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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Oct- 2018 -30 October
Sofa.com to replace ScS at House of Fraser
Furniture specialists Sofa.com is set to introduce its products to seven House of Fraser outlets, replacing some of the ScS concessions. Sofa and carpet retailer ScS announced it would pull its concessions from House of Fraser by January 2019 as the company said the partnership was “no longer beneficial” following…
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30 October
Seasalt bucks high street woes with sales and profits increase
Cornish fashion brand, Seasalt, has recorded record turnover and improved margins, signalling the “continuing growth momentum in the business”. Turnover was up 23% on the previous year, at £51m, and is the ninth consecutive year of 20% increases in year-on-year sales growth, reflecting “continued rising demand” for the brand across…
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30 October
Selfridges opens in-store skate park
Selfridges has opened an indoor skate park in its London flagship store as part of refurbishment work in its menswear section. ‘The Bowl’ has become the UK’s only free wooden indoor skate bowl with skate lessons offered for £20 per hour. Selfridges has also added The Designer Street Room to…
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30 October
WHSmith acquires InMotion in £155m deal
WHSmith has announced the signing of an agreement for the acquisition of InMotion, a pure play travel retailer for $198m (£155m). InMotion is the largest airport-based digital accessories retailer in North America. Established in 1998, it operates a concession portfolio of 114 stores across 43 airports in the United States.…
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29 October
Autumn Budget 2018: Business rates cut for SMEs and new digital services tax
Chancellor Philip Hammond has confirmed plans to give smaller retailers a 33% cut to business rates and introduced a new digital services tax for companies with at least £500m in global revenue. The reduction in rates will take place over the next two years and is expected to save businesses…
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29 October
HMV tops Amazon on physical music sales
HMV has overtaken Amazon for physical music sales, the entertainment retailer increased its market share to 28% during the 12 weeks to 23 September. According to research published by Kantar Worldpanel, the release of the 100th edition of Now That’s What I Call Music which sold almost double its predecessor,…
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29 October
New Asda proposal could see up to 2,500 jobs slashed
A new proposal from ‘Big 4′ supermarket retailer Asda could see up to 2,500 jobs slashed, as the group is considering changing employees’ roles and working hours. The group said it needs to consider “changing the roles we need our colleagues to do” or the hours needed in particular parts…
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29 October
Chancellor to propose £900m rates relief plan for smaller retailers
Chancellor Philip Hammond is expected to announce a rates relief for retail SMEs and relax town planning rules on the high street. The budget announcement will be made today (29 October) and Hammond is expected to cut business rates by 33% for 496,000 small retailers, saving £900m. It is also…
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29 October
Oxford Street Strategy approved for public consultation
Westminster City Council’s Cabinet has has approved a new draft Oxford Street District Strategy to be taken forward for public consultation in November. The Council’s fresh Place Strategy and Delivery Plan has identified 96 projects across 87 streets and spaces in nine zones, including proposals for major improvements at Oxford…
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26 October
Richemont and Alibaba partner to bring Net-a-Porter to China
Richemont, the Swiss luxury goods group, and Alibaba Group has announce a global strategic partnership to bring Yoox Net-A-Porter (YNAP) to Chinese consumers. Under the partnership, YNAP and Alibaba will establish a joint venture to launch two mobile apps for Net-A-Porter and Mr Porter multi-brand, in-season online stores for consumers in China.…
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