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 -27 September
Frasers Group CEO to waive £1m salary
Frasers Group has confirmed that new CEO Michael Murray will waive his £1m base salary for the financial year ended 30 April 2023. It comes as the group is focusing on achieving an adjusted profit before tax of “at least” £500m in its next results. The group has also set…
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27 September
Boots former exec Gourlay in talks to join Holland & Barrett owner LetterOne
A former executive at the owner of Boots, Alex Gourlay, is reportedly in discussions to join the board of LetterOne, the Russia-linked vehicle which owns Holland and Barrett, according to Sky News. Gourlay stepped down as co-chief operating officer of Walgreens Boots Alliance earlier this year, and is in advanced…
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27 September
Matalan announces new CEO as sales process begins
Matalan has announced the appointment of Nigel Oddy as interim CEO of Matalan Retail Ltd as the company begins a strategic sales process, joining the business initially on an interim basis, with effect from 3 October 2022. Oddy has significant retail experience in senior leadership roles, most recently at New…
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27 September
Boohoo and Wilko cancel orders with suppliers amid slow sales
Boohoo has been cancelling and deferring orders from suppliers and Wilko has deferred payments to suppliers to protect its squeezed cash flow, according to The Times. It comes as Boohoo has faced a sharp slowdown in demand. Clothing suppliers in Leicester, who are under pressure themselves from soaring energy…
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27 September
Card Factory sales soars as high street business rebounds
Card Factory has welcomed revenue growth of 4.1% in its half-year results, following “good momentum within the business” as well as a “shift of customer spend back towards the high street and reversal of lockdown effects”. As customers returned to the high street, store revenue soared by 81.8% in the…
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26 September
Pound plunges to historic low
The pound has plummeted to an all-time low against the dollar following the sweeping tax cuts announced by chancellor Kwasi Kwarteng in last week’s mini-budget. At one point the pound plunged by nearly 5% to stand at $1.0327, its lowest point since Britain went decimal in 1971. It later recovered…
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26 September
Frasers makes mandatory offer for MySale
Frasers Group has made a mandatory cash offer for the entire issued and to be issued share capital of Australian online fashion discounter MySale, for shares which are not already owned by Frasers or any persons acting in concert with it, at a price of 2p per MySale share. Frasers…
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26 September
Footfall set to plummet in lead up to Christmas
Springboard has forecast that footfall across all UK retail destinations will decline on a month to month basis by -4.9% in September, by -2.5% in October and by -0.3% in November, but it will then increase from November to December by +6%. It predicts this period to eradicate the gains…
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26 September
Aldi doubles down on price promise to customers amid rising costs
Budget supermarket retailer, Aldi, has pledged to continue to provide the lowest grocery prices in the UK to help households “meet soaring living costs”. The news comes as the company is said to have attracted 1.5 million extra customers to its stores over the past 12 weeks as “squeezed” shoppers…
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26 September
Sainsbury’s property deal with LXi REIT falls through
Property investor LXi REIT has announced it is pulling out from a deal to buy 18 Sainsbury’s stores in southern England after suspending an equity funding, citing stock market volatility. LXi had last Wednesday (21 September) said it was in talks with the grocer to buy 18 supermarkets for £500m…
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