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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Jun- 2021 -15 June
BNPL spending to reach $1trn by 2026
Global spending through buy-now-pay-later schemes is set to reach $995bn (£705bn) by 2026, up from $266bn (£188bn) in 2021, according to a new study from Juniper Research. The 274% growth will reportedly be fuelled by a “greater appetite” from users for credit to spread costs when purchasing, especially as the…
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14 June
UK Flooring Direct appoints new CCO
UK Flooring Direct has announced the appointment of Elia Green as the new chief commercial officer (CCO). Green was originally appointed head of marketing campaigns in April 2019 and since then has achieved three promotions, from commercial director to now taking a place on the company board. The retailer is…
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14 June
Cox & Cox invests in consumer protection as sales soar
Homeware retailer Cox and Cox has joined the Furniture and Home Improvement Ombudsman (FHIO) amid reported sales growth of 74.5% year on year for the period ending January 2021. Cox and Cox said the decision comes as it aims to demonstrate its “ongoing commitment to raising standards and promoting consumer…
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14 June
Primark to extend Luton site
Primark is set to extend and refurbish its store at The Mall, Luton. As part of the build, the site will be extended by almost 40% and the entire space will be refurbished to reflect Primark’s “latest shop fit and design”. The refurbishment, which will be completed this coming winter,…
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14 June
UK auction house launches new online store
John Pye, the leading UK auction house, has announced the launch of its brand-new online store. The John Pye Luxury Shop will be part of the business’ new diversification model and will allow its customers to purchase “one-of-a-kind items” from luxury designers. Recently, the auctioneer expanded into Northern Ireland with…
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14 June
Amara appoints new COO
Amara, an interior online retailer, has announced that Mark Higgins has been appointed to the newly created position of chief operations officer (COO). Having spent 24 years at Charles Tyrwhitt, he has since been consulting for several businesses, helping build and develop operations, infrastructure and customer service. At his new…
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14 June
Ted Baker losses widen to £60m
Ted Baker has announced that group revenue plummeted 44.2% to £352m in the year ended 30 January 2021, as the group was impacted by ongoing Covid restrictions. The fashion group’s losses widened to £59.2m, down from a profit of £4.8m the prior year, primarily driven by lower revenue levels but…
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11 June
Bira calls for extension of Gov’s TCR scheme
The British Independent Retailers Association (Bira) is calling for an extension in the government’s Trade Credit Reinsurance (TCR) scheme. CEO of Bira, Andrew Goodacre said the removal of the scheme as planned on June 30, 2021, could “not come at a worse time for independent retailers”. In May, the government…
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11 June
Asda sales climb 7.3% in Q1
Asda has revealed that its like-for-like sales climbed 7.3% for the three months ended 31 March 2021. The increase in like-for-like sales was driven by a 31% jump in clothing and a 39% spike in general merchandise sales. Moreover, like-for-like food sales at Asda also increased by 3.9% during the…
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11 June
Selfridges owners considering £4bn sale
The owners of Selfridges department store, The Weston family, are reportedly considering a £4bn sale of the property. According to reports first revealed by React News, the Weston family have been approached by an unknown buyer and have lined up Credit Suisse as advisers to explore a potential sale. It…
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