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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Oct- 2020 -20 October
Watches of Switzerland appoints new chairman
Watches of Switzerland has appointed Ian Carter as non-executive chairman of its board, with effect from 1 November. Carter brings 30 years of international and retail experience to the group and, most recently, has been CEO of Hilton International since 2005. He has also served on a number of boards…
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19 October
Wales announces ‘firebreak’ lockdown
The Welsh government has announced a two-week “firebreak” national lockdown, which will force business closures across the country from 23 October at 6pm until Monday 9 November. According to BBC News, first minister Mark Drakeford said the “time-limited firebreak” will be “a short, sharp, shock to turn back the clock,…
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19 October
PwC to step down as Boohoo auditor
Accountancy firm PwC is to step down from its role as auditors of fast fashion chain Boohoo after six years in the position. According to the Financial Times, PwC has resigned from its role due to concerns over the retailer’s governance following allegations of malpractice in its supply chain that…
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19 October
Landsec to dispose of retail parks
Landsec has unveiled its plans to dispose of its retail parks where there is “little or no competitive advantage”, in a newly-announced restructuring of the group’s portfolio. It comes as the property group said that whilst the retail sector is “facing clear structural challenges as a result of the emergence…
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19 October
Waitrose expands Deliveroo grocery service
Waitrose has expanded its grocery trial with Deliveroo in 25 new locations across the UK, reaching 3.1 million households. The original trial was launched in September with five shops, but following increased demand, more locations and shops have now been added. The new trial areas include Winchester, Hereford, Brighton, Glasgow…
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19 October
11,000 shops closures since lockdown, double rate of last year
Shop closures in the UK have hit record levels with over twice as many net closures in the first half of 2020 compared to last year, according to research carried out by the Local Data Company and PwC. Some 11,120 chain operator outlets have closed this year so far, with…
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16 October
Superdry CFO steps down
Superdry has announced CFO Nick Gresham will step down from the company with immediate effect. The fashion retailer said a search for a permanent replacement is due to start whilst an interim will be allocated in his place. The brand recently announced an overall 210% decline in profit before tax…
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16 October
Sales at Boots’ retail sites drop 30%
Sales at Boots’ retail sites reportedly fell by almost 30% in the quarter up to August as consumers chose to carry out their shopping online. Walgreens Boots Alliance, Boots’ parent company, reported that despite an improvement from the 48% drop seen in the previous quarter, the UK retailer continued to…
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16 October
Edinburgh Woollen Mill to shut 50 stores, 600 jobs at risk
Phillip Day’s Edinburgh Woollen Mill Group (EWM) is reportedly set to shutter 50 of its stores, placing around 600 jobs at risk, as it begins its restructuring process. According to The Telegraph, the majority of the closures will take place in its Edinburgh Woollen Mill and Peacocks chains and will…
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16 October
Poundstretcher to open 50 new stores despite CVA plans
Poundstretcher is reportedly preparing to open 50 new stores in 2021, despite CVA proposals that have resulted in 50 store closures since early July. According to a company poster, Poundstretcher is looking for dozens of new sites to open next year, ranging from existing shop units to development sites in…
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