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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Aug- 2022 -22 August
Next increases stake in Reiss to 51%
Next has reportedly upped its stake in Reiss to 51%, having previously acquired a 25% equity stake in Reiss back in March 2021, which was valued at around £200m, as part of a long-term, “strategic” partnership. It is reported that Next would’ve had an option to acquire an additional 26%…
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22 August
Hargreaves enters new fight with lenders to secure Matalan’s future
John Hargreaves, the founder of Matalan, is preparing for a new fight with its lenders over its ownership ahead of a deadline for refinancing £350m in debt, according to Sky News. Hargreaves reinstated himself as chairman of Matalan last month, and has since injected tens of millions of pounds into…
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22 August
Foot Locker CEO announces retirement
Foot Locker, the New York-based athletic retailer, has announced that Richard Johnson will retire as president and chief executive officer (CEO), effective 1 September 2022. Mary Dillon, former executive chair and CEO of Ulta Beauty, will take over Johnson’s role as president and CEO and a member of the Foot…
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19 August
Retail sales improve slightly in July
Retail sales volumes rose by 0.3% in July 2022 following a fall of 0.2% in June 2022, according to the latest data from the Office for national Statistics (ONS). Sales volumes were 2.3% above their pre-coronavirus (COVID-19) February 2020 levels, but down over the past year. Looking more broadly, in…
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19 August
TK Maxx owner’s sales hit by ‘historical’ inflation
TK Maxx owner, The TJX Companies, has revealed net sales for the second quarter of Fiscal 2023 ended July 30 2022 decreased 2% to $11.8bn (£9.9bn). It comes as US sales fell by 3.2% to $9.1bn (£7.5bn), Europe and Australia net sales dropped 1.5% to $1.5bn (£1.24bn), while Canada net…
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19 August
Central Group and Signa Holdings complete Selfridges acquisition
Central Group and Signa Holding have completed the acquisition of Selfridges Group from the Weston Family in a deal that is thought to be worth around £4bn. Following the news of the acquisition in December 2021, Selfridges Group portfolio, which comprises 18 stores under four banners in three countries, namely…
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19 August
Consumer confidence hits record low of -44 in August
Acute concerns amid the soaring cost of living and bleak economic prospects saw GfK’s long-running Consumer Confidence Index fall by three points to -44 in August, the lowest since records began in 1974. It is reported that all five measures of the index were down in comparison to the 22…
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19 August
Joules faces FY loss as summer sales suffer
Joules has warned that it expects to deliver a full-year loss that is “significantly” below market expectations in its next financial results, amid rising inflation and weak trading in recent weeks. Over the five weeks to 14 August, since its last trading update in July, the group noted trading has…
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18 August
B&M names former KPMG-head as non-executive director
B&M has appointed Oliver Tant as a non-executive director, effective 1 November 2022, and he will succeed Ron McMillan as chair of the Audit and Risk Committee at the conclusion of the Company’s AGM in July 2023. The appointment is subject to shareholder approval, and by this time, McMillan will…
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18 August
Frasers makes cash offer for MySale
Mike Ashley’s Frasers Group has made a cash offer to acquire a 100% stake in Australian online marketplace MySale for 2p per share. The offer values the entire issued and to be issued share capital of MySale not currently held by Frasers Group at approximately £13.6m. On 29 June 2022,…
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