Year: 2019

Retail administrations rise for second consecutive year

The number of retailers entering into administration in 2018 was 125 – compared to 118 in 2017, an increase of 6% according to Deloitte’s latest insolvency figures. Furthermore, the number of retailers entering into company voluntary arrangements (CVAs) increased by 52%, from 25 in 2017 to 38 in 2018. Deloitte’s…

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Gear4Music issues warning despite 41% sales growth

Gear4Music has issued a warning on profit for 2019 saying it would be “slightly below” last year’s results. The warning comes against the backdrop of a 41% year-on-year sales growth, which has seen sales rise to £48.7m. The group also announced that UK sales had risen by 36% to £25.5m,…

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Gaming market now bigger than video and music combined

The video games market now accounts for more than half of the entire UK entertainment market (51.3%), the Entertainment Retailer Association (ERA) has said. Total sales for the games market reached £3,863m in 2018, compared with the total music sales, increasing by £1,334m, and video sales, which reached £2,337m last…

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Carnage on the shop floor

The pressure on the retail sector has been a consistent staple for investors since the end of the financial crisis, partly as a result of changing shopping habits but also down to rising costs and outdated business models. This has been no better illustrated by the way UK consumers behaved…

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McColl’s appoints Robbie Bell as CFO

Convenience retailer McColl’s has appointed Robbie Bell to its board as chief financial officer. Bell is moving on from his current position as CFO of Welcome Break Limited following its takeover by Applegreen plc, will take up his appointment on 17 January 2019. In 2017, Bell was appointed CFO of…

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Shop prices rise in December despite discounting

Shop prices saw a 0.3% year-on-year increase in December despite many retailers discounting heavily during the festive period, the BRC-Nielsen Shop Price Index has revealed. This was pushed up by food items which saw a 1.5% increase overall; individually fresh food saw a 0.9% price hike while shelf-stable food prices…

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Why the profit warning from ASOS has added to the retail gloom

Retailers are hoping for a busy New Year period following a very tough year of trading. Much of the current market analysis and speculation has placed the blame for a host of high-street insolvencies on a rise in online shopping and skyrocketing rents for stores. However, the recent news that…

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Moss Bros appoints former Missguided boss

Gareth Jones, former online chief executive of Missguided, has joined menswear retailer Moss Bros as a non-executive director. Jones left his role at Missguided after eight months in May last year having joined the online fashion store from his post as deputy chief executive at Shop Direct in December 2016.…

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Next Christmas sales boosted by online surge

Next has revealed better than expected results over the Christmas period despite a 9.2% decline in sales across its bricks-and-mortar stores. However the decline was better than the 13% drop that was forecast by analysts and overall Next reported a 1% rise in full product sales between 28 October to…

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Co-op to open 100 new stores in 2019

The Co-op has announced it will open 100 new food stores during 2019 as part of a £200m store investment programme. The retailer said the combined £200m store investment programme could lead to around 1,500 new local jobs, and added that in addition to the openings, it will also provide…

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