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 -13 May
Debenhams CVA could cost local authorities £8.5m in business rates
Colliers International has estimated that Debenhams’ CVA could affect up to 59 local authorities, who could lose out on £8.5m of the £17.3m rates bills the department store retailer should have been paying on properties. As part of its CVA proposals, Debenhams had categorised its properties into five groupings and…
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13 May
Mike Ashley plans to invest millions to revamp House of Fraser
Mike Ashely has revealed he plans to pledge hundreds of millions of pounds into relaunching House of Fraser in return for a three-year rent holiday. According to The Sunday Times, Ashley plans to open 31 upmarket stores rebranded to “Frasers” over the next five years – with five of these…
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13 May
Shop vacancy rate rises to highest level in four years
The national town centre vacancy rate rose to 10.2% empty outlets, according to data from the BRC-Springboard Footfall and Vacancies Monitor. This is an increase on the previous quarter’s 9.9% rise and the highest vacancy rate seen since April 2015. In the four weeks from 31 March to 27 April,…
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10 May
Zavvi tells email list they have won tickets to Champions League final
Online retailer, Zavvi has told its entire email subscriber list that they have won two tickets to the Champions League final between Tottenham Hotspur and Liverpool. Zavvi said that “technical issues” meant that all of its customers subscribed to its emails had been told they had won an all expenses…
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10 May
Select officially enters administration
Embattled retailer Select has officially entered administration, placing 1,800 jobs at risk. Business advisory firm Quantuma has been appointed as administrators of Genus UK Ltd, trading as Select. Select, which operates from 169 stores across the UK, was muted to fall into administration earlier this week and has now confirmed…
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10 May
Kerring to pay €1.25bn in Italian tax settlement dispute
Luxury fashion giant Kerring has agreed to pay a total of €1.25bn (£1.07bn) to the Italian Revenue Agency relating to claims over alleged tax evasion, in relation to its Swiss subsidiary Luxury Goods International (LGI). It comes after Swiss prosecutors opened an investigation into luxury fashion group in March last…
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10 May
Hamleys sold to India’s richest man
Iconic toy store Hamleys has been sold to Reliance Brands Limited, a subsidiary of Reliance Industries – a conglomerate holding company owned by Mukesh Ambani, the richest man in India and the 13th richest man in the world as of March 2019. C.Banner International sold 100% of its shares in…
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9 May
The Works click and collect service leads to sales and revenue growth
Book retailer, The Works has announced it has had a “successful year” following the introduction of a click and collect service which has seen like-for-like sales and revenue rise. Revenue at The Works for the 52 weeks to 28 April rose by 13.2% year on year, while like-for-like sales saw…
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9 May
Morrisons sales fall short of expectations in Q1
‘Big Four’ grocer Morrisons has seen a slowdown in sales growth for the 13 weeks to 5 May, with retail sales contributing only 0.2% to the total increase in group like-for-like (LFL) sales of 2.3%. The figure is lower than the 3.6% increase seen during the same quarter last year,…
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9 May
Third of consumers feel ‘unvalued’ by retailers after purchasing
Over a third (34%) of consumers feel retailers don’t care about them after they’ve made a payment, a new report by Valitor has found. The report from the international payment solutions company, found that retailers are “failing customers” when it comes to the after payment experience. This is because shoppers…
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