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 -14 March
Virgin Wines launches business review as profits plummet
Virgin Wines has launched a full review of the business after profits tumbled to £0.1m in its half-year results, down from £3.2m the prior year, as the business was hit by challenges “particularly” over the peak Christmas trading period. In the six months ended 31 December 2022, total revenues were…
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14 March
Retail jobs at lowest four quarter average in over a decade
The number of retail jobs in the UK was down to its lowest average four quarter level in over a decade, according to ONS Labour Market figures. The four quarter average dropped to 3.05 million retail jobs in December 2022, down from 3.08 million in December 2021. The overall number…
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14 March
Sainsbury acquires 21 supermarkets in £431m deal
Sainsbury has announced the purchase of 21 supermarkets in a £431.5m deal from Supermarket Income REIT. In addition to the remaining 49% it already owned, the supermarket purchased Supermarket Income REIT’s remaining 51% share of the stores in the Highbury and Dragon investment vehicles. The deal will result in Sainsbury’s…
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13 March
UK retailers reassure investors amid Silicon Valley Bank collapse
UK retailers THG, Moonpig, and Naked Wines have moved to reassure investors of their financial security following the collapse of US-based Silicon Valley Bank (SVB) last Friday (10 March). The news comes after SVB was shut down by US regulators on Friday, with its UK arm thought to have around…
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13 March
Shein expected to raise £1.6bn for IPO
Fast fashion retailer Shein is set to raise £1.6bn in new funding ahead of a potential IPO in the United States, Reuters has reported. Among the biggest investors in the offering there is the United Arab Emirates’ sovereign wealth fund Mubadala, private equity firm General Atlantic and venture capital group…
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13 March
Issa brothers mull sale of Asda properties as debt costs rise
The Issa brothers are reportedly planning to explore a sale of Asda’s £8.6bn property estate in a bid to tackle its rising debt costs. According to The Telegraph, property experts have been drafted in to “assess the prospects for the supermarket’s estate”. However, it is believed the Asda owners, who…
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13 March
Superdry appoints advisers to help cut costs
Superdry has appointed Interpath Advisory to help it cut costs after a number of profit warnings, according to reports from Sky News. Interpath is expected to focus on Superdry’s cost base and industry experts told Sky that this could cause a number of job losses. The company will also likely…
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13 March
Allbirds hires new chief financial officer
Allbirds has appointed Annie Mitchell, as chief financial officer, effective April 24, 2023. She will replace Mike Bufano, who will be stepping down from Allbirds but will remain with the company through to mid-May to ensure a “smooth transition”. Mitchell is an experienced finance executive in the retail industry and…
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13 March
Tesco criticised by suppliers over online fulfilment fees
Tesco has received criticism from its suppliers and farmers after they were informed of new fulfilment fees, which are to be imposed by the retailer on produce sold online, The Times has reported. This comes as the supermarket chain wrote to suppliers last week informing them that it would introduce…
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10 March
UK GDP grows by 0.3% in January
Monthly gross domestic product (GDP) is estimated to have increased by a narrow 0.3% in January, with a faster recovery than expected, according to the latest figures released by ONS on Friday. The news comes after economists predicted the UK could go into recession, considering that in the three months…
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