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 -7 March
CBI director-general to step aside amid misconduct allegations
The Confederation of British Industry (CBI) has announced that its director-general, Tony Danker, will be stepping away from his role due to an investigation into complaints concerning his conduct in the workplace. As a result, the CBI has hired Joanna Chatterton, the head of employment law at Fox Williams, to…
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7 March
Greggs sales rise 23% in FY22
Greggs has welcomed a strong performance in FY22, with total sales up by 23% to £1.5bn, and like-for-like sales in company-managed shops up by 17.8% year-on-year. Over the period, pre-tax profits were also up 1.9% to £148.3m, against £145.6m the prior year. It comes as the group reported a “record”…
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6 March
Waitrose eyes revamp of its 332 stores
Waitrose reportedly has plans for a major refurbishment programme across its 332 store estate facilitated by a series of cost saving measures, according to The Telegraph. According to the outlet, it is thought the full refurbishment could cost up to £250m and forms part of a turnaround strategy envisioned with…
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6 March
Victoria’s Secret sales fall 6% in FY22
Lingerie retailer Victoria’s Secret recently announced that sales for the full-year 2022 fell 6% compared to the previous year and now stand at $6.34bn (£5.27bn). The FY22 financial results published on Friday also show a decline in revenues for the fourth quarter of the fiscal year ended January 28, 2023.…
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6 March
Starbucks to open 100 new stores as revenues increase 37%
Starbucks has announced plans to open 100 new stores in the UK after its revenues increased 37% to £449m for the year ended 2 October 2022. The company will invest £30m in the UK on a number of initiatives including opening new stores and renovating existing ones. The move comes…
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6 March
Jobs at risk as Morrisons shifts to single maintenance supplier
Morrisons is reportedly planning to part ways with at least 83 maintenance suppliers and shift to one single supplier, in a move that could endanger around 1,000 jobs. According to The Guardian, the move forms part of its plans to cut costs across the business, with plans to axe a…
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6 March
WHSmith to target stationary market with new Curi.o.city stores
WH Smith has reportedly revealed plans to open a souvenir and stationery store called Curi.o.city as it looks to fill the void left by the collapsed paperchase, according to The Times. According to the report, WH Smith will open standalone shops, one under the new fascia in Gatwick airport’s south…
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6 March
Retail leaders criticise business rates reform
Retail bosses from M&S, Sainsbury’s and Currys have criticised the changes made to business rates, according to This is Money. According to the retailers, these changes will still leave high streets and shopping centres still facing high taxes, as the new business rates are charged on shops, pubs and other…
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3 March
Onbuy ranked as Europe’s fastest growing e-commerce business
Online marketplace OnBuy.com has been ranked as Europe’s fastest-growing e-commerce business according to the FT 1000. The annual list from the Financial Times reports the latest annual ranking of businesses by revenue growth across Europe. UK-based OnBuy placed 25th on the list – after achieving 3402% growth since 2018. The…
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3 March
Ted Baker owner considers Hunter Boot bid
Owner of Ted Baker and Reebok Authentic Brands Group (ABG) is reportedly weighing up a move to acquire Hunter Boot, according to Sky News. It is unclear how serious ABG are about bidding for the footwear company which holds a royal warrant for footwear. The business is up for auction…
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