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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Apr- 2019 -1 April
Debenhams shareholders back Mike Ashley becoming CEO
Sports Direct has said a number of other shareholders in embattled department store Debenhams have expressed support in Mike Ashley becoming CEO of the company. Ashley’s retail company Sports Direct has an almost 30% stake in Debenhams and as the department store has been seeking funding to help with its…
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1 April
40% of shoppers feel no loyalty to fashion retailers, report finds
Some 42% of UK consumers feel “no loyalty” to any fashion retailer, according to a new report into consumer attitudes. The report by customer engagement, loyalty and lifetime optimisation specialist Ello Media, surveyed 1,000 consumers to discover their expectations surrounding loyalty and the loyalty schemes that brands deliver . It…
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Mar- 2019 -29 March
Select calls in admins, 2,000 jobs at risk
Fashion retailer Select is preparing to call in administrators, putting 2,000 jobs at risk, it has been revealed. According to Retail Week, Select filed a notice of intention to appoint an administrator to the high court on Wednesday. Quantuma, the advisory firm, has been lined up to handle the administration…
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29 March
Fragrance Shop gets a whiff of ASA criticism
The Fragrance Shop has seen two adverts offering 60% and 15% off the RRP of certain products banned, after the Advertising Standards Agency (ASA) called them “misleading”. Two complainants told the ASA that they felt the adverts, seen in November 2018, could be misleading. The first advert featured on the…
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29 March
March consumer confidence ‘holds steady’
Market research company GfK’s long-running Consumer Confidence Index has showed that confidence among consumers in the UK stayed at the same level of -13 in March. Personal finances during the last 12 months has stayed the same this month at 0; three points lower than March 2018. The forecast for…
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29 March
Debenhams advisors should be ‘put in prison’, says Mike Ashley
Mike Ashley has hit out at Debenhams after the department store agreed on a refinancing scheme which could see its shareholders’ stakes wiped out. Debenhams released a statement yesterday (28 March) saying its bondholders were expected to back a £200m restructuring loan. In response, Ashley said “if there were any…
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28 March
Debenhams bondholders to back £200m restructuring loan
Debenhams bondholders are expected to back a £200m restructuring loan, with a statement today claiming a majority had “provided consent to the amendments sought to the existing notes”. The deadline for bondholders to accept the loan is 5pm tonight (28 March). News of a loan will come as a blow…
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28 March
Shop Direct rebrands to The Very Group
Shop Direct, the digital retailer and financial services provider, has announced plans to rebrand to The Very Group, in order to bring its name and identity in line with its flagship consumer brand Very.co.uk. The company revealed the new corporate identity, which will be unveiled later this year, will support…
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28 March
Retail sales fall in March
Retail sales volumes fell in the year to March, compounding a “subdued start to 2019”, according to the latest monthly CBI Distributive Trades Survey. The survey of 105 firms, of which 50 were retailers, showed an 18% drop in retail sales volumes, the fastest contraction in 17 months and marking…
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28 March
Arcadia ‘draws up list of 67 store closures’
Arcadia has listed 67 stores it wishes to close across all of its brands, the Financial Times has reported. As seen by the publication, stores of varying sizes across the UK and Ireland with a total annual rent of £11m are set to be shut. These include Burton, Topshop, Evans,…
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