Economy
This coverage explores how economic trends and policies affect the UK retail sector. Reporting focuses on GDP, inflation, consumer confidence, interest rates, and broader fiscal measures, assessing their impact on retail sales, pricing strategies, and operational decisions. Tailored for professionals evaluating market conditions, financial risks, and opportunities within a shifting economic landscape.
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Jul- 2022 -19 JulyEconomy
90% of consumers intend to cut back spending, Grant Thornton finds
New research from Grant Thornton and Retail Economics has revealed that almost 90% of UK consumers intend to cut back their spending on non-essentials over the year ahead. Of those planning to cut back, the research also showed that more than a quarter (28%) intend to do so across all…
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1 JulyDIY
Ikea owner launches circular economy hub in Hammersmith
Ikea owner Ingka Group has officially opened a new Library of Things at Livat Hammersmith, a circular economy concept that allows customers to “affordably borrow” everyday items. Items such as drills, sound systems and sewing machines will be available to borrow from the local hub, while Ingka Group said the…
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May- 2022 -12 MayEconomy
UK economy shrinks in March
The UK economy shrunk by 0.1% in March as consumers started to feel the bite of rising energy prices and the cost of living. The latest figures also come after a period of no growth in February. During the period, services fell by 0.2% on the month and was the…
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Feb- 2022 -7 FebruaryOnline & Digital
MusicMagpie expands service amid subscription economy boom
MusicMagpie has announced that it has expanded its rental subscription service to offer new product categories that include tablets, games consoles and MacBooks, as the subscription economy continues to witness a boom across the UK. Having launched in October 2020, its smartphone service has reportedly attracted around 13,500 active subscribers…
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2 FebruaryClothing & Shoes
Prada appoints two new independent non-executive directors
Prada has announced the appointment of Pamela Culpepper and Anna Maria Rugarli as independent non-executive directors, taking the board up to a total of 11 members. Culpepper and Rugarli were reportedly selected for their professional background in ESG and in accordance with the Diversity Policy of the board of directors. …
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1 FebruaryOnline & Digital
Asos invests £14m in Belfast tech hub
Asos has announced it is investing £14m into a new tech hub in Belfast over the next three years as it continues to scale its investment in technology, creating 184 new jobs with eight permanent staff already on board. As part of the investment, Asos has announced the opening of…
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Jan- 2022 -18 JanuaryClothing & Shoes
ASOS set to boost UK economy by £3.8bn
Asos’ UK GDP contribution will increase by £2bn to £3.8bn in the next three to four years, with plans to reach £7bn turnover which will reportedly “further boost” the company’s impact in the UK, according to its first Economic Impact report. According to the research, conducted by Oxford Economics, Asos’…
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14 JanuaryEconomy
UK economy surpassed pre-Covid levels in November
Gross domestic product (GDP) has surpassed its pre-pandemic level for the first time as it grew by 0.9% in November 2021, according to the latest Office for National Statistics (ONS) data. In the latest release, output in consumer-facing services grew by 0.8%, mainly because of a 1.4% increase in retail…
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Sep- 2021 -28 SeptemberEconomy
Asos to create 180 jobs with new £14m Tech Hub
Asos has announced it is to invest £14m in a new Tech Hub in Belfast and create 184 new jobs over the next three years. The new Belfast hub will be operational in early 2022, with 52 dedicated roles in the first year, growing to 184 by 2024, with recruitment…
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Aug- 2021 -12 AugustEconomy
UK economy surges 4.8% in June
The UK economy grew by 4.8% in June as Covid-19 restrictions surrounding retail and leisure were eased across the UK, according to figures published by the Office of National Statistics (ONS). Gross domestic product (GDP) is estimated to have grown for a fifth consecutive month in June 2021, by 1.0%,…
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