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 -21 November
Wilko in talks for £30m lifeline
Wilko is in talks to secure a £30m cash injection as cost pressures intensify in the run-up to Christmas, according to the Sunday Times. The news comes as the chain retailer was unable to agree to an extension of its revolving credit facility due to interest rate hikes. It employs…
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18 November
Marks and Spencer announces interim CFO
Marks and Spencer have announced that Jeremy Townsend is joining the business as Interim CFO on 22 November 2022. Following the announcement on 21 July 2022, M&S confirmed that Eoin Tonge will step down from the board on 9 December 2022. He will leave the business on 19th January 2023…
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18 November
UK consumer confidence rises to -44 in November
The consumer confidence index increased three points in November up to -44, but it still remains close to a historic low according to data from Growth from Knowledge (GFK). The overall index score has been steadily rising since September when it was -49. The score was -47 for October. However,…
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18 November
Primark continues US expansion with NY store
Primark has continued its US expansion with the opening of its first of three new stores in New York. The retailer has opened a new store in Roosevelt Field in Garden City with a further two sites set to open on Jamaica Avenue in Queens, and City Point in Brooklyn…
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18 November
October sales rise 0.6% but remain behind pre-Covid levels
The Office for National Statistics (ONS) reported that retail sales volumes rose by an estimated 0.6% in October, following a 1.5% drop in September, which the government body supposes was due to the additional bank holiday for the queen’s funeral. However, it is also reported that sales volumes dropped 2.4%…
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18 November
Job cuts will continue into 2023, warns Amazon CEO
Amazon has confirmed that further cuts to its workforce should be expected in 2023, as the group continues its annual operating planning review, following reports it was planning to cut up to 10,000 jobs. In an open letter to staff, CEO Andy Jassy said team leaders across the group were…
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18 November
Retail reacts: Gov has taken ‘first step to longer term reform’
The retail industry has welcomed chancellor Jeremy Hunt’s Autumn budget announcement, with the BRC saying it shows “the government has heard the concerns of retail”, despite the CBI adding it believes “businesses will think there’s more to be done on growth”. Jeremy Hunt unveiled his Autumn budget on November 17,…
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17 November
Chancellor freezes tax thresholds in Autumn statement
Chancellor Jeremy Hunt has announced a raft of measures to help “stabilise” the UK economy and reduce inflation, with tax cuts and spending cuts totalling £55bn in the Autumn statement. As part of the new measures, Hunt confirmed that tax as a percentage of GDP will rise by over 1%…
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17 November
AO expands fleet with 130 new delivery vans
Online electricals retailer AO has acquired 130 new home delivery vans from Fraikin, as part of an ongoing contract hire agreement. The retailer said it turned to drivers for recommendations on how to upgrade its current fleet, in recognition of the “integral part the crews play in its leading delivery…
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17 November
Uniqlo to open Covent Garden store
Uniqlo has announced it will open a new store in Covent Garden as it continues its expansion across the UK. The Covent Garden site will be its 17th store opening in the UK, following the Battersea Power Station store last month. It is located with entrances on Long Acre and…
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