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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Sep- 2022 -12 September
BoE delays interest rates decision
The Bank of England (BoE) has delayed its interest rates decision for one week, following the death of Queen Elizabeth II. The meeting of the Monetary Policy Committee, which was expected to further raise interest rates, is now expected to be held at 12pm on 22 September, in light of…
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12 September
Mike Ashley to launch legal action over Debenhams collapse
Frasers Group’s Mike Ashley has reportedly escalated a legal battle with FRP Advisory over the collapse of Debenhams. According to the Mail on Sunday, the entrepreneur is taking legal action against the advisory firm after his £180m stake in the department store chain became worthless following its collapse in 2020. …
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12 September
DFS announces new chair
DFS Furniture has announced that Steve Johnson will succeed Ian Durant as chair at the conclusion of the annual general meeting on 4 November 2022. Johnson joined the board in December 2018 and is currently the chair of the remuneration committee. He has retail experience having previously held several senior…
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12 September
Boots appoints ex-Asda COO as retail director
Boots has appointed Asda’s former chief operating officer Anthony Hemmerdinger as its executive retail director, according to Retail Week. Hemmerdinger will be in charge of Boots’ retail operations, including the running of its 2,000-strong store estate and he will report to Boots managing director Seb James. This marks Hemmerdinger’s first…
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12 September
Wilko restructures rent payments ahead of Christmas
The discount retailer, Wilko, is reportedly making changes to its rent payment schedule, according to The Sunday Times, as the brand looks to “conserve cash” in the run-up to Christmas. The news comes as retailers are experiencing unprecedented cost pressures, with Wilko citing supply-chain volatility and inflation as major concerns.…
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9 September
The Entertainer to partner with Tesco
Toy retailer, The Entertainer, has announced a partnership with Tesco to open branded concessions in around 35 Tesco stores across the country. The trial partnership will offer Tesco customers the chance to shop The Entertainer’s range of products from leading brands such as Barbie, Lego, Marvel and Paw Patrol. Gary…
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9 September
AO.com appoints former Pets at Home CEO as NED
AO World has announced it has appointed Peter Pritchard as an independent non-executive director of the company and a member of both the Audit Committee and Remuneration Committee with effect from 1 October 2022. Pritchard was until recently CEO at Pets at Home plc, leading its transformation into the UK’s…
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9 September
Selfridges to shut today as retailers pay tribute to Queen
Selfridges has announced that its stores in London, Manchester and Birmingham will remain closed today (9 September) as a mark of respect for Queen Elizabeth II, who passed away yesterday at the age of 96. The retailer acknowledged the temporary closure on its social media pages, alongside a statement that…
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9 September
UK workers face £2,000 hit to real wages
UK workers are facing a £2,000 hit to their real wages by the end of 2022 as the UK economy confronts a “highly volatile and uncertain” inflationary outlook, according to the latest PwC Economic Outlook. PwC expects that the UK will likely report growth of between 3.6% in the “mild…
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9 September
Asos hit by weak August sales as inflation weighs on shoppers
Asos has cautioned over profits after sales fell below expectations in August as it warned consumers may be reducing their spending due to the cost of living crisis. The online fashion giant said it saw “good growth” in June and July and expects total sales for the year ended August…
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