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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Jan- 2023 -25 January
Furniture Village names new MD amid Board reshuffle
Furniture Village has strengthened its board of directors with several senior appointments from within, including founder Peter Harrison taking on the position of executive chairman, and his son, Charlie Harrison taking on the position of managing director. This follows on from the recent exit deal from its external shareholders BGF,…
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25 January
Footfall improves throughout 2022 but remains 14% behind 2019
UK footfall improved throughout 2022, but there still remains a “significant” 14.2% gap to pre-pandemic 2019 levels, according to Springboard’s annual retail review for 2022. However, the figure does mark “a steady improvement”, from -20.8% below 2019 in January 2022 to -10.9% in December 2022. The uplift from 2021, however,…
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25 January
Arcadia pension deal nears completion
Trustees of the Arcadia Group pension scheme may be close to securing a funding deal backed by one of the UK”s biggest insurers, Aviva, Sky News has reported. A binding deal would guarantee their incomes following the collapse of the group, which owned brands such as Topshop and Dorothy Perkins…
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25 January
Michael Kors appoints new CEO
Michael Kors owner Capri Holdings has announced the appointment of Cedric Wilmotte as the CEO of Michael Kors effective 3 April 2023. Wilmotte recently served as the interim CEO for Versace from January through September 2022 and is currently Versace’s COO. Prior to his time at Versace, Wilmotte led the…
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24 January
Wayfair to cut 10% of global workforce amid cost saving plan
Furniture retailer Wayfair has announced a 10% reduction in its global workforce, equivalent to around 1,750 employees as part of its new cost efficiency plan. Wayfair said this includes approximately 1,200 or 18% of corporate employees and reflects efforts to eliminate management layers and reorganise to be more agile. Including…
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24 January
Primark revenues surpass £3bn
Primark owner Associated British Foods has announced that its retail revenues for the year reached £3.15bn. In a trading update for the 16 weeks ended 7 January 2023, the company stated that its retail revenues were up 18% compared with last year and up 15% at constant currency rates. Primark’s…
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24 January
Sosander announces partnership with Sainsbury’s
Sosandar has announced that it has entered into an agreement to sell a curated collection of its products through Sainsbury’s. Through this wholesale agreement, a selected range will begin to be sold through Sainsbury’s during 2023, initially online only, with selected stores planned later this year as Sainsbury’s increases its…
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24 January
THG names Damian Sanders as CFO
THG has named Damian Sanders as its new chief financial officer (CFO), who assumes the role with immediate effect. Sanders takes over from John Gallemore, who has been appointed chief operating officer (COO), and his appointment follows an “extensive” search both internationally and domestically. According to the group, Sanders has…
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24 January
Boots offers 1,500 jobs to former Lloyds Pharmacy staff
Boots has announced that it will be recruiting for more than 1,500 pharmacy roles nationwide, extending the opportunity particularly to Lloyds Pharmacy staff that have been impacted by news of closures. The pharmacy retailer’s announcement comes as Lloyds Pharmacy will be closing 237 branches inside nationwide Sainsbury’s stores over the…
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23 January
Asda owners eye potential £13bn EG Group merger
Asda owners Mohsin and Zuber Issa are reportedly considering merging the company with the EG Group ahead of EG’s £7bn refinancing in 2025, according to the Times. Both companies are jointly owned by the blackburn-based brothers and private-equity company TDR Capital. The owners hope that by merging the businesses they…
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