Year: 2019

Sports Direct to ‘ignore’ deadline in hunt for new auditor

Sports Direct is still searching for a new auditor, amid reports that it could be forced to consult the government for guidance. The retail brand’s auditor Grant Thornton officially resigned after nine years, at the company’s AGM last week (11 September) following a £605m tax bill from Belgian authorities. Shareholder…

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Why the death of the high street has been greatly exaggerated

To misappropriate Mark Twain’s famous quote, news of the high street’s death has been greatly exaggerated. There is no doubt it’s undergoing a seismic shift, with the option to buy online continuing to change the landscape. We’ve seen several historic retail businesses in crisis, while online operators have been acquiring…

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Kingfisher sales slip in H1 results

DIY retailer Kingfisher has reported a 0.9% decrease in total sales for the six months ended 31 July 2019. Retail profit was down 4.4% in constant currency, which it said was “largely driven” by its French operations, and statutory pre-tax profit dropped by 12.5%, after exceptional items. B&Q’s total sales…

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Vodafone extends franchise operation with 24 new high streets stores

Vodafone is set to take on at least 24 empty premises by the end of this year and fit them out as new retail stores as part of its franchise programme. Vodafone is continuing its ongoing investment in its retail presence to “help customers get the most from its new…

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Argent appoints new retail lead for King’s Cross centre

Shopping centre developer Argent, has appointed a James Rayner as it new retail lead for its flagship project, King’s Cross centre. Rayner, formerly Leasing Executive at Capital and Regional, will bring 20 years’ experience in managing and advising on retail assets to the Argent asset team when he joins in…

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Asda FY sales and profits rise despite merger disappointment

Asda has reported an increase in both full-year sales and profits during the period it was the focus of an unsuccessful merger with rival Sainsbury’s. The accounts for Asda Group Limited, filed on Companies House, which includes the financial activities of all Asda stores, distribution centres and online operations show…

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One in 20 workers not receiving holiday pay, research reveals

Around one in 20 workers in the UK are not receiving any holiday entitlement, according to a recent study by think tank the Resolution Foundation. The report found that 4% of workers in the wholesale, retail and motor services sector say they have no paid holiday entitlement, amounting to approximately…

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Navigating a path to success – the retail roadmap

The struggles of high street stalwarts such as House of Fraser and BHS have brought the challenges facing traditional retailers into sharp focus. In an era where the customer calls the tune by which retailers must play, many brands have struggled to provide the personalised, convenient services that their audiences…

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Late August bank holiday heatwave lifts grocery sales

The late August bank holiday heatwave lifted total supermarket sales to +2.2% in the last four weeks, according to Nielsen’s Total Till figures for September 2019. The analytics company said the UK faced a wet start to the summer, but unusually hot weather over the long Bank Holiday weekend led…

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French Connection losses narrow in H1

Fashion retailer French Connection has reported a reduction in its pre-tax losses for the six month period to 31 July 2019. Pre-tax losses were at £4.7 million during the period, compared with losses of £15.1 million for the same period last year.  Group revenue decreased by 12.2% to £51m, as…

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