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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May- 2019 -28 May
Co-op launches £300m sustainability bond for Fairtrade commitments
Co-op has announced it has launched a new £300m sustainability bond in order to keep up with its Fairtrade commitments. According to Co-op the sustainability bond will be the first ever for a retailer, and will aim to give farmers a better deal for produce along with adding more Fairtrade…
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28 May
Nearly three quarters of retail staff feel underpaid, study finds
Nearly three quarters (71.4%) of retail professionals believe they are underpaid, according to new research from the CV-Library. The study surveyed 1,200 working professionals and also found that over a third (37.7%) work one to three hours extra per week, amounting to 96 hours per year and meaning retail professionals…
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28 May
Retail sales volumes jump 1.8% despite Brexit uncertainty
In the three months to April 2019, the quantity of goods bought in retail sales increased by 1.8%, when compared with the previous three months. This was supported by a strong growth in non-store retailing, which reached a “record high” of 9.4%. Online retailers selling clothing items were also the…
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24 May
Zara owner Inditex to promote Carlos Crespo to CEO
Fashion retailer Zara’s parent company Inditex has said it will promote its current COO, Carlos Crespo, to the role of CEO as it bids to boost its “strategic digital transformation”. The appointment was put forward by Inditex’s chief executive, Pablo Isla, and will take effect following approval by the board…
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24 May
Mothercare swings to £87.3m loss in 2018
Mothercare has reported losses before tax of £87.3m for the year ending 30 March 2019. UK like-for-like sales declined by 8.9% compared with the prior year, which the retailer said was “exacerbated” in the first half by reduced consumer confidence in the brand following the group’s refinancing, together with “wider…
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23 May
Urban Outfitters launches online rental platform
Clothing retailer, Urban Outfitters has announced it is to trial an online rental platform for its products. The trial, which will begin in the retailer’s US stores will be called Nuuly, and will aim to compete with existing rental platforms such as Rent the Runway. Upon its launch, the platform…
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23 May
Arcadia to close 23 stores
Phillip Green’s Arcadia group has announced plans to close 23 stores as part of its restructuring plan, affecting up to 520 employees. The proposal will mean Burton, Dorothy Perkins and Topshop stores will close, in addition to rents being cut at another 194 stores. It added that the remaining 349…
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23 May
B&M plans 50 more stores amid profits and sales boost
Discount goods retailer B&M has revealed it is planning on opening another 50 stores this year amid posting an uptick in both sales and profits. For the full-year period ending 30 March B&m said profit before tax increased by 9% to £249.9m and revenues surged 17% to £3.5bn.B&M’s UK stores…
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22 May
Pets at Home revenues soar as retailer increases market share
Pets at Home has announced it has seen revenues soar in its full-year results to March 2019. Total group revenue at the pet retailer rose by 6.9% to £961m, while profit before tax rose by 6.1% year-on-year up to £89.7m. Revenue at the firm’s vet group jumped up by 13.1%…
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22 May
M&S sales and profits fall as turnaround continues
Marks and Spencer has reported a fall in both sales and profits, with the latter down nearly 10%, as it continues its turnaround plan. The embattled retailer revealed in the year ending 31 March pre-tax profits before one off items were £523.2m, down from £580.9m the previous year. Marks and…
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