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 -5 July
Customer complaints costing UK retail more than £9bn
Customer complaints have reached an all-time high which has cost businesses more than £9.24bn a month in staff hours, according to the Institute of Customer Service. The Institute of Customer Service’s Customer Satisfaction Index (UKCSI) revealed that 17.3% of UK customers have experienced a product or service problem, the highest…
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5 July
Over one in five SMEs unable to access external finance, research finds
New research commissioned by Manx Financial Group has revealed that more than one in five (22%) small and medium sized enterprises (SMEs) that reportedly needed external finance over the last couple of years were unable to access it, while over a quarter (27%) have had to stop or pause an…
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5 July
Sainsbury’s sales fall as CEO warns pressure on budgets set to intensify
Sainsbury’s has revealed its first quarter like-for-like sales for the 16 weeks to 25 June 2022 fell 4% YOY as it warned the pressure on households budgets is only set to “intensify” over the remainder of the year. Despite the like-for-like figures, Sainsbury’s said it experienced good grocery performance, with…
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5 July
Seasalt abandons sale plans
Fashion chain Seasalt has abandoned plans to find a buyer, despite reportedly being close to agreeing a deal with Next, according to The Times. The company had hired advisors to explore sale options. Along with Next, investment firm Davidson Kempner were reportedly interested, but Seasalt decided to scrap the deal…
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5 July
Wickes and iSite partner to launch shoppable digital content
Wickes has partnered with iSite to launch a “unique” new home improvement space with over 130 online shoppable videos. The group said the recent launch and partnership reinforces the brand’s strategy to support project-based shopping. The new feature is said to be a “great solution” for customers, which merges content…
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5 July
Quiz returns to profit as revenues soar 97%
Quiz has welcomed a return to profitability in its full-year results as group revenue soared 97% year-on-year, with trade largely boosted by the end of social restrictions. Profit before tax hit £0.8m in the year ending 31 March 2022, up from an underlying loss of £9.6m in 2021, while EBITDA…
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5 July
Tesco launches £150m share buyback programme
Tesco has announced it has entered into an arrangement with HSBC Bank plc to repurchase shares on behalf of the company with an aggregate value of up to £150m, as part of its existing commitment to buy back a total of £750m worth of shares by April 2023. The arrangement…
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5 July
B&M welcomes Mike Schmidt as CFO
Budget retailer B&M has announced the appointment of Mike Schmidt as executive director and chief financial officer (CFO) of the Group. He will join the company no later than on the 3 January 2023. Schmidt is currently executive director and Group CFO of DFS Furniture plc, having been in that…
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5 July
The Very Group appoints CEO
The Very Group has appointed Lionel Desclée, the former president and CEO of Walmart Japan, as group CEO, effective 19 September 2022. He succeeds Henry Birch who will step down on 24 September 2022 after four and a half years in the role. Desclée has global experience across digital and…
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4 July
Grafton Group CEO to step down
Grafton Group plc has announced that Gavin Slark has informed the board of his intention to step down as chief executive officer later this year after 11 years in the role. Slark will reportedly continue in his roles as CEO and board director until stepping down from both roles on…
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