News
News is Retail Sector’s central hub for breaking stories, market developments and company updates from across the UK retail industry. This category delivers authoritative, timely coverage on everything from trading performance and executive changes to store openings, brand activity and supply chain developments.
Retail Sector’s news coverage focuses on the business realities behind the headlines — providing retail professionals with context on how each development impacts operations, strategy and market confidence. Readers can expect clear, accurate reporting designed to keep decision-makers informed and competitive in a fast-moving retail landscape.
-
Nov- 2020 -13 November
Tesco sets plans to reach net zero emissions by 2035
Tesco has announced its partnership with Low Carbon to create three new solar farms in a new effort to reach net zero emissions by 2035. The new solar farms are situated in Essex, Anglesey and Oxfordshire and will aim to generate up to 130 giga-watt hours of energy per year,…
Read More » -
13 November
Farfetch revenue soars 73% in Q3
Farfetch has reported that its revenue soared by 73% year-on-year to $438m (£332m) in its third quarter of trading. The luxury fashion platform’s gross merchandise value and digital platform GMV growth rates also accelerated in the period, up 62% and 60% year-on-year respectively, to “record highs” of $798m (£606m) and…
Read More » -
12 November
WH Smith swings to £226m loss
WH Smith has swung to a pre-tax loss of £226m in the 12 months ending 31 August 2020, down from a £135m profit reported last year. Group revenue for the retailer also fell 33% to £1.02bn in the period, down from £1.39bn the previous year. Liquidity increased to £200m, up…
Read More » -
12 November
B&M profit and earnings soar in H1
B&M has announced that adjusted pre-tax profit more than doubled in the half-year ended 26 September, with profit soaring 128.5% to £253.6m, up from £111m the prior year. In the same period, the business, which has remained open during national lockdowns, saw group adjusted EBITDA rocket 95.3% to £295.6m, up…
Read More » -
12 November
UK GDP recovers 15.5% in Q3
The UK economy showed signs of recovery in Q3 as GDP grew a record 15.5% from July to September. The latest figures from the Office of National Statistics ( ONS) come after the UK suffered its largest ever decrease in GDP of 20.4% in Q2. This means that despite the…
Read More » -
12 November
LK Bennett set to launch CVA
LK Bennett has launched a CVA proposal, which will result in five store closures and a small number of job losses. The womenswear retailer will also move its remaining shops to turnover-based rents in order to “mitigate the ongoing financial impact of the Covid-19 pandemic”, Drapers reported. Currently, the business…
Read More » -
11 November
Homebase hunts for new owners to fund next growth stage
DIY retailer Homebase has reportedly started a search for a new owner as it looks for funding for its next stage of growth. According to Retail Week, Homebase chief executive Damian McGloughlin said the company is hopeful of a deal being completed by April of next year. McGloughlin reportedly added…
Read More » -
11 November
Amazon accused of breaching EU antitrust laws
Amazon has been informed by the European Commission of its preliminary view that it has breached EU antitrust rules by distorting competition in online retail markets. The US online retailer was accused of “systematically relying” on non-public business data of independent sellers who sell on its marketplace which benefits Amazon’s…
Read More » -
11 November
Supermarkets launch drive to extend Sunday trading hours
Leaders of the UK’s biggest supermarkets have come together in a fresh drive to extend Sunday trading hours in the lead up to Christmas, according to Sky News. It comes as executives from major grocers, including J Sainsbury and Wm Morrison, are warning ministers that a pre-Christmas shopping rush could…
Read More » -
11 November
VF Corporation acquires Supreme
VF Corporation has acquired streetwear brand Supreme as part of a definitive merger agreement, valued at $2.1bn. The company’s current investors, Goode Partners and Carlyle Group, are selling their stakes in Supreme. The acquisition is consistent with VF’s growth ambitions and is expected to contribute at least $500m (£376m) of…
Read More »
