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 -14 February
Footfall surges 9% amid city centre recovery
Footfall across all UK retail destinations surged +9.1% annually, with a week-on-week footfall boost of +1.6% as office workers returned to city centres, according to the latest figures from Springboard. It found that consumers returned to UK high streets after train strikes the week previous, as Footfall at MRI Springboard’s…
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14 February
Online sales growth slows to pre-pandemic levels
Online sales have slowed down to pre-pandemic levels, according to new analysis from the IMRG’s online retail index. The analysis attributed this to lockdowns, during which huge volumes of orders were made online. In 2019, growth for the total online market was up 5% year-on-year, while in 2020 it increased…
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14 February
Amazon workers in Coventry to hold further strike action
Workers at Amazon have announced that a further seven days of strike action are set to take place at the company’s Coventry warehouse. More than 350 staff at the West Midland fulfilment centre will walk out on 28 February, 2 March and from 13 to 17 March. It comes as…
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13 February
Mulberry shutters Bond Street store amid end of VAT-free shopping
Luxury fashion retailer Mulberry has shuttered its Bond Street store after it claimed that the end of VAT-free shopping for international consumers has negatively impacted its sales at the location. Last year chancellor Jerermy Hunt decided to implement the levy which now sees international visitors unable to claim back the…
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13 February
Castore in $200m fundraising talks in bid to rival Nike and Adidas
Sportswear brand Castore is reportedly in talks with investors about a $200m (£166m) fundraising deal as it aims to compete with sportswear giants Nike and Adidas. According to Sky News, Castore has appointed Rothschild to advise the process and secure a significant capital injection. Initial talks with prospective investors have…
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13 February
Former Aldi CEO in running to replace David Potts at Morrisons
Former Aldi CEO Matthew Barnes is reportedly in the running to replace David Potts as CEO of Morrisons, according to This is Money. The paper recently claimed that Tesco executive Jason Tarry was also lined up as a possible candidate to replace Potts in the role. Tarry is chief commercial…
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13 February
Paperchase unsecured creditors left with £20m bill
Paperchase’s unsecured creditors have been stuck with a £20m bill from its period in administration, according to The Times, after the company collapsed for the second time. The stationary retailer’s creditors have been notified that they will be receiving dividends of 2.52% from the sale of assets that has been…
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10 February
UK narrowly avoids recession as economy flatlines in Q4
The UK economy narrowly avoided recession as the latest figures from the Office for National Statistics (ONS) shows there was no growth in the fourth quarter from Oct to Dec 2022. It comes as monthly estimates show that GDP fell by 0.5% in December 2022, following an unrevised growth of…
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10 February
Iceland refinancing prospects strengthen amid improved guidance
Iceland has reported a “better than expected” guidance, and as a result, the retailer believes its prospects for a £750m refinancing have improved. The retailer’s latest improved guidance, which was recorded by ratings agency Moody’s, shows that EBITDA is expected to grow by around £115m by the end of the…
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10 February
New Look closes more UK stores
New Look has confirmed that several stores across the UK have been closed by the retailer, which noted the closures were a “normal course of business”. Four of its sites stopped trading in January, with three further stores closing their doors this month. Last month, the retailer’s sites in Fort…
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