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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Aug- 2021 -31 August
Abercrombie announces ESG senior VP appointment
Global apparel and accessories retailer Abercrombie and Fitch Co has announced the appointment of Michael Lopez as senior VP for environmental, social, and governance (ESG). In what is a newly created role at the firm, Lopez will be tasked with leading Abercrombie’s sustainability, community giving, inclusion, and diversity initiatives. Lopez…
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31 August
Zalando unveils over 50 new brand partners
Zalando has announced that it is expanding its designer category, by signing with over 50 brands and partnering with designer Not Just a Label (NJAL). New brand partners include Missoni, Christopher Kane, 032C and Mansur Gavriel, among others, connecting them to 45m customers across the UK and Europe. As of…
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31 August
Issa brothers plan to open 300 Asda convenience stores
Asda’s new owners, the Issa brothers’ are reportedly planning to open more than 300 convenience stores under the supermarket’s name across their EG Group forecourts. According to The Times, the pair are looking to roll out the concept after they previously launched five ‘Asda on the Move’ stores as a…
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31 August
Sainsbury’s mulls sale of banking arm to Centerbridge
J Sainsbury is reportedly mulling the sale of its banking arm to US-based private equity firm Centerbridge Partners for a deal worth approximately £200m. According to Sky News, the supermarket chain is “within weeks” of reaching an agreement with Centerbridge almost one year after commencing the auction of the business.…
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27 August
Contactless limit to hit £100 in October
The Government is set to raise the contactless card spending limit from £45 to £100 from 15 October 2021. Initial plans for the change were first announced in March’s budget announcement, and follow the increase from £30 to its current level at the start of the pandemic. The decision has…
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27 August
Gap acquires ecommerce startup Drapr
Gap Inc. has acquired Drapr, an ecommerce startup and online application based on technology that enables customers to quickly create 3D avatars and virtually try on clothing. The group said it will utilise the technology for its customers in a move aimed at boosting its digital transformation. Drapr was founded…
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27 August
Man charged with food contamination at London grocery stores
A 37-year old man has been charged with contaminating or interfering with goods with intent at three supermarkets in West London. Leoaai Elghareeb, from Fulham, will appear at Westminster Magistrates’ Court today (27 August). Police said the charges relate to an incident which occured on the evening of Wednesday 25…
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27 August
Number of UK department stores falls 83% in five years
The number of department stores in the UK has plummeted 83% since the collapse of BHS in 2016. According to the BBC, this underlines the “upheaval” of the high street following changes to shopping habits that have been accelerated by the pandemic. The latest figure comes from new research by…
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27 August
EG Group revenues soar 57.7% in Q2
Blackburn-based retail giant EG Group saw total revenues soar 57.7% year-on-year to $6.51bn (£4.75m) in Q2 FY21. The new Asda owner also reported a 23.7% growth in group EBITDA, up from $307m (£224m) in Q2 FY20 to $380m (£277m) this year. The Issa brothers’ global company continued to gain the…
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26 August
Tesco partnership saved more than five million meals from waste
Tesco has announced that due to its new partnership with food sharing app Olio, more than five million meals have been saved from going to waste in the past year. In August last year Tesco became the first supermarket to partner with Olio to provide unsold surplus food fit for…
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