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 -12 May
UK economy shrinks 0.3% in March
Monthly real gross domestic product (GDP) is estimated to have fallen by 0.3% in March 2023, after showing no growth in February 2023, according to the latest figures from the Office for National Statistics (ONS). Looking at the broader picture, the ONS said GDP grew by 0.1% in the three…
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12 May
THG terminates takeover talks
THG has announced that it has terminated takeover talks with Apollo Global Management as it believes Apollo has undervalued the business. The company which owns brands like Myprotein stated that there was “no longer any merit” in continuing talks with Apollo. Shares in the company increased by 40% following the…
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12 May
Planet Organic owed creditors £12.5m before rescue deal
Planet Organic owed creditors more than £12.5m when it fell into administration last month, The Grocer has reported. According to The Grocer, a report from administrator Interpath Advisory revealed that more than 400 unsecured creditors will not be repaid the majority of the £8.4m owed as a result of the…
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12 May
Adidas to sell remaining Yeezy stock
Adidas is set to sell some of its Yeezy stock and merchandise following the discontinuation of the Kanye West partnership, Sky News has reported. According to Sky, at the group’s annual general meeting, chief executive Bjørn Gulden said that “burning the goods would not be a solution”. Gulden remarked that…
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12 May
Tesco CEO paid £4.4m last year despite cost of living crisis
Tesco’s annual report has revealed that its chief executive officer Ken Murphy was paid £4.4m last year, alongside an additional salary increase. The CEO received a fixed pay of £1.71m and a performance-related bonus of £2.73m, which according to the group, was slightly lower than his previous pay packet that…
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11 May
Amazon workers make formal bid for CAC recognition
The GMB union has submitted a bid for formal recognition to the Central Arbitration Committee (CAC) for its members at Amazon Coventry. The CAC, which regulates collective bargaining between workers and employers, will now consider the bid after a ten day opportunity for Amazon to resolve recognition ended. It is…
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11 May
Lush unveils new Green Hub in Poole
Handmade cosmetics company Lush has announced the competition of its new Green Hub near its headquarters in Poole, Dorset. While Lush has operated a Green Hub facility since 2015, the new opening follows a £2.4m investment in relocating and refitting a new 40,000 sq ft location on the Fleets Corner…
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11 May
Adidas revenues remain flat in Q1
Apparel company Adidas reported flat currency-neutral revenues in Q1 compared to the same period last year. Currency-neutral sales in North America declined 20% to €1.1bn (£959m) during the quarter as the region is particularly affected by the discontinuation of the Yeezy business. Instead, sales in EMEA grew 4% to €1.9bn…
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11 May
BoE raises interest rate for 12th time to 4.5%
The Bank of England (BoE) has raised interest rates for the 12th consecutive time to 4.5%, up from 4.25%. The BoE’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the rate by 0.25% in a bid to meet the 2% inflation target. The committee said it…
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11 May
Nordstrom appoints Cathy R. Smith as CFO
Nordstrom has announced the appointment of Cathy R. Smith as chief financial officer, effective 29 May, 2023. Smith joins Nordstrom from Bright Health Group where she has served as chief financial and administrative officer since 2020. In this role, Smith will be responsible for financial planning and analysis, accounting, tax,…
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