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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Feb- 2019 -28 February
Victoria’s Secret to close stores following Christmas ‘decline’
Victoria’s Secret has announced it is to close stores following a “decline in performance” over the second half of 2018. The retailer’s parent company L Brands, announced it was to close 53 of North American Victoria’s Secrets stores following the 2018 results which saw in-store sales fall by 7%. Victoria’s…
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28 February
Shop workers face highest risk of redundancy, report finds
Retail workers are more likely to be made redundant and face a longer duration of unemployment compared with employees in other sectors, a new report has found. The report – ‘Sorry, we’re closed’ – by the think tank the Resolution Foundation found the retail sector’s falling employment share is a…
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28 February
Boots reveals plans to cut 350 head office jobs
Health and beauty retailer Boots has announced it is looking to cut 350 jobs from its Nottinghamshire headquarters as part of a restructuring plan. Approximately 2,500 staff are employed at the office and the company said it was looking to reduce its costs by 20%. A 45 day consultation process…
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28 February
UK consumer confidence up despite Brexit ‘fears’
Gfk’s long running Consumer Confidence Index Score went up by one point in February to -13, despite the continuous uncertainty surrounding Brexit. The measure for the general economic situation of the country during the last 12 months increased by two points to -33 this month, four points lower than February…
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27 February
Travis Perkins posts strong H2 results during ‘challenging year’
Building supplies retailer Travis Perkins has announced strong financial results for the second half of 2018, despite describing trading conditions as “extremely challenging”. The retailer saw its sales for the period rise by 4.8% to £6.74bn, with its pre-tax profits increasing by 1.2% to £347m. Adjusted opening profit at the…
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27 February
Ted Baker shares plunge amid profit warning
Ted Baker’s shares plunged as much as 17% in early trading after it warned profits are expected to below market expectations. The fashion retailer said profit before tax is now expected to be in the region of £63m, well below the £73.5m it reported during the same period last year.…
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27 February
Shop price inflation hits six-year high
Shop price inflation increased by 0.7% in February, up from 0.4% in January, and is the highest inflation rate since March 2013. According to the BRC, non-food prices rose by 0.2% year-on-year during the month, compared with the January decrease of 0.2%. Additionally, food inflation rose slightly to 1.6%, up…
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27 February
M&S signs £750m delivery deal with Ocado
Marks and Spencer has announced the creation of a new joint venture with online supermarket Ocado which the two companies say will “transform online grocery shopping for UK consumers”. Under the new venture, M&S is acquiring a 50% share of Ocado’s UK retail business, which will be supported by Ocado…
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26 February
Karren Brady leaves Arcadia Group
Karren Brady has left her role as chairman at Philip Green’s Taveta, the company behind Arcadia Group. Earlier this month Brady said she had a “duty” to employees to remain in her role, with her support for Green’s business under pressure following staff allegations of sexual harassment, racial abuse and…
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26 February
Laura Ashley faces £20m takeover bid
Struggling retail company Laura Ashley could be bought out by investment firm Flacks Group, it has been confirmed. The investment company released a statement in response to speculative media reports, which suggested there would be a possible buyout of the retailer. Laura Ashley denied the claims on Monday 25 February…
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