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 -7 July
Morrisons opens its first eco store
Morrisons has launched its first low environmental impact store in Little Clacton, Essex, which uses 43% less carbon, stocks 366 loose products to reduce plastic waste, and uses locally sourced products. Morrisons Little Clacton has recycled 99% of the demolition materials from its old store in the new build, and…
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7 July
Gap to launch in India amid Reliance Retail franchise deal
Gap Inc. has entered into a long-term franchise agreement with Reliance Retail Limited, India’s largest retailer, to bring Gap to India for the first time. Through the partnership, Reliance Retail has become the official retailer for Gap across all channels in India. Reliance Retail will introduce Gap’s latest fashion offerings…
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7 July
Ankorstore partners with Mary Portas
European curated marketplace, Ankorstore, has announced its brand partnership with retail expert and broadcaster, Mary Portas, in an effort to “advocate” for independent retailers and brands across Britain. This partnership is said to arm businesses with the tools and technology needed to thrive, while the brand’s platform has reportedly evolved…
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7 July
US Hedge fund giant builds 5% stake in Boohoo
Online fashion retailer Boohoo has seen its share price rise 3.7% as it disclosed that Citadel, one of the world’s largest hedge funds, has built up a 5% stake in the company. Its shares rose by 2p to 57p after US-based Citadel became its fifth-biggest backer in the company. According…
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7 July
Currys warns of ‘uncertain’ outlook despite profit rise
Currys has warned that its outlook for consumer spending is “uncertain”, despite reporting that pre-tax profits jumped 19% year-on-year from £156m to £186m for the year ended 30 April 2022. The financial year saw group store sales increase 24%, with 61% growth in the UK and Ireland, which is “higher…
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7 July
UK retail and hospitality to see £1.2bn boost during women’s Euros
The UK retail and hospitality sector are predicted to receive a £1.2bn boost during the Women’s UEFA 2022 European Championships (EURO 2022), according to new spending data by Voucher Codes. The competition is expected to bring 9.4m shoppers to retail stores across the whole competition, with a £898.2m predicted total…
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7 July
Watches of Switzerland hits ‘record’ sales of £1.24bn
Watches of Switzerland has delivered “record” sales in FY22, with revenues up 40% to £1.24bn in the year ending 1 May 2022, with UK revenue up by 36% to £810m. Adjusted EBITDA also jumped 54% to £162m as the group saw continued strong demand for luxury watches and luxury jewellery.…
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7 July
Brits urged to cut £15bn off their grocery shop
Brits could reportedly be spending a premium of £15.1bn a year for branded items in Big 4 supermarkets instead of Aldi’s exclusive own-label products, according to data from Kantar. When broken down, the £15.1bn a year works out to £45 a month, or £542 a year, that could be saved…
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7 July
Footfall set to remain below 2019 for foreseeable future
Footfall is set to remain below 2019 levels for the “foreseeable future” as the cost of living crisis deepens and working from home becomes a permanent fixture, according to the latest Footfall Monitor and Insights from Springboard. Springboard found that footfall strengthened for the third consecutive month in June, with…
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6 July
Chapel Down H1 revenues meet expectations amid expansion plans
Chapel Down, an English wine maker based near Tenterden, Kent, has reported its H1 revenues met management expectations as it is on course to double in size over the next five years. Chapel Down said the outlook for the rest of 2022 remains “positive” and expects margins to improve “resulting…
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