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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Nov- 2022 -1 November
Made.com nears administration as shares suspended
Made.com has announced its shares have been suspended from trading on the London Stock Exchange this morning (1 November) as the retailer announced its intention to enter into administration after failing to secure a buyer for the group. Its operating subsidiary, Made.com Design Ltd (MDL), has appointed Zelf Hussain, Peter…
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Oct- 2022 -31 October
Footfall sees largest increase since Easter during half-term week
Footfall across UK retail destinations rose by 8.2% last week from the week before, a greater increase than in any week since Easter 2022, according to Springboard. Footfall rose in all three key destination types; by 10.7% in shopping centres, by 8.7% in high streets and by 4.2% in retail…
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31 October
Harrods swings to profit in FY21
Harrods has revealed it has returned to profit for the year ending 29 January 2022 (FY21), as the group’s operating profit hit £55.5m, up +£121.9m year-on-year from a loss of -£66.4m in FY20. Harrods’ turnover also increased 35.5% to £581.9m, up year-on-year from £429.5m, and gross transaction value (excluding VAT)…
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31 October
Wilko increases staff pay to £10
Wilko has announced it has increased its entry level hourly rate to £10 – 50p above the national living wage. The pay increase comes after a successful national ballot of team members undertaken by the GMB trade union. The retailer said it is committed to an additional market forces temporary…
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31 October
Asda completes Co-op petrol station deal
Asda has completed the acquisition of 132 grocery retail sites with attached petrol stations from the Co-op for a value of £600m. It is reported that the acquisition, which was initially announced in late August 2022 for a cash value of £438m, includes 129 “high-quality” existing sites across the UK…
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28 October
VF Corp revises outlook as Q2 revenues fall 4%
VF Corp, the owner of brands such as Vans and North face, has revised its FY outlooks after it revealed its revenues declined 4% to $3.1bn (£2.6bn). In its trading update for the second quarter ended October 1, 2022 it confirmed its big four brands saw revenues fall 5%, despite…
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28 October
Amazon shares fall as group predicts sales slowdown
Amazon has seen its shares plummet by as much as 20% after it warned of a slowdown in sales for the upcoming quarter. It comes as the group reported that sales hit $127.1bn (£110bn) in the quarter ended 30 September, 2022, a rise of 15% against the prior year yet…
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28 October
CMA gives Morrisons green light for McColl’s takeover
Morrisons’ takeover of McColl’s is nearing completion after the Competition Markets Authority (CMA) announced it will accept the merger. The takeover deal will see the supermarket acquire 28 stores from McColl’s existing estate, which the watchdog has decided not to investigate further. The CMA said that Morrisons must “act in…
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28 October
Store vacancy rate falls but remains below pre-pandemic levels
In the third quarter of 2022, the overall GB vacancy rate decreased to 13.9%, a 0.1% rise from Q2 and 0.6% better than the same period last year, according to the latest monitor from the BRC and Local Data Company. This was the fourth consecutive quarter of falling vacancy rates.…
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28 October
Aldi raises store assistant pay to £11 per hour
Aldi has revealed its plans to raise its starting pay for store assistants to £11 per hour nationally, and to £12.45 per hour within the M25 from 1 January 2023. It is reported that the new starting rate is over 15% higher than it was a year ago and represents…
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