Year: 2019

Mike Ashley’s high street monopoly

Over the past two years retail tycoon Mike Ashley has been treating the UK high street as his very own personal Monopoly board. However instead of desires to develop houses and hotels on his newly acquired property, Ashley has the grander vision of ‘saving the UK high street’ and turning…

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UK can avoid no-deal ‘Brexit chaos’, says Next CEO

Next CEO Simon Wolfson has said he believes that the UK will avoid “serious disruption” in the case of a no-deal Brexit. Speaking to the BBC’s Today Programme, Wolfson, who supported the Leave campaign in 2016, believes a no-deal Brexit will only lead to “mild disruption”. He said the government’s…

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Card Factory posts robust sales growth despite challenging environment

Greeting cards, dressings and gifts retailer Card Factory has reported a 5.5% increase in sales for the six months ending 31 July 2019. The retailer’s like-for-like sales grew by 1.5% during the period, following a strong first quarter particularly supported by its successful Valentine’s Day and Mother’s Day seasonal ranges.…

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Adapting to the new age of retail

Following the recent closures of large-scale retail chains such as William Hill, the question of the high street’s future is once again on everyone’s mind. While undoubtedly the face of the high street is changing, closures don’t represent the high street’s swan song, merely its growing pains.  Outlets which have…

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Over 50 retailers sign letter demanding business rates fix

Over fifty major retailers have come together to demand the government takes action to fix the “broken” business rates system. In a letter to the new chancellor, Sajid Javid, retailers have called on the government to put business rates “at the heart” of the promised new economic package. The letter,…

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Dr Martens profits soar in full-year results

Profits and sales at footwear retailer Dr Martens continued to rise last year, EBITDA for the period soared by 70% to £85m for the year ending 31 March. Group revenue increased by 30% to £454.4m, as the company focused on direct to consumer (DTC) channels, which now accounts for 44%…

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KPMG brought in by Schuh

Footwear retailer Schuh has called in accounting firm KPMG to assess its options after a “tough trading” period. According to reports from the Sunday Times, the retailer has asked landlords for a reduction in rentals, but is not looking to launch a company voluntary arrangement (CVA). In the year to…

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Calculating holiday pay correctly

We are now in the depths of summer and numerous employees are no doubt enjoying their annual leave entitlement to escape the typical British weather. But whilst their holidays are hopefully trouble-free, calculating holiday pay can be a tricky business. What happens when employers don’t get it right? Background As…

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Shop vacancies at highest rate in four years

The number of vacant stores across the UK’s high streets has hit the highest level in over four years. According to the latest figures from Springboard and the BRC footfall and vacancies monitor, the national town centre vacancy rate was 10.3% in July, a slight increase on the previous quarters…

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Abercrombie and Fitch appoints new director

Fashion retail brand Abercrombie and Fitch has appointed Felix Carbullido as an independent director. Carbullido joined Abercrombie and Fitch on 5 August from home furnishings retailer Williams-Sonoma where he is currently executive vice president and chief marketing officer. Previously he served at retailers, including Macy’s, Banana Republic, Gap and Smith…

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