Covid-19
This coverage examines the effects of Covid-19 on the UK retail industry, focusing on operational disruption, financial pressures, consumer behaviour shifts, and recovery strategies. Reporting includes lockdown impacts, safety measures, supply chain challenges, online growth, and leadership decisions that shaped responses to the crisis. Designed for executives and managers, it offers lessons and insights for navigating future disruptions.
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Aug- 2020 -14 AugustHigh Street
River Island set to axe 350 jobs
River Island is reportedly set to axe almost 350 store management and sales roles as it continues to weather the coronavirus pandemic. According to an internal memo sent to staff, which was seen by Drapers, CEO Will Kernan said: “We are now in the process of restructuring our retail teams…
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14 AugustClothing & Shoes
New Look to secure £40m of funding
New Look has agreed a deal with its creditors to secure an additional £40m of funding to help ride out the covid-19 pandemic. Under the terms, New Look said it will have funding to provide a sustainable platform for post-Covid trading and enable the group to invest in, and deliver,…
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14 AugustCoronavirus
Covid-19 outbreak strikes M&S supplier
Greencore, the factory that provides Marks and Spencer with its ready-to-eat sandwiches, has confirmed it is “proactively testing” workers after 299 employees tested positive for coronavirus. The group confirmed that those who had tested positive are now self-isolating, and the company is working alongside PHE East Midlands, Northamptonshire County Council…
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13 AugustHigh Street
Topps Tiles retail revenues rise in Q4 results
Topps Tiles has reported a 15.5% year-on-year increase in retail revenues for the Q4 period ended 8 August 2020. Average weekly sales also increased by 13.1% to £4.4m during the period. As a result, the retailer’s board now expects that the group will generate a “modest level” of adjusted profit…
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13 AugustClothing & Shoes
Very Group to return to profit as revenues pass £2bn
The Very Group has forecasted a return to profits for the FY20 as it revealed annual group revenues passed £2bn for the first time. In a trading update for the full-year ending 30 June, the company said it saw a 65% increase in website visits driving “exceptional” retail sales growth…
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12 AugustEconomy
UK in recession following 20% GDP slump
The UK economy has entered into a technical recession following a “record” fall in gross domestic product (GDP) during the second quarter of the year. According to the Office for National Statistics, GDP slumped by 20.4% between April and June 2020, compared with the 2.2% drop seen during Q1 2020…
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10 AugustHigh Street
Baird Group launches CVA proposal
Baird Group has launched a Company Voluntary Arrangement (CVA) proposal in order to safeguard the “long-term future” of the group. The group, whose portfolio includes Ben Sherman and Suit Direct, worked with KPMG’s Restructuring practice to review “all options” available to address the challenges presented by the pandemic. As a…
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10 AugustHigh Street
WH Smith seeks rent cuts
WH Smith is reportedly seeking rent cuts from its landlords as it looks to cut costs. According to The Sunday Times, the retailer has drafted in advisers Gerald Eve to negotiate with landlords across its portfolio of over 1,000 UK stores located on the high street and at travel hubs. …
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10 AugustClothing & Shoes
Superdry secures funding as sales fall
Superdry has secured a new £70m lending facility in a bid to equip it with “flexibility and liquidity” following the coronavirus crisis. It comes as the disruption from the pandemic has continued to “materially impact” its year-on-year performance, despite the fact that trading was ahead of initial expectations in its…
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7 AugustCoronavirus
Naked Wine hails ‘strong’ sales performance
Naked Wines has announced it is continuing to “trade strongly” despite the crisis, with total July sales expected to be up by 73% against the prior year. This would bring its sales growth in the first four months of the financial year to 76%, overall. According to the retailer, this…
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