Year: 2019

Retail sector could face £137m rates hike next year

September’s headline rate of inflation is set to cause more business rates increases in 2020, according to calculations from real estate advisers Altus Group. The firm said the 1.7% uprating for inflation will add an additional £536m to the overall gross business rates burden. As a result, the “embattled” retail…

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Asos profits nosedive 68% in full-year results

Online fashion retailer Asos has reported a 68% decrease in profits before tax to £33.1m, during the year to 31 August 2019. The retailer said the decrease was the result of transition costs of £45m during the period, up £20m on the prior year reflecting a “substantial” amount of one-off…

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DTC: The future of retail?

Retail sales in August this year fell to the lowest rate since the 2008 financial crash, and many retailers are struggling as a result. Manufacturers will also be worried as they are irreversibly linked to retailers, and as news of store closures becomes ever-more frequent, it may be time for…

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Ted Baker appoints Ari Hoffman as North American CEO

Global lifestyle brand, Ted Baker, has announced the appointment of Ari Hoffman as CEO of its business in North America. Hoffman has over 30 years experience working for a range of retail and luxury fashion brands in North America where he has held senior leadership positions. Most recently he was…

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New PSD2 measures could see one third of shoppers abandon purchases

One-third (32%) of European consumers say they would rather cancel their online purchase and go elsewhere than go through the new verification measures PSD2 will require for some transactions, a study has found. The survey of 2,000 consumers and 200 retailers conducted by e-commerce solution provider Riskified, also found that…

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BRC ‘disappointed’ with business rates relief in Queen’s speech

The British Retail Consortium has responded to the Queen’s speech, praising its approach to crime and sustainability but was “surprised and disappointed” at its approach to business rates. Commenting on the speech, which tackled issues such as immigration, crime, business rates and brexit, The BRC said: “The Government should implement…

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Matalan revenue growth dented by ‘awful’ weather and political uncertainty

Fashion retailer Matalan saw its total revenue increase to £292m in the Q2 2019, despite the weather and political and economic uncertainty “eroding the full price sales potential of the season”. It said that during the 14 weeks ended 31 August 2019, ongoing uncertainty “weighed heavily” on consumer confidence and…

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Grocery sales slow to lowest September growth in two years

Shopping momentum has fallen in September, with grocery sales slowing to +1.7% in the last four weeks. According to new data released by market research data company, Nielsen, this is the lowest growth for UK supermarkets in September in two years. Before the autumnal weather took hold in early October,…

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How can the high street survive?

Recent news that fast-fashion retailer, Forever 21 has filed for bankruptcy protection in Canada and the United States should have come as a shock. However, the latest high street casualty is just another name pending on a growing list. The troubles facing the UK’s retail sector are entrenched and well-publicised.…

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Sports Direct demands Adidas and Nike dominance probe

Sports Direct has called for an investigation into the sportswear industry, over concerns of the dominance of Adidas and Nike. The sportswear brand owned by Mike Ashley said the “must have” brands hold a bargaining position which allows them to “control the price of their products and the price of…

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