Covid-19

Retail records fifth consecutive month of negative sales, BDO finds

Total in-store and online sales have dropped -1.3% in February, marking the fifth consecutive month of negative sales results, according to new data from BDO’s High Street Sales Tracker. BDO’s data, which looks at sales across discretionary spend categories, showed that despite online sales growing by +2.9% compared with last…

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Today’s news in brief-15/2/24

The UK has entered a technical recession as its GDP contracted by 0.3% in the final quarter of 2023. This marks the first recession since the onset of the Covid-19 pandemic. The decline in GDP was larger than expected, with key sectors like manufacturing, construction, and wholesale experiencing significant downturns.…

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UK enters technical recession as GDP contracts 0.3% in Q4

The UK fell into a technical recession after gross domestic product (GDP) shrank by 0.3% in the final three months of 2023, according to the ONS latest report.  The news marks the first time the UK has entered a recession since the first half of 2020, when the initial Covid-19…

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Less shoppers stick to a weekly grocery shop routine, report finds

Just 16% of shoppers now report sticking to a weekly shop schedule, down from 26% in 2020, according to Savanta’s Grocery Eye report.  The report has found that the weekly shop – a staple of domestic life for decades – appears to be “coming to a close” as cash-strapped and…

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Retail sales drop 3.2% in December, ONS says

Retail sales volumes are estimated to have fallen by 3.2% in December 2023, from a rise of 1.4% in November 2023, the ONS has revealed.  December’s decrease was the largest monthly fall since January 2021, when Covid-19 restrictions affected sales. Looking at the quarterly picture, sales volumes fell by 0.9%…

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Turning excess inventory into extra profit: the power of online auctions

Retail businesses have been fighting against tough economic conditions in recent years. From the continuing fallout of Covid-19 to the ongoing cost of living crisis, skyrocketing energy bills to increasing wage demands, bricks and mortar stores and e-commerce organisations alike have been feeling the impact of strained purse strings. As…

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Can Asos turn around its spiral into widening losses?

If Asos’ estimations are correct, the online fashion retailer will be facing its second year of falling sales as big as 5% to 15% in FY24. Business has looked bleak for the retailer, and as of 3 September, its loss-before-tax widened to £296.7m, UP from a loss of £31.9m in…

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Virgin Wines sales fall by £10m in FY23

Virgin Wines has seen revenues fall to £59m in FY23, down from £69.2m, as the group battled with economic headwinds and the launch of a new Warehouse Management System over the period.   As well as a fall in sales, profit before tax fell to £0.6m, down from £6.2m, while adjusted…

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Footfall forecast to drop in run-up to Christmas

Christmas for retailers and the hospitality industry will be challenging due to rising bills that will have started to bite since September, the retail intelligence experts at MRI Software, formerly Springboard, are forecasting.  It found that this year, footfall across all UK retail destinations will decline on a month-to-month basis,…

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Majestic to recruit 200 employees ahead of Christmas

Wine retailer Majestic has announced plans to hire 200 employees to work in its nationwide portfolio of stores in what is the company’s biggest ever pre-Christmas recruitment drive.  Majestic will be expanding its workforce with a combination of permanent positions and temporary festive roles, as it gears up for the…

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