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.
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Mar- 2020 -13 March
Government to introduce 2% digital services tax
The UK Government has confirmed plans to introduce a new 2% tax on the revenues of online marketplaces which “derive value from UK users”, starting 1 April 2020. The new tax also applies to search engines and social media services, and these businesses will be liable to the tax when…
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13 March
Gap sales increase despite ‘challenging year’
Fashion retailer Gap has reported a 1% increase in net sales to $4.7bn (£3.7bn) in its fourth quarter results, despite a “challenging year”. Interim CEO Bob Fisher said the company began to see “stabilisation” in Q4, driven “primarily by improvements in Old Navy’s performance”. However, Gap, the parent company of…
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13 March
Amazon tells employees to work from home
Amazon has told all of its employees to work from home for the rest of March amid the coronavirus outbreak. Speaking to CNBC, the retail giant said it is now encouraging all employees who can work from home to do so, in order to enforce social distancing and “lessen the…
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12 March
Crew Clothing to acquire Moss Bros
Fashion retailer Crew Clothing is to acquire Moss Bros in a £22.6m deal to take the company private. Under the terms of the acquisition, each Moss Bros Shareholder will be entitled to receive 22 pence in cash per Moss Bros Share, and the deal is expected to complete in Q2…
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12 March
Debenhams seeking new CEO as Vansteenkiste prepares to step down
Debenhams is seeking a new CEO to help steer its restructuring as its current boss Stefaan Vansteenkiste prepares to step down from his role after less than a year at the helm. According to Sky News, Vansteenkiste is to step down within the coming months and Debenhams has appointed headhunters…
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12 March
Adidas and Puma Chinese sales hit by coronavirus outbreak
Sportswear retailer Adidas has warned sales in its first quarter of its financial year would decrease as much as €1bn (£870) in Greater China, amid the recent impact of the coronavirus. Adidas reported sales would be down by about €100m (£88m) in Japan and South Korea, which will result in…
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12 March
Covid-19 could knock £130m from sales, says WH Smith
WH Smith expects that full-year results will see an ‘adverse impact’ from the effects of coronavirus, with up to £130m being wiped from its revenue. In its latest update, the stationary group predicted an impact between £100m and £130m on group revenue, while underlying profit before tax can expect a…
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11 March
ROUNDUP: Business rates holiday announced by chancellor Sunak
In his maiden budget, the new chancellor, Rishi Sunak, has announced a £30bn fiscal stimulus package to help combat the impact of coronavirus on the British economy including a one-year total suspension of business rates for small retail, leisure and hospitality businesses. Headline measures include: A £12bn plan to provide…
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11 March
Debenhams CVA now free from legal challenges
Embattled department store chain Debenhams has announced that its CVA proposals will be upheld, as the time period for any appeal to be lodged has now expired. The company confirmed that all relevant procedural matters dealt with at the CVA challenge hearing in February have been concluded “in its favour”.…
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11 March
Ex-Sainsbury’s boss warns of labour shortages amid coronavirus outbreak
Former Sainsbury’s chief executive and current non-executive director at Marks and Spencers, Justin King, has warned that supermarkets need to be “prepared” for a shortage of labour amid the outbreak of the coronavirus. According to Sky News, King said supermarkets are facing a “greater challenge than coronavirus-related panic buying”. Speaking…
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