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.
-
Apr- 2022 -20 April
Missguided CEO steps down as advisory firm brought in
Missguided’s founder, Nitin Passi, is set to step down from his role as chief executive officer (CEO) after the womenswear retailer appointed Teneo, an advisory firm, to explore “strategic options” for its future. However, Passi will remain on Missguided’s holding company board to represent his family’s ongoing stake in the…
Read More » -
20 April
Naked Wines to meet expectations as sales rise
Naked Wines has revealed its full-year results are set to meet its expectations after strong customer retention saw its sales increase 5% YOY. In the update for the fiscal year ended 28 March 2022, it added that sales on a two-year basis increased 77% constant currency vs continuing operations in…
Read More » -
20 April
Footfall rises in lead up to Easter, but drops during weekend
Footfall during the period from Monday (11 April) to Thursday (14 April) leading up to Easter rose from the week before by an average of +15%, with a rise of +21.9% on Thursday and +27.3% in UK high streets, according to retail experts Springboard. However, across Easter weekend itself (Friday…
Read More » -
20 April
M&S’ Oxford Street demolition blocked by Government
Marks and Spencer’s (M&S) plans for the demolition of its Marble Arch flagship on Oxford Street has been paused by Michael Gove so that ministers can scrutinise the plans. According to the Evening Standard, the communities secretary blocked the plans using an Article 31 holding direction, meaning the local authority…
Read More » -
20 April
Retailers indicate ‘overwhelming support’ for online sales tax
Retailers have given “overwhelming support” to the introduction of a form of online sales tax to take the pressure off business rates, according to a recent snap survey by Colliers. It revealed 89% of respondents were in favour of the new tax with only 11% in disagreement. The survey was…
Read More » -
20 April
Landsec launches new lease offering for retail brands
Landsec has launched a new lease offering for retail brands today (20 February), amid the “rapidly evolving needs” of traditional retailers and a rise in demand from digital natives. The new offering is set to provide more flexible lease options for both retail and leisure brands. The new leases range…
Read More » -
19 April
Sosandar appoints independent non-executive director
Sosandar, the online women’s fashion brand, has announced the appointment of Jon Wragg as an independent non-executive director with immediate effect. Wragg is a senior executive with experience in driving growth in consumer businesses through digital channels. He has worked with global brands across different product categories, with experience in…
Read More » -
19 April
Next partners with finance firms to acquire Jojo Maman Bebe
Next has partnered with a group of finance firms headed by Davidson Kemper to acquire babywear retailer Jojo Maman Bebe for an undisclosed sum. According to BBC News, the deal will see Next acquire a 44% stake in the company with the remaining 56% to be managed by the finance…
Read More » -
19 April
Government to force landlords to let out shops vacant for over 6 months
Landlords will be forced to let out empty shops that have been vacant for more than six months under new Government plans to “revitalise” the high street, according to The Daily Mail. It revealed the plans will allow community groups and small businesses to take over boarded-up stores in a…
Read More » -
19 April
Brunello Cucinelli sees revenues rise 16.7% in Q1
Brunello Cucinelli has announced its net revenues have risen 16.7% at constant exchange rates to €196.9m (£163.1m) in Q1 2022 compared to the first quarter of 2021. Compared to Q1 2019, the year preceding the start of the pandemic, growth is +22.8%, with the fashion retailer outlining “significant” double-digit increases…
Read More »
