Interest Rates
This coverage explores UK interest rate movements and their impact on the retail industry, focusing on monetary policy decisions, borrowing costs, consumer spending, and retailer financing strategies. Reporting highlights how rate changes affect sales dynamics, investment planning, and operational budgets — providing insight for executives, finance leads, and business strategists navigating economic volatility.
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Jul- 2023 -21 JulyEconomy
Consumer confidence falls in July
Consumer confidence index dropped six points in July to -30 as “reality bites” resilient consumers amid rising inflation and interest rates, according to GfK’s long-running survey. The survey revealed that all five measures were down in comparison to last month’s announcement. The index measuring changes in personal finances during the…
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12 JulyHigh Street
June footfall sees highest increase since 2009
High inflation and rising interest rates did not impact consumer activity across UK retail destinations last month, according to Springboard, who reported both the highest month-on-month and annual increases in footfall for June in any year since 2009. Footfall rose by +3.7% over the month from May to June, against…
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6 JulyElectrical
Currys axes dividend as full-year profits slump
Currys has scrapped its dividend after revealing both profits and sales fell in its full-year results, with the group hit by “depressed demand, high inflation and unforgiving competition”. In the full-year ended 29 April, adjusted profit before tax plunged 38% to £119m, down from £192m the prior year, in part…
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Jun- 2023 -26 JuneSupermarkets
Supermarket leaders to be questioned over rising prices
Supermarket leaders are set to be questioned by MPs this week regarding claims they could be profiteering from rising food and fuel prices. According to The Sunday Times, Morrisons CEO David Potts will be among the supermarket bosses to be questioned by MPs on the business committee tomorrow (27 June).…
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23 JuneAnalysis
How a 5% interest rate hike will affect trading
It was announced yesterday (22 June) by the Bank of England that interest rates will immediately increase from 4.5% to 5.%, marking the 13th consecutive hike since rates were first increased in December 2021 from a low of 0.1% to 0.25%. So far in 2023, this is the fifth consecutive…
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23 JuneHigh Street
Bank holidays boost May retail sales
Retail sales volumes are estimated to have risen by 0.3% in May 2023, beating analysts’ forecasts amid a welcomed boost from warm weather and May bank holidays. According to the latest figures from the Office for National Statistics (ONS), non-store retailing sales volumes rose by 2.7% in May 2023 because…
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22 JuneEconomy
BoE raises interest rate to 15-year high
The Bank of England (BoE) has raised interest rates for the 13th consecutive time to 5%, the highest level in 15 years, after it was revealed that inflation remained at 8.7% in May. The BoE’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the rate by…
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20 JuneOnline & Digital
Gear4music falls to £0.4m loss in FY23
Gear4music has reported a loss after tax of £0.4m for the full year ended 31 March 2023, despite its revenue increasing by 3% to £152m. The online musical instruments retailer also reported EBITDA of £7.4m which is 34% below FY22 and 5% below FY20. According to the CEO of Gear4music,…
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20 JuneProperty
John Lewis writes down head office by £15m
John Lewis Partnership has reportedly written down the value of its head office in Victoria, London by £15.6m, amid a rise in hybrid working. According to The Times, the group has also pushed ahead with the writedown due to depressed commercial property valuations in light of rising interest rates. The…
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15 JuneSupermarkets
Issa Brothers near £650m Asda property sale
Mohsin and Zuber Issa are on the brink of selling a part of Asda’s property portfolio to a US investor in a deal worth £650m, The Times has reported. According to The Times’ understanding, following a “competitive” bidding process, the New York-based investor Realty Income Corporation is close to buying…
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