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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Mar- 2023 -24 March
Fortnum and Mason revamps flagship to appeal to wider audience
Fortnum and Mason is attempting to shed its image as a grocer for the super rich by revamping its flagship store in Piccadilly, according to reports from The Telegraph. The retailer will re-open the third floor of its store on Piccadilly in London as a “creative hub” focused on food…
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24 March
Consumer confidence rebounds despite looming financial concerns
The UK consumer confidence index has increased ahead of expectations by seven points in February, according to consumer goods data analyst GfK. The index analyses five scores: the personal financial situation over the past and next year, general economic situation over the past and next year, and the major purchase…
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24 March
Retail sales rise 1.2% in February
The ONS has reported today (24 March) that retail sales for February have increased by an estimated 1.2%, following a rise of 0.9% in January, despite a fall in sales volumes of 3.5% when compared to the same month last year. In addition, the ONS found that sales volumes fell…
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24 March
Asos to expand Face and Body offering by over 200 products
Asos has revealed it is set to expand its Face and Body category offerings as it hailed a surge in demand driven by social media which has seen its sales of cream blushes grow by over 600% in the last six months. It comes after a survey of 2,000 UK…
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24 March
Ikea signs legal agreement with EHRC to tackle sexual harassment
Ikea UK has signed a legal agreement with the Equality and Human Rights Commission (EHRC), to improve its policies and practices in relation to sexual harassment after a complaint by a former employee. The agreement comes after the EHRC was made aware of an allegation of sexual assault and harassment…
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23 March
BoE raises interest rates to 4.25%
The Bank of England (BoE) has announced that interest rates will be raised by 0.25% to 4.25%, the highest rate in almost 15 years, following an unexpected rise in inflation last month. The move marks the 11th consecutive increase from the BoE and follows the jump in inflation to 10.4%…
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23 March
Amazon staff set for more strikes after ‘insulting’ pay offer
Amazon workers in the UK are planning further strikes after receiving what they called an “insulting” 50p-an-hour increase in base pay for warehouse workers. Amazon stated that it will increase the minimum starting salary of its UK workforce by at least 50p to between £11 and £12 per hour from…
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23 March
Superdry offloads Asia Pacific IP assets in £40m deal
Superdry has announced it has agreed to sell its intellectual property assets in the Asia Pacific region to Cowell Fashion Company in a $50m (£40m) deal. Cowell is an experienced local operator within the APAC region and has been listed on the South Korean stock exchange since April 2015. Cowell’s…
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23 March
Frasers to open third Sports Direct flagship in Manchester
Frasers Group is opening a third Sports Direct flagship store in Manchester’s Arndale Centre on 24 March. Set across five floors, the store will comprise sport, leisure, e-sports and fashion clothing across 50,000 sq ft. This will be the retailer’s most elevated concept store yet. Some dedicated interactive areas will…
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23 March
Wickes FY profits fall despite growing sales
Wickes has revealed that pre-tax profits dropped to £40.3m after absorbing non-recurring costs of £35.1m, despite reporting a like-for-like increase of 3.5% in sales for the year ending 31 December 2022. During this period, the DIY retailer’s net cash position also stood at £99.5m compared with £123.4m in the same…
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