for latest flagship store
Zara has recently revealed that it will open its newest flagship store at Trinity Leeds shopping centre, as it upsizes and relocates into the centre from its current location on Briggate. The new 46,000 sq ft store will showcase the latest technological innovations from Zara’s integrated online and physical store…
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12 May
Dunelm to open its first store at Atria Watford
Dunelm, the homewares retailer, is to open a 33,000 sq ft store within Atria Watford. Dunelm already has 179 stores across the UK and this new store will be located in the former John Lewis unit, which closed in 2020 as part of the department store’s store closure programme. Set…
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12 May
Rail strikes marginally impact footfall
Today’s rail strikes (12 May) have impacted footfall across the UK, with footfall down by -0.7% from last Friday. According to the latest findings from Springboard, this means that footfall has not “bounced back” from last Friday, the Friday before the Coronation bank holiday weekend, when footfall was already -3.5%…
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12 May
Peloton recalls over two million exercise bikes
Peloton is recalling more than two million of its exercise bikes Model PL01, following revelations that the seat post assembly can break during use and cause injuries, The Guardian has reported. This particular model was sold from January 2018 to May 2023 for roughly $1,400 (£1,120) by Peloton and Dick’s…
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12 May
VF Corporation reshuffles EMEA leadership team
VF Corporation, a global leader in branded lifestyle apparel, footwear, and accessories, has recently announced new appointments to its EMEA brand leadership team. Andreas Olsson, previously general manager of Dickies EMEA will assume the role of VP sales at Vans EMEA. In his new role, Olsson will report directly to…
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12 May
Prada net revenues jump 22% to €1.06bn
Prada has reported that its net revenues increased 22% to €1.06bn (£928m) YoY despite an uncertain macroeconomic environment, according to its first quarter financial report ended 31 March 2023. It also achieved retail sales of €953m (£830m) in the first quarter of 2023, marking a 23% increase YoY, compared with…
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