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 -5 February
Retail sales pick up in January
UK retail sales saw year-on-year growth of 2.2% in January following December’s report of the worst trading performance in a decade. According to the British Retail Consortium’s (BRC) Retail Sales Monitor, like-for-like sales saw an increase of 1.8% compared with the same month last year. Food items did well with…
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4 February
Mike Ashley acquires Sofa.com
Sports Direct owner Mike Ashley has acquired Sofa.com for a “nominal sum”, adding yet another business to his growing portfolio of high street retailers. According to a report by Sky News, the acquisition will enable Ashley to add further Sofa.com concessions to the House of Fraser (HoF) chain he bought…
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4 February
Canadian record shop owner ‘enters race’ for HMV
Doug Putman, the owner of Canadian record store chain, Sunrise Records, is said to be interested in purchasing HMV. The retail boss would rival Sports Direct owner, Mike Ashley, who has already placed a bid for the entertainment retailer. HMV administrators KPMG refused to comment on Putman’s interest, which was…
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4 February
Retail leads the way with female leadership appointments
The retail sector appointed the highest number of women to senior positions in 2018, according to the latest research from Korn Ferry. The research from the search agency, reported by the Telegraph, found that almost a quarter of the 44 senior appointments made in the retail sector last year were…
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4 February
Debenhams to ‘close 20 stores’ in CVA plan
Debenhams could reveal plans to close 20 stores as this week, the embattled department store chain will announce it has secured a cash injection from its lenders. According to the Sunday Telegraph, Debenhams wants to reduce its store portfolio to 90 outlets over the next five years, resulting in the…
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1 February
Oddbins falls into administration
Off licence chain Oddbins has fallen into administration with parent company European Food Brokers (EFB) blaming the deterioration of the high street, Brexit and “economic uncertainty”. Duff & Phelps has been appointed to run the business and help it to find a buyer. Oddbins has 45 outlets across the UK…
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1 February
Moss Bros eyeing Debenhams interim chair
Fashion retailer, Moss Bros is looking at Debenhams interim chair Terry Duddy to replace its outgoing chair Debbie Hewitt. Duddy, who used to lead Home Retail Group, the group responsible for Argos, Habitat and Homebase is on a shortlist of targets according to reports by Sky News. Duddy took over…
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1 February
Amazon shares dip 5% despite record Christmas sales
Online retail giant Amazon has seen its shares drop 5% to $1,635 in early trading, after disappointing investors with a slow down in revenue growth. Revenues grew 20% to $72.4bn in Q4 2018, compared with the 29% it experienced in Q3. The deceleration is widely considered the result of reduced…
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1 February
ScS ends Sofa.com talks paving way for Mike Ashley
ScS has ended its interest in acquiring rival furniture retailer Sofa.com stating it is “no longer in discussions”, leaving Sports Direct owner Mike Ashley in prime position. Both Mike Ashley and ScS had expressed interest in acquiring Sofa.com. However ScS today (1 February) said in an update: “The group confirms…
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1 February
MPs launch business rates inquiry
The Treasury Committee has launched a new inquiry into business rates to scrutinise how government policy has impacted high street businesses. The committee will examine how business rates policy has changed, including business rates retention, alternatives to property-based taxes, such as the proposed digital services tax. Nicky Morgan MP, chair…
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