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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Aug- 2019 -13 August
Over 50 retailers sign letter demanding business rates fix
Over fifty major retailers have come together to demand the government takes action to fix the “broken” business rates system. In a letter to the new chancellor, Sajid Javid, retailers have called on the government to put business rates “at the heart” of the promised new economic package. The letter,…
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13 August
Dr Martens profits soar in full-year results
Profits and sales at footwear retailer Dr Martens continued to rise last year, EBITDA for the period soared by 70% to £85m for the year ending 31 March. Group revenue increased by 30% to £454.4m, as the company focused on direct to consumer (DTC) channels, which now accounts for 44%…
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12 August
KPMG brought in by Schuh
Footwear retailer Schuh has called in accounting firm KPMG to assess its options after a “tough trading” period. According to reports from the Sunday Times, the retailer has asked landlords for a reduction in rentals, but is not looking to launch a company voluntary arrangement (CVA). In the year to…
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12 August
Shop vacancies at highest rate in four years
The number of vacant stores across the UK’s high streets has hit the highest level in over four years. According to the latest figures from Springboard and the BRC footfall and vacancies monitor, the national town centre vacancy rate was 10.3% in July, a slight increase on the previous quarters…
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12 August
Abercrombie and Fitch appoints new director
Fashion retail brand Abercrombie and Fitch has appointed Felix Carbullido as an independent director. Carbullido joined Abercrombie and Fitch on 5 August from home furnishings retailer Williams-Sonoma where he is currently executive vice president and chief marketing officer. Previously he served at retailers, including Macy’s, Banana Republic, Gap and Smith…
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11 August
Amazon launches latest Clicks and Mortar store in Edinburgh
Small Business support network Enterprise Nation, in partnership with Amazon, Square and Direct Line for Business, have opened its third Clicks and Mortar pop-up shop in Waverley Mall, Edinburgh. The store will provide more than 20 online brands from across Scotland and the UK with the chance to meet customers,…
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9 August
Gove orders HMRC to support SMEs in the event of no-deal
Ministers including Michael Gove have ordered HM Revenue & Customs (HMRC) to support “cash-strapped” small business in the event of a no-deal Brexit. Representatives from 19 of the UK’s largest business federations met with ministers at No 10 yesterday (8 August) to discuss how to accelerate “business preparedness” for leaving…
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9 August
Farfetch acquires parent company of Virgil Abloh’s Off-White for £556m
Farfetch has acquired the New Guards Group, the parent company of luxury streetwear brand Off-White, in a £556m deal. The online luxury marketplace revealed that the consideration payable by Farfetch will be split equally between cash and Farfetch shares, with the exact amounts to be determined at completion following customary…
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8 August
Mixed footfall performance in July
Footfall figures decline by 3.8% in July, compared with the same period last year, according to the latest Retail Traffic Index. This was only a small improvement on the 3.9% deficit recorded in June. Footfall did however see an increase of 3.4% in July compared with June’s footfall figures. Stores…
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8 August
Adidas shares dip despite double-digit growth
Sportswear retailer Adidas saw shares dip by 2.3% in early trading today (8 August), despite the company’s operating profit growing 13% to €1.518bn (£1.398bn) in its Q2 results. In the first half of 2019, revenues increased 4% on a currency-neutral basis, which is in line with the 3% to 4%…
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