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 -8 April
Co-op profits drop 57% amid food supply disruptions
The Co-op Group has reported its underlying profits dropped 57% year-on-year in FY21 from £235m to £100m, marking a loss of £32m amid reduced availability of certain products in the group’s food stores following the effect of Covid on global supply chains. Pre-tax profits also fell 55% from £127m in…
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8 April
TM Lewin lender to rescue brand from administration
An investment vehicle owned by Petra Group has reportedly reached a deal to acquire TM Lewin after it collapsed into administration for the second time last month. According to Sky News, the lender to TM Lewin reached an agreement with Interpath Advisory to buy out the menswear brand, with sources…
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7 April
Boots launches Price Advantage scheme online
Boots has extended its Price Advantage scheme by making it available to customers online, after having originally launched in stores in January. The scheme initially offered 150 products in stores when it was launched, but now it has been expanded to include over 300 additional products across categories including beauty,…
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7 April
Gymshark prepares restructure of international arm, 121 jobs at risk
Sportswear retailer Gymshark is set to restructure its international business which could place up to 121 jobs at risk. According to Drapers, who were first to report the news, Gymshark said the restructuring is designed to put it in the best position to expand globally and ensure its strategies were…
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7 April
Springboard warns of ‘calm before the storm’ as March footfall improves
Footfall strengthened noticeably in March to -15.3% below 2019, a bounce from -20.7% in February 2022, according to Springboard. Footfall improved in all three destination types, but high streets “particularly” benefited with an improvement of around a third to -17.4% below 2019 from -26.2% in February, overtaking shopping centres where…
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7 April
Asda distribution workers vote for strike action amid sick pay dispute
The GMB Union has announced that thousands of Asda distribution workers have begun an consultative vote on industrial action over proposed cuts to sick pay and a real terms pay cut. It said bosses are trying to “force” through a pay deal which would see workers lose sick pay entitlement…
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7 April
Waitrose expands nationwide partnership with Deliveroo
Waitrose has announced it is expanding its partnership with Deliveroo by adding over 70 new Waitrose locations by the summer in a bid to meet “strong” customer demand for grocery delivery. The next phase of expansion means that for the first time, Waitrose will be available on Deliveroo in almost…
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7 April
Ikea and H&M join forces for new creative programme
Ikea and H&M have joined forces to launch a new design venture for creatives that is set to pilot in London next month. Atelier100 is described as a “unique incubator programme” that aims to provide mentorship and inspiration to creators to help them create “commercially viable products”, and will launch…
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6 April
Farfetch agrees Neiman Marcus partnership amid £152m investment
Farfetch Limited and the Neiman Marcus Group (NMG) have announced a global strategic partnership which will see Farfetch make a minority common equity investment of up to $200m (£152.75m) into NMG. Through this agreement, NMG will utilise the Farfetch Platform Solutions (FPS) to re-platform the Bergdorf Goodman website and mobile…
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6 April
M&S becomes first major high street brand to join Dotte resale
M&S Kidswear has announced it has become the first major UK high street retailer to trial the fully circular kidswear peer-to-peer marketplace where parents can buy, sell, donate, and recycle outgrown kidswear – Dotte. Founded in 2020 by Louise Weiss and Samantha Valentine, Dotte seeks to address the “challenges parents…
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