Budget

Shop prices return to inflation as retailers struggle to shoulder costs

Shop price inflation increased to 0.4% year on year in June, compared with a decline of 0.1% in May, as retailers grappled with increases to minimum wage and employer national insurance costs. Furthermore, non-food inflation increased to -1.2% year on year in June, against a decline of 1.5% in May.…

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Retail sales see sharpest monthly fall since December 2023

Retail sales volumes fell by 2.7% in May, according to the latest retail sales figures from the ONS, marking the sharpest monthly decline since December 2023. The fall followed a revised 1.3% rise in April and was driven largely by reduced spending in food stores and weaker sales of clothing…

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Primark to open standalone Home store in Manchester

Primark has announced it will open its first standalone Home store in Great Britain this summer at Trafford Palazzo in Manchester. The 11,900 sq. ft, two-floor unit is set to launch later in the season and follows the debut of the Primark Home concept in Belfast earlier this year. It…

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Warm weather fails to boost footfall in May

Retail footfall across the UK declined by 1.7% compared with May 2024, spelling a sharp drop from the 7.2% rise recorded in April, according to the latest data from the British Retail Consortium (BRC) and Sensormatic Solutions. The downturn affected most retail locations, with High Streets down 2.5% year-on-year, and…

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Retailers welcome £2bn police boost but urge for more action

Retail trade bodies have welcomed the £2bn funding boost for police forces in England and Wales, but cautioned that the investment alone will not be enough to tackle rising levels of high street crime. It comes as Rachel Reeves announced in yesterday’s Spending Review (11 June) that the police’s spending…

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Consumer confidence hasn’t recovered since Brexit vote, Barclays finds

Consumer confidence reached its highest point in the past 10 years in September 2016, at 48%, just after the Brexit referendum, according to Barclays’ “10 Years of Spend” report. Barclays has been tracking consumer confidence monthly since 2015 and also surveyed 2000 people in the UK for the report, which…

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M&S warns of £300m profit hit following cyber attack

Marks and Spencer has reported its highest profits in over 15 years, with pre-tax profits up by 22.2% to £875.5m in its full-year results, but has warned it faces a £300m hit to next year’s profits amid ongoing disruption from a major cyber attack. In the year ended 29 March…

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UK economy grows by more than expected 0.7% in Q1

The UK economy performed better than expected in the first quarter of the year, with GDP growing by 0.7% between January and March, following a 0.1% rise the prior quarter. This was ahead of analysts’ expectations, who had forecast a growth of 0.6% for the period. According to the Office…

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A Lidl bit more: Why is Lidl investing in expansion?

On 28 April Lidl announced that it is going to invest £500m in store expansion, aiming to open more than 40 stores in the process. The budget supermarket has been rapidly gaining market share in the UK hitting a record 8.1% in May 2024, according to data from Kantar. With…

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Why is Hilco Capital looking to acquire Lakeland?

British retail is no stranger to seeing a heritage brand acquired by a private equity firm. The latest name on that list seems to be family-owned homeware retailer Lakeland which is reportedly on the verge of being acquired by Hilco Capital. It was revealed in January that the company had…

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