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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Apr- 2022 -22 April
Consumer confidence in freefall, says GfK
UK consumer confidence was in “freefall” during April according to the longstanding GfK Consumer Confidence Index. Its index decreased seven points to -38 in April, with all five measures down in comparison to the 25 March announcement. The index measuring changes in personal finances over the last 12 months decreased…
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22 April
EG to deliver 32,000 jobs globally amid foodservice expansion
EG Group has announced plans to create more than 32,000 jobs globally over a five-year period. According to the group it will be driven by a “sustained investment” in its foodservice business. To supplement this expansion strategy, EG has added to the pay and benefits colleagues receive and this month…
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22 April
Gap CEO to lead Old Navy brand as Nancy Green departs
Gap Inc. has announced Old Navy president and CEO Nancy Green is stepping down from her role with immediate effect. It revealed that while an external search is underway, Gap chief executive officer Sonia Syngal will work closely with the Old Navy team to lead through this transition until a…
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22 April
B&M CEO to step down after 17 years
B&M has announced that Simon Arora, the chief executive officer (CEO) and director of the company, will retire from his role after over 17 years leading the business. Arora will exit in 12 months’ time, and B&M said that over the coming year, he will remain “fully committed” to the…
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22 April
Retail sales tumble amid cost of living crisis
Retail sales fell by 1.4% last month as consumers reduced their spending amid the cost of living crisis. This marked a much steeper decline than the fall of 0.5% reported in February 2022, revised from a previous fall of 0.3%. According to the Office for National Statistics (ONS), the biggest…
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21 April
Hugo Boss to launch premium resale platform
Hugo Boss is set to launch its premium resale platform in the third quarter of 2022 where customers can buy pre-owned items. It will first be launched in France, with the platform planned to expand to Germany, the UK, and the US in 2025. The platform, ‘Hugo Boss Pre-Loved’ will…
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21 April
Zoa Rental continues growth with launch of two new rental brands
Zoa Rental has announced the launch of two new female-fashion brands, DCEY and Cloan, for its Spring/Summer 22 season. Zoa Rental, a UK based rental-as-a-service provider, launched in 2021 it now powers 7 UK rental services with more launches expected imminently. DCEY is Turkey’s leading fashion rental platform, and now…
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21 April
THG rebuffs ‘unacceptable’ takeover proposals as revenues hit £2.2bn
The Hut Group (THG) has recorded “record” revenue growth of 38.1% year-on-year from £1.6bn to £2.2bn in the full year ended 31 December 2021 (FY21), driven by organic growth in all divisions and supplemented by the contribution from acquired businesses. According to its latest trading update, The Hut Group has…
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21 April
Pepco Group H1 revenues surge 17.5%
Poundland owner Pepco Group has reported first half revenues of €2.3bn (£1.9bn), up 17.5% from the previous year, and has also vowed to protect prices for consumers in the face of the rising cost of living. According to its second trading quarter and first half ending 31 March 2021, the…
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21 April
Card Factory agrees on revised £150m refinancing
Card Factory has confirmed it has completed a £150m refinancing of the group, as it continues to take action to reduce its £79m debt. The financing includes a £100m revolving credit facility (RCF), which is available until September 2025; a £11.25m term loan facility; a £18.75m term loan facility, to…
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