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 -15 March
Spring Budget: Corporation tax to rise to 25%
Corporation tax is set to rise from 19% to 25% for firms with profits over £250,000, as part of a number of measures announced in chancellor Jeremy Hunt’s Spring Budget. To help offset the corporation tax rise, Hunt also announced a provision of £9bn of “full capital expensing” which for…
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15 March
Liverpool One hails sales performance
Grosvenor has revealed that Liverpool One has “bucked national trends” since the start of 2023, with a 16.5% uplift in sales compared with the same period in 2022. The year-on-year rise outperforms the national picture, with an average increase of 5.2% in sales being recorded across the country according to…
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15 March
Asda’s purchase of Co-op’s petrol stations could increase prices, CMA finds
The Competition and Markets Authority (CMA) has revealed that Asda’s acquisition of 132 petrol stations owned by Arthur Foodstores Limited could cause competition concerns in 13 UK locations. Arthur is a special purpose transaction vehicle created by Co-operative Group Limited, the Co-op, to sell its 132 petrol stations, with attached…
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15 March
H&M Q1 net sales up 12%
H&M has announced that its net sales for the period between 1 December 2022 and 28 February 2023 rose 12% to SEK 5.4bn (£423.7m), compared with last year. In local currencies its net sales increased by 3% and excluding Russia, Belarus and Ukraine the increase was 16%in SEK and 7%…
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15 March
Zara owner sales jump 17.5% in FY22
Inditex, the parent company of high street retailer Zara, has revealed that sales reached €32.6bn (£28.7bn) in FY22, an increase of 17.5% on the prior year. According to the group, its sales grew 18% in constant currencies across all its key geographical areas both in stores and online. While online…
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15 March
Burberry appoints new chief financial officer
Burberry has announced the appointment of Kate Ferry as chief financial officer and executive director. By early September 2023, Ferry will replace Julie Brown – who after working for Burberry for more than six years will depart the company on 1 April 2023. In her new role, Ferry will have…
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15 March
M&S rolls out Nobody’s Child pop-ups across 30 stores
Marks and Spencer is set to roll out fashion brand Nobody’s Child to 30 stores across the UK from March to August. The 400ft seasonal pop-ups will offer a 30-piece capsule collection of Nobody’s Child’s signature midi and mini dresses, as well as a range of skirts, tops and jumpsuits…
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14 March
Severe weather sees footfall drop 7%
Footfall across UK retail destinations declined by -7% last week due to “severe” weather conditions, a far greater decline than in the week before last when footfall had dropped by a modest -1.1%, according to the latest figures from Springboard. Springboard revealed that high streets were by far the hardest…
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14 March
Mamas & Papas partners with Kit & Kin to promote eco-friendly products
Nursery brand Mamas & Papas has announced a partnership with Kit and Kin’s eco range starting from Monday 13th March. Kit and Kin’s eco nappies are made with sustainably sourced, plant-based materials as well as being the first UK nappy brand in retail to launch recyclable paper packaging. The range…
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14 March
Fred Perry revenues up 10.4% in FY21
British sportswear brand Fred Perry has revealed that its revenues rose by 10.4% to £112.m in its full-year results, while pre-tax profit totalled £11.7m, increasing from the £7m reported the prior year, despite the effects imposed by the pandemic. The retailer, which is mainly known for its polo shirts, has…
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