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 -5 January
Greggs sales surge 23% in FY22
Greggs has announced that its FY22 sales were £1.5bn, an increase of 23.0% compared with the equivalent period in 2021 (£1.2bn). During the 52-week period, like-for-like sales in company-managed shops were 17.8% higher than sales seen in 2021, with fourth quarter like-for-like sales in company-managed shops growing by 18.2%. It…
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5 January
Amazon to axe 18,000 roles in bid to cut costs
Amazon has announced that it will axe over 18,000 roles across the group in a bid to cut costs following a business review that was launched last year. In a note to staff published today (5 January), CEO Andy Jassy said the reductions will include those that were first announced…
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4 January
Matalan lenders close in on takeover deal
A group of investors who have lent hundreds of millions to Matalan are closing in on a deal to take over the company, according to reports from Sky News. Senior lenders, including big names such as Invesco and Man GLG, could agree a deal in the next two weeks which…
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4 January
Food inflation hits record high of 13.3%
ood inflation accelerated to the highest inflation rate in the category on record, after jumping to 13.3% in December, up from 12.4% in November and above the three-month average rate of 12.5%, according to the latest figures from BRC and Nielsen. Fresh Food inflation accelerated in December to 15.0%, up…
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4 January
Victoria’s Secret acquires Adore Me
Victoria’s Secret has announced that it has completed the acquisition of Adore Me, a digitally-native intimates brand. According to the retailer, Adore Me will serve as an important long-term growth vehicle for Victoria’s Secret and will generate an estimated $250m (£207.2m) of profitable sales going off its most recently completed…
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3 January
Footfall drops almost 30% post-Christmas
Retailers in the UK saw footfall decrease 27.7% last week compared to the week before Christmas, which was just 7% higher than this week last year, according to data from Springboard. This number was nearly 20% lower than the number in 2019, although Springboard did attribute some of this to…
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3 January
Aldi hails record December as sales top £1.4bn
Aldi’s Christmas sales during December soared 26%, topping £1.4bn for the first time. The figures, which reflect an increase in demand, come as the UK’s cheapest supermarket helped millions of families celebrate together despite the rise in cost of living. Fresh meat sales saw particularly strong growth as poultry and…
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3 January
Low retail sales growth expected in 2023, says BRC
Retail sales are estimated to grow between 2.3% to 3.5% in 2023, according to new analysis by the British Retail Consortium. The past year has been characterised by low retail sales growth which has remained below current inflation, suggesting volumes were down compared to 2021. The trend is expected to…
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Dec- 2022 -23 December
Frasers acquires former Debenhams flagship in Dublin
Frasers group has announced that it has bought a former Debenhams flagship store on Henry Street in Dublin. The 200,000 sq. ft store is currently occupied by Zara but will become a flagship Sports Direct store. The group stated that its commitment to physical retail is “unmatched” as it continues…
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23 December
Superdry secures £80m loan amid strong H1 sales
Superdry has revealed it has secured a new three-year financing facility of up to £80m that won’t expire until December 2025, as part of a trading update which also saw its group revenues surge 3.6% YOY. For the 26-week period ended 29 October 2022, the retailer’s ecommerce revenue also increased…
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