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 -24 October
Rishi Sunak to become next PM
Rishi Sunak is set to become the next leader of the Conservative party and the UK prime minister after becoming the sole candidate to surpass the threshold of 100 votes. Penny Mordaunt announced she was withdrawing from the race only minutes before the nominations deadline at 14:00 BST today (24…
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24 October
Frasers acquires stake in Asos
Mike Ashley’s Frasers Group has reportedly snapped up a stake in embattled online retailer Asos. Frasers notified Asos it had become a “significant” shareholder late on Friday of last week (21 October). It is believed the move will make Frasers the fourth biggest shareholder at around 5% but still significantly…
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24 October
Lenders prepare to take control of Matalan as bid deadline hits
Lenders are reportedly preparing to take control of Matalan after the deadline for its rescue bids was hit last Friday (21 October). According to The Telegraph, the bondholders who are owed £350m by Matalan “effectively control the business” after it failed to refinance the debts earlier this year. The Telegraph…
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24 October
Boots to recruit 10,000 workers over Christmas
Boots has announced a recruitment dive for over 10,000 seasonal roles in its stores, warehouses and operations in a bid to support demand for the festive period. The roles will be available across retail, warehousing and operations to cater to all job-seekers looking for work in the run up to…
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24 October
Morrisons begins plans to sell and lease back five supermarkets
CD&R, Morrisons’ parent company, is reportedly looking to sell and lease back five of the supermarket brand’s stores in a bid to raise cash as a result of uncertain economic conditions. The news follows an announcement earlier this month that Morrisons was set to be hit by £95m in borrowing…
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21 October
Zara to launch resale and repair service
Fashion retailer Zara is set to launch ‘Zara Pre-Owned’ in the UK, an integrated platform available through its stores, website and mobile app on 3 November for repair, resale and donation services. It is reported that this platform aims to help customers make more sustainable decisions with their used clothing…
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21 October
Retail sales fall below pre-pandemic levels
Retail sales volumes fell by 1.4% in September 2022, making them 1.3% below pre-coronavirus (Covid-19) February 2020 levels. According to the latest data from the ONS, while retailers continue to mention the effect of rising prices and the cost of living on sales volumes, they were also affected by the…
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21 October
Wickes reports stable Q3 trading but warns of energy costs
Wickes has reported stable trading in its third quarter, with sales rising by 2.6% against the 0.8% growth reported for the first half, but has warned of rising energy costs in FY23. As trading stabilised in the period, sales were flat on a one year basis, but remained 27.3% ahead…
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21 October
ProCook revenues fall 9.1% in Q2
ProCook has reported revenues of £15.9m in Q2, a 9.1% drop year-on-year, yet still 110.4% higher on a like-for-like basis compared to pre-pandemic FY20, for the 16 weeks ended 16 October 2022. The group’s first half revenue of £27.4m, a 14.8% year-on-year decrease, was reportedly due to the annualisation of…
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20 October
Frasers Group pledges to go fur-free
Frasers Group, owner of House of Fraser, Flannels and Sports Direct, has announced it has immediately informed its suppliers it will stop purchasing fur products, a move that will take effect on shop shelves this coming season (Autumn/Winter 2023). The global commitment was announced by Frasers Group chief executive Michael…
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