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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Feb- 2025 -20 February
Asda narrows median gender pay gap to 4% in 2024
Asda has reduced its median pay gap between all male and female colleagues from 5% in 2023 to 4% in 2024, according to its newly published 2024 Gender Pay figures. It also revealed that 92% of Asda’s total UK workforce consists of hourly-paid retail store colleagues, all earning the same…
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20 February
Tapestry agrees to sell Stuart Weitzman brand for $105m
Luxury retail group Tapestry has entered into a definitive agreement to sell the Stuart Weitzman brand to Caleres, a portfolio of footwear brands, for $105m (£83.2m) in cash. News comes as the group is looking to focus more on its other brands, Coach and Kate Spade. The transaction is expected…
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20 February
Very Group HY profits rebound despite sales drop
The Very Group has returned to profitability posting a pre-tax profit of £6.1m for the 26 weeks ended 28 December 2024, despite a drop in sales. The company’s revenues saw a 4.5% decrease to £1.17bn during the period, with revenue for the Very UK brand down 3% to £1.02bn. Very…
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20 February
UK consumer confidence drops to new low in February
UK consumer confidence slipped to a new low of -37 in February, amid the worsening state of the economy. According to the latest BRC-Opinium Consumer Sentiment Monitor, the economy worsened for the fifth consecutive month, down from -34 in January. The BRC reported that even Gen Z, despite being the…
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20 February
Quiz appoints administrators, 200 jobs lost
Quiz has confirmed it has called in administrators, in a move that will result in the closure of 23 “loss-making or unsustainable” stores amid ongoing trading challenges for the group.According to Sky News, the move will result in the loss of around 200 jobs following the closures. Advisory firm Teneo…
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19 February
Today’s news in brief-19/2/25
Inflation in the UK reached its highest level in 10 months, hitting 3% in January 2025, up from 2.5% in December 2024, according to the Office for National Statistics (ONS). Key drivers included rising air fares, private school fees, and food and drink prices. Air fares did not fall as…
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19 February
ProCook to open new store in Centre:mk
ProCook has announced that it will open a new store in Milton Keynes’ Centre:mk on 21 February. Set to open in Silbury Arcade, the new 2,760 sq ft store will offer an extensive range of cookware, tableware and kitchen accessories. The launch will allow customers to browse the brand’s selection…
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19 February
Inflation hits highest level in 10 months
Inflation hit 3% in January, its highest level in 10 months, as air fairs, new private school fees and the cost of food and drink all rose more than usual for the time of year, according to the latest figures from the Office for National Statistics (ONS). The 3% level…
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19 February
UK retail CEO appointments fall sharply as female leadership halves
UK retail CEO appointments dropped by 20% in 2024 to just 22, continuing a decade-long decline in leadership appointments within the sector, according to a new report by Korn Ferry. The country also saw a halving of the number of female CEOs, with only six being appointed in retail in…
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19 February
Furniturebox returns to profit as FY sales rise 20% to £25m
Furniturebox has reported a profit of £612,288 for the year ended 31 July 2024, as sales in the period rose by 20.6% to £25.6m. News comes after the retailer sustained a £1.03m loss in the previous year due to a £3m investment in its new warehouse headquarters. Turnover in the…
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