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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May- 2022 -20 May
Consumer confidence drops to lowest level since 1974
UK consumer confidence has fallen to its lowest level since records began in 1974, according to the latest figures from GfK’s long-running Consumer Confidence Index. For the month of May, the index decreased by a further two points to -40 as four of the five measures that make up the…
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19 May
The Great Resignation: Why the battle for talent sees retail staff come out on top
A new report by stakeholder intelligence firm alva has revealed the biggest winners and losers from the last three years when it comes to positive employer and employee sentiment in the UK. As the UK begins to climb out from the pandemic and find a new way forward, retail workers…
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19 May
Sainsbury’s and Deliveroo announce further UK expansion
Sainsbury’s and Deliveroo have expanded their partnership to cover additional locations across the UK, meaning Sainsbury’s products will reportedly be delivered to tens of thousands more households across the UK within 20 minutes. The new locations include Winchester, Marlow, Barking, Loughborough, Watford and Lancaster. The new stores build on Sainsbury’s…
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19 May
Under Armour CEO to step down
Under Armour has announced that Patrik Frisk is to step down as president and CEO and as a member of the board of directors, effective June 1, 2022. Under Armour said its board has initiated a “comprehensive internal and external search” process to identify a permanent President and CEO. Until…
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19 May
French Connection launches own rental service
Global retailer French Connection has become the first major fashion brand to launch an on-demand rental service for latest-season stock in the UK. French Connection Rental will allow customers to rent individual pieces from its current collection, and will not require a subscription. The service will be powered by rental-as-a-service…
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19 May
M&S warns chancellor of potential ‘damage’ of online sales tax
Marks and Spencer has penned a letter to the chancellor warning of the potential damage an online sales tax would have on the high street. It comes as the government’s consultation on whether to implement such a tax closes on Friday (20 May). The government said the idea behind the…
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19 May
Currys appoints Asos’ Ian Dyson as new chair
Currys plc has appointed Ian Dyson as chair of the board, effective 8 September 2022, succeeding Ian Livingston who will step down on the same date. Dyson will also join the company as a non-executive director on 1 September 2022. He is currently chair of Asos’ board, and is a…
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18 May
Watches of Switzerland hails record revenues of £1.23bn
The Watches of Switzerland Group has reported its group revenues surged 40% year-on-year from £905m to £1.23bn in the 53 weeks ending 1 May 2022 (FY22), marking a “record” year of revenue and profitability. All in all, UK revenues were up 36% to £810m and US revenues were up 48%…
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18 May
N Brown profits surge 46% to £43m
N Brown, the owner of high street brands Jacamo and Simply Be has revealed its profit before tax increased 46.6% to £43.1m for the full-year period ended 28 February 2022. The retailer posted the profit increase despite seeing revenues dip 1.8% reflecting a 0.6% reduction in product revenue and a…
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18 May
Midcounties Co-operative announces £1m investment in retail crime prevention
Your Co-op Food, part of The Midcounties Co-operative, has announced a £1m investment as part of its ongoing commitment to protecting its colleagues, stores and local communities by deterring retail crime. The measures include creating a dedicated Safe Stores team within the Society, and rolling out state-of-the-art technology in stores.…
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