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 -21 March
Screwfix acquires assets of Connect Distribution Services Limited
Screwfix, the omnichannel trade retailer and part of Kingfisher plc, has announced it has acquired the stock, intellectual property, contracts and fixed assets of Connect Distribution Services out of administration, for a cash consideration of £3m. Connect Distribution Services Limited is a retailer of appliance spares, accessories and consumables to…
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21 March
British Land hails £120m in gross capital activity amid acquisitions
British Land has announced that it has made more than £120m in gross capital activity after acquiring three new retail parks and selling 50% stake of its Preston retail park. The company completed the acquisition of three high quality retail parks for a total of £94m and sold its 50%…
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21 March
Amazon to axe a further 9,000 jobs
Amazon has plans to cut a further 9,000 jobs in the areas of cloud computing and advertising as a way to cut its expenses. The news came in the form of an announcement by CEO Andy Jassy that was shared with the e-retailer’s employees yesterday (20 March). However, Jassy did…
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21 March
New Look places 70 head office roles at risk
Around 70 jobs could be at risk across New Look’s London and Weymouth head offices following a restructure of the group. According to the group, the move is part of a wider review of its operating model and structure, and could impact several departments across both offices. New Look currently…
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20 March
Former Ann Summers boss dies aged 62
British lingerie and sex toy retailer Ann Summers has recently announced the passing of its former chief executive, Jaqueline Gold at age 62. The business was part of her father David Gold’s empire and she joined the team in 1987 at the age of 19. Despite having little business experience,…
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20 March
Morrisons cuts prices for third time amid Aldi battle
Morrisons has revealed that it has decided to cut its prices for the third time in three months as it steps up efforts to lure shoppers back from Aldi. Morrisons told the Telegraph that it was slashing prices on another 490 products, including fresh meat, baby essentials and freezer items.…
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20 March
Home Bargains owner pockets £20m dividend despite falling profits
The billionaire owner of Home Bargains received more than £20m in dividends last year despite the company’s profits falling 26%, according to This Is Money. TJ Morris, the company that owns Home Bargains, posted profits of £290m for 2022 from revenues of £3.42bn. This led the company to pay out…
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20 March
John Lewis mulls end to 100% staff ownership structure
John Lewis is considering diluting its 100% staff ownership structure in a bid to raise investment after the business faced a year of heavy losses. According to The Sunday Times, chairwoman Dame Sharon White is reportedly in the early stages of exploring a proposal to change its partnership structure in…
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20 March
Sweaty Betty CEO and COO to step down amid takeover
Sweaty Betty has revealed that chief executive Julia Straus and chief operating officer Mark Smith will be stepping down from their roles after the completion of the sportswear brand’s takeover by a new owner, according to Drapers. The news comes as the company was acquired by US lifestyle footwear group…
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17 March
Morrisons teams up with Jempsons to launch six stores
Supermarket chain Morrisons has announced a partnership with independent retailer Jempsons to launch six new stores under its ‘Together with Morrisons’ brand. With 35,000 sq ft the first store will open in Peasmarsh, East Sussex, later this Spring and five more will follow. Paul Dobson, sales director at Morrisons, said:…
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