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.
-
Jan- 2025 -29 January
Today’s news in brief-29/1/25
Lord Wolfson, CEO of Next and Conservative peer, has leveraged his House of Lords position to propose amendments phasing in upcoming National Insurance (NI) reforms. The budget measures, effective April, will raise employers’ NI contributions from 13.2% to 15% and lower the secondary threshold to £5,000 annually. Wolfson supports staggered…
Read More » -
29 January
Caledonia Park sees 8% footfall increase in 2024
Scotland’s designer outlet village Caledonia Park experienced a “record-breaking” year thanks to an 8% increase in its footfall in 2024. Standout categories included health and beauty, which saw a sales growth of 26%, as well as F&B which grew by 16%. Black Friday weekend was also “particularly successful” for the…
Read More » -
29 January
Lloyds Banking Group to close 136 branches in further blow to UK high street
Lloyds Banking Group is reportedly set to close another 136 of its branches as it aims to adapt to customers’ shifting preferences for online banking, in what is another blow to the UK high street, according to the Financial Times. Reports suggest the group will close 61 Lloyds branches, 61…
Read More » -
29 January
Quiz close to administration following AIM delisting
Embattled fashion retailer Quiz is reportedly set to appoint administrators only days after its shares were delisted from the stock market, according to Sky News. The outlet claims that Quiz is set to appoint global advisory firm Teneo to help oversee a pre-pack insolvency that will allow the founding Ramzan…
Read More » -
29 January
Frasers ups stake in THG to 4.8%
Mike Ashley’s Frasers Group has upped its stake in THG to 4.8% as it continues investing in a number of UK retailers. The group now holds 63,156,741 voting rights in the company. The news comes after THG received a £10m strategic investment from Frasers Group to fund the demerger of…
Read More » -
29 January
Castore revenues up 16% YOY in December
Castore has revealed that its revenues grew 16% year-on-year in December, a record Christmas period for the brand. The brand put this down to the sportswear market remaining resilient compared with other retail markets. Castore revealed that over 150,000 football shirts were sold in the final weeks before Christmas. The…
Read More » -
29 January
Next CEO uses Lords status to lodge amendments to NI bill
The CEO of Next, Lord Wolfson, has reportedly used his position in the House of Lords to table amendments aimed at phasing in the upcoming changes to employers’ national insurance contributions, The Times has reported.The measures outlined in the budget will see employers’ national insurance contributions rise from 13.2% to…
Read More » -
29 January
Morrisons FY revenues hit £15.3bn amid ‘strongest’ quarter since 2021
Morrisons’ revenues jumped 3.8% to £15.3bn for the year ended 27 October 2024, with its Q4 performance being the “strongest” quarter in four years. Full-year like-for-like sales were up 4.9% for Q4 and 4.1% for the full year, representing eight consecutive quarters of positive LFL sales. Revenues during the final…
Read More » -
29 January
Virgin Wines revenues rise 6.7% over Xmas season
Virgin Wines has reported that revenues rose by 6.7% year-on-year during the six-week period to 27 December 2024, as sales were 9% higher than the Christmas before – the highest level since the pandemic lockdowns. According to the online wine retailer, its performance over Christmas was underpinned by initiatives to…
Read More » -
28 January
Today’s news in brief-28/1/25
HMV owner Doug Putman is reportedly exploring a bid for WH Smith’s high street arm after the retailer announced plans to sell its 500-store chain. Modella Capital, owner of Hobbycraft, is also in talks regarding a potential acquisition, although the outcome remains unclear. WH Smith’s move comes as its high…
Read More »
