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 -5 September
Matalan eyes sale as inflation dents business
Matalan is reportedly eyeing a potential sale of the discount chain ahead of a looming refinancing deadline, as the business has been hit by rising inflation and weaker consumer demand. According to The Sunday Times, founder John Hargreaves is working alongside financial advisors at Lazard to either secure a potential…
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5 September
Waitrose admits to contract clauses which blocked rivals from opening stores
Waitrose has admitted to signing land agreements which included clauses that prevented rival supermarkets from setting up new stores near its own sites, the Competition and Markets Authority (CMA) has found. Waitrose has admitted to a total of seven breaches of the Groceries Market Investigation (Controlled Land) Order 2010 between…
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5 September
Ted Baker sees revenues increase amid stronger store sales
Ted Baker Group has revealed that its revenues for the 14-week period to 29 July 2022 was up 3.4% compared with Q2 FY22, but down 28.3% compared with Q2 FY20. According to the retailer, this was led by “stronger in-store performance, partially offset by continued disruption from re-platforming adversely affecting…
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5 September
Iceland boss halts store openings amid cost-of-living crisis
Iceland has reportedly contacted No 10 directly with a plea to prepare an “immediate and radical” cost-of-living package, according to The Guardian, as the retailer has been forced to stall the openings of new stores in light of the rise in energy costs. The news comes as the proportion of…
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2 September
EG Group profits hit by cost-of-living crisis in Q2
The Issa brothers-owned EG Group has seen its profits slump in Q2, as earnings fell by 6.5% to $355m (£307m) year-on-year amid “ongoing inflationary and cost of living pressures on customer behaviour”. Despite this, total revenues were up by 18.4% to $7.9bn (£6.8bn) on a like-by-like basis. The uptick in…
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2 September
Not On The High Street appoints Leanne Rothwell as CEO
Not On The High Street has announced its chief commercial officer Leanne Rothwell is to succeed Claire Davenport as its CEO. Davenport is set to step down as CEO of Not On The High Street after three years leading the company. Rothwell will step into the role of CEO starting…
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2 September
Zahawi draws up multi-billion pound tax cut package for businesses
Chancellor Nadhim Zahawi has reportedly drawn up plans for a multi-billion pound tax cut package to help businesses amid rising energy costs. According to The Times, the chancellor said the government could “learn a lesson” from the pandemic by introducing targeted reductions in VAT and business rates to help both…
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2 September
Lululemon lifts FY22 outlook as profits hit $7.86bn
Lululemon has raised its FY22 outlook, with revenues expected to be in the range of $7.86bn (£6.8bn) to $7.94bn (£6.87bn), representing a three-year annual growth rate of 26%. Revenues for Q3 are also expected to be in the range of $1.78bn (£1.54bn) to $1.8bn (£1.56bn), representing a three-year annual growth…
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2 September
Motatos raises €38m to fund UK expansion
Discount supermarket Motatos has announced it has raised €38m (£33m) through a new share issue to existing shareholders. The financing round was jointly led by Exor Capital and the company’s largest owner, SEB Private Equity. The new funds will be used to accelerate growth in Motatos’ key markets of Germany…
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1 September
Battersea Power Station confirms 14 October opening date
Battersea Power Station has confirmed it will open its doors to the public for the first time from Friday 14 October 2022. Electric Boulevard, a new pedestrianised high street, which runs from the south of the Power Station, between Frank Gehry’s Prospect Place and Foster + Partners’ Battersea Roof Gardens…
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