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 -13 July
Household budgets continue to tighten amid rising inflation
Data from Barclaycard has revealed that spending on essential items increased 4.4%, which has been largely driven by a surge in fuel spend (up 24.8%) as petrol and diesel prices continued to climb. However, shopping at supermarkets and specialist food and drink stores saw year-on-year decreases of 0.8% and 1.1%…
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12 July
Matchesfashion appoints new CEO
Online luxury retailer, Matchesfashion, has announced the appointment of Nick Beighton as the company’s new chief executive officer. Beighton will take over from Paolo De Cesare who will hand over responsibilities this month, with Beighton taking his role at the start of August. Beighton joined Asos Plc in 2009 acting…
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12 July
Gap CEO steps down amid struggling sales
Gap Inc. has revealed that president and chief executive officer Sonia Syngal will step down from her position and from the company’s board, departing the company following a brief transition. Effective immediately, Gap confirmed Bob Martin, the company’s current executive chairman of the board, will serve as Gap Inc. president…
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12 July
Matalan revenues up 29% in Q1
Matalan has revealed that its total revenue for the 13 weeks to FY23 currently sits at £286.5m, which shows a 29% year-on-year increase compared to last year’s £221.8m. The company’s EBITDA post adoption of IFRS16 also reached £44.4m so far this year, showing an increase of £2.6m compared to £41.8m …
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12 July
Joe Browns appoints new CEO
Joe Browns, the home and fashion retailer, has announced that Peter Alecock will join its board as chief executive officer. He joins from JD Sports Fashion PLC where he held the role of chief operating officer of the retailer’s fashion division having worked for the company for 16 years. It…
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12 July
Sosandar revenues jumps 142% as losses narrow in FY22
Sosandar has seen its revenues rocket 142% to £29.5m in the year ended 31 march, 2022, in what it dubbed a “milestone year” for the group. This included three consecutive months of “record” revenue in September, October and November 2021, as the group welcomed an “exceptionally strong” financial performance, exceeding…
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11 July
Independent retailer Scamp & Dude opens flagship store
Scamp and Dude, an independent womenswear retailer, has opened its flagship store in Marlow High Street. The 1,569 sq ft store will be an immersive retail space to showcase the brands growing collection of “stylish and responsible womenswear”, and also a space to celebrate the power of community, from ongoing…
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11 July
Lush to further retail investment by £7.6m
Lush has revealed its plans for a retail investment increase of £7.6m, which is to be allocated to growing shops, relocations and redesigns across the UK, Ireland and Europe. The news follows after the British cosmetics company agreed last week on a new 15-year lease on 98 Buchanan Street, in…
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11 July
Joules appoints KPMG to help boost profitability
Outdoor fashion and lifestyle retailer Joules has appointed ‘Big Four’ accounting firm KPMG to improve its cash position in the face of turbulent economic conditions due to the cost of living crisis. According to reports from The Sunday Times, Joules has called in advisors from KPMG’s debt advisory practice to…
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11 July
Apple’s UK stores paid only £800k in tax
Apple’s UK retail division paid only £796,000 in tax last year after it made large payouts to its employees through a stock option scheme, The Times has reported. The tech giant’s UK retail arm, which covers 38 retail shops, made pre-tax profits of £38.2m on sales of £971.5m in the…
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