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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Jul- 2022 -27 July
JD Sports eyes former B&Q executive as CEO
The Lancashire-based sportswear retailer, JD Sports, is reportedly close to finalising the appointment of Regis Schults as the company’s new chief executive officer, according to Sky News. Schults is the former executive at the DIY retailer B&Q, having held “several” senior jobs at B&Q. His credentials also include running Monoprix,…
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27 July
THG and SoftBank abandon plans for £1.6bn investment
THG has announced the proposed £1.6bn investment for SoftBank into the company has been terminated with immediate effect. SB Management, a division of SoftBank, took the option to buy a 19.9% holding in THG Ingenuity, the retailer’s technology platform, last May. However, The retailer said that “in light of global…
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26 July
Shoezone ups profit guidance amid ‘better than expected’ trading
Shoe Zone has announced “stronger than expected” trading in its latest update detailing the figures since 29 June, with the company now expecting adjusted profit before tax for FY 2022 to be not less than £9.5m. It said the upturn was due to “higher than expected demand for summer products,…
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26 July
Matalan founder returns as chairman
Matalan has announced that its founder, John Hargreaves, will return to the company as chairman, effective immediately. In this role, Hargreaves replaces Steve Johnson, the Matalan’s executive chair, who is stepping down from the board. Johnson first joined the business as non-executive chair, and he agreed to step into an…
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26 July
Summer heatwave and alfresco dining help lift July supermarket sales
Grocery sales at UK supermarkets surged +4.4% in the last four weeks ending 16 July, with sales rising to +5.6% during the final week as inflation, coupled with the start of the summer heatwave, encouraged shoppers to spend more. That is according to data from NielsenIQ, which revealed that over…
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26 July
Wickes downgrades outlook despite strong Q2 sales
Wickes has downgraded its full-year outlook after signs of “softening” in DIY and DIFM markets in recent weeks, despite the company’s LFL sales growing by 5.4% in its second quarter. According to the group, trading in recent weeks suggests customers are reacting to the uncertain macroeconomic backdrop as the brand…
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26 July
The Very Group poaches Metro Bank CMO
The Very Group has appointed Jessica Myers as its new chief marketing officer (CMO), who assumes the role on 3 October 2022. Myers joins Very from Metro Bank, where she built and led the company’s first ever brand and marketing function and was a member of the executive committee. Having…
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26 July
Swiss investment firm acquires Henri-Lloyd
Odlo International AG, a Swiss performance brand in Monte Rosa Capital’s portfolio, has announced the acquisition of Henri-Lloyd, the 60-year-old British sailing brand, for an undisclosed sum. Henri-Lloyd is a British clothing brand that specialises in sailing apparel and fashion for men and women. Odlo is a specialist sport and…
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25 July
Co-op to axe 400 office jobs amid ‘tough’ trading environment
The Cooperative Group (Co-op) has announced that it will make 400 roles redundant at its head office in Manchester, amid the company’s plans to “simplify” its approach to business due to a “tough” trading environment, including rising inflation. The redundancies include closed vacancies, redeployment, and the creation of new roles…
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25 July
Retail accounts for 10% of UK administrations in 2022, study finds
The retail sector accounted for 10% of administrations in the first six months of the year – the third highest industry in the UK – according to analysis by full-service law firm Shakespeare Martineau. It found more than 620 businesses, 62 of which came from the retail industry, filed for…
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