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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Feb- 2023 -23 February
Former Co-op chief emerges as frontrunner to become Matalan CEO
Jo Whitfield, the former Co-op supermarkets chief, has reportedly emerged as a frontrunner to run Liverpool-based fashion retailer brand Matalan, according to Sky News. The outlet reports that following her decision to step down as the Co-op’s food chief last year, Whitfield is now in detailed talks with Matalan’s new…
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23 February
Angling Direct revenues see uptick in FY23
Angling Direct has seen revenues rise by 2.2% to £74.1m in FY23, in line with expectations, as sales rose despite “significant” consumer headwinds across its key markets. The group said its growth was underpinned by “robust” store sales, which rose by 6.8% to £41.3m, as its store roll out strategy…
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23 February
TK Maxx owner sees Q4 net sales hit $14.5bn
TJX Companies, parent company of discount clothes retailer TK Maxx, has announced a 5% increase in net sales to $14.5bn (£12bn), for the 13 weeks ended 28 January. The company’s Q4 net sales in Europe and Australia rose 1% to $1.81bn (£1.5) compared with $1.80bn (1.49bn). This is an 11%…
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23 February
N Brown appoints new CFO
UK-based clothing and footwear retailer N Brown has announced the appointment of Dominic Appleton as the brand’s new chief financial officer, effective from 1 March 2023. Appleton will succeed Rachel Izzard as CFO and a board director when she steps down. In the meantime, Izzard will work with group CEO,…
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22 February
Fortnum & Mason chief urges Sunak to seal NI trade deal
Fortnum and Mason chief executive Tom Athron has reportedly urged Sunak to seal a deal with Brussels on post-Brexit trade rules for Northern Ireland. He told the Financial Times that the British government needed to “invest some time improving its relationship with the EU”, and agree post-Brexit trade rules for…
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22 February
Paperchase to shut all stores after failure to find buyer
Paperchase’s remaining 106 stores will be closing, The Times has reported, after its administrators failed to find a buyer for the retailer’s remaining assets. The news of the closures, which will result in 900 redundancies, comes as Tesco purchased the stationery retailer’s brand and IP out of administration earlier this…
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22 February
Zalando to cut hundreds of jobs amid challenging environment
European online fashion retailer Zalando has revealed it is set to cut hundreds of jobs as part of cost-saving measures amid what it called a “challenging” macroeconomic environment. In a letter to staff, Zalando co-CEOs David Schneider and Robert Gentz revealed they have decided to start a program that will…
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22 February
Original Factory Shop offers interviews to laid off Wilko staff
The Original Factory Shop has announced that it will guarantee an interview to anyone who is at risk of or has been laid off by Wilko or New Look. It has also offered guaranteed interviews to people who have been affected by redundancies at Argos, B&Q, M&Co, Paperchase and TK…
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22 February
Asda and Morrisons ration fruit and veg amid supply shortages
Asda and Morrisons have restricted the amount of certain fruit and vegetables that customers can purchase amid ongoing supply shortages for fresh produce. Asda has limited tomatoes, peppers, cucumbers, lettuce, salad bags, broccoli, cauliflower and raspberries to three of each item per customer. Similarly, Morrisons said it would introduce a…
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21 February
Wilko unveils new leadership team
Wilko’s new CEO Mark Jackson has announced a new senior leadership team which forms part of its plan to stabilise the business and “accelerate” its turnaround. The group has appointed Dave Murphy, currently group finance director, as its new CFO replacing Karen Mackay, who has resigned from the company and…
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