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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Oct- 2022 -26 October
M&S warns it will close Oxford Street store if rebuild plans are blocked
Marks and Spencer has warned an inquiry it will close its Oxford Street location if its plans to demolish and rebuild the property are refused, according to the BBC. M&S’s scheme to rebuild the site featuring new offices, a gym and a cafe have faced opposition from campaigners who argue…
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26 October
Virgin Wines posts profit upturn as it warns of oncoming crisis
Virgin Wines has said that its profits before tax rose to £5.1m for the year ended 1 July 2022, up from £1.7m in 2021. While group revenues fell year-on-year from £73.6m to £69.2m, it remains 63% above pre-pandemic levels three years ago. Meanwhile the group’s cash balance was down from…
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26 October
Adidas and Gap end ties with Kanye West amid anti-semitic rant
Adidas has ended its working partnership with rapper Kanye West, saying it “does not tolerate antisemitism”, after West published offensive posts on his Instagram and Twitter accounts. The German footwear brand will end production of items under West’s Yeezy brand, as well as stop all payments to the musician and…
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26 October
Made.com rescue talks collapse
Made.com has edged closer to collapse after rescue talks for the group fell through. Having invited a “select” number of parties to submit firm offers by the end of the month, the group said the potential buyers have since confirmed they were “unable to meet the necessary timetable”. In light…
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25 October
Nothing to open first retail store in Soho
Carl Pei’s challenger-technology brand, Nothing, has announced it is opening its first ever retail store, aimed at being “a physical expression of everything the business stands for”. Opening before Christmas 2022, the Nothing Store will sit in the heart of Soho, carrying all Nothing devices, including the yet to launch…
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25 October
Footfall falls 2.3% amid falling incomes and political uncertainty
Footfall across UK retail destinations declined by -2.3% last week from the week before, with drops in all three key destination types – -3.3% in high streets, -1.5% in retail parks and -0.7% in shopping centres, according to the latest data from Springboard. Springboard said this indicates “consumer nervousness” as…
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25 October
THG welcomes resilient Q3 and maintains FY guidance
THG has welcomed a “resilient” Q3 as revenues grew by 2.1% in the quarter ended 30 September, while THG Beauty and THG Nutrition reported growth of 4.9% and 2.9%, respectively. It comes as consumer behaviour during the third quarter remained “stable and consistent” despite current economic uncertainties, according to the…
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25 October
Superdrug xmas sales surge 219%
Superdrug has reported a 219% year-on-year rise in Christmas gift sales as shoppers have started to stock up early. Looking ahead, Superdrug expects that money-saving beauty bundles will feature “heavily” amongst the retailers’ bestsellers as consumers seek value amidst the rising cost of living. Beauty tools and brush kits, as…
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25 October
Very revenues top pre-pandemic levels in FY22
The digital retail operator of Very and Littlewoods, The Very Group, has revealed that its FY22 revenue has surpassed pre-pandemic levels, with Very revenue up by 12.6% and group revenue up by 4.8% against FY20. However, compared to its “best-ever” year in FY21, Very’s full-year revenue dipped by 4% to…
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25 October
Shoe Zone celebrates positive year
Shoe Zone has revealed that its adjusted profit before tax is expected to be no less than £11m for the year ended 1 October 2022, up from £9.5m in the previous year. Group revenue also increased by 31.2% to £156.2m, up from £119.1m a year earlier. This was boosted by…
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