Pandemic
This coverage examines the impact of pandemics on the UK retail industry, focusing on operational disruption, financial challenges, consumer behaviour shifts, and recovery strategies. Reporting highlights store closures, safety measures, supply chain pressures, leadership decisions, and lessons learned to enhance resilience. Tailored for executives and managers, it provides insights to navigate crisis situations and strengthen preparedness.
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Oct- 2020 -7 OctoberSupermarkets
Tesco profits soar despite coronavirus hit
Tesco has welcomed a surge in profits, with pre-tax profit soaring by 28.7% to £551m in the first-half of its financial year. In the same period, group sales rose by 6.6% to £26.7bn, up from £25bn reported the year before. While clothing sales were down by 17.2%, food sales were…
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6 OctoberClothing & Shoes
Ann Summers moves towards CVA
Ann Summers has suggested that it is likely to launch a CVA after the lingerie retailer failed to negotiate rental terms with landlords. The company has started talks with the British Property Federation, which would likely lead to the beginning of the insolvency process. More than half of the landlords…
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6 OctoberLuxury Goods
Watches of Switzerland raises guidance as sales surge
Watches of Switzerland has announced that revenue for the first 10 weeks of Q2 has been “stronger than expected” at £202.7m, up 20.2% in constant currency and 18.3% in reported terms against the prior year. The group also reported sales to date of £145.1m, up by 12.6% against the prior…
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6 OctoberEconomy
High Streets Task Force appoints 150 experts
The High Streets Task Force has appointed 150 professionals to work with local authorities in England over the next four years, supporting their evolution and response to Covid-19. Towns in England will receive advice on progressing local plans, bidding for investment and helping the high street post-pandemic. The ‘experts register’…
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5 OctoberSupermarkets
Waitrose eats into Ocado’s market share despite M&S deal
Waitrose has reportedly stolen some online market share from its former partner Ocado in the first few weeks of Ocado’s new joint venture with Marks and Spencer. According to The Sunday Times, in the first two weeks after the launch of Ocado’s new partnership, its weekly online orders dropped from…
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5 OctoberClothing & Shoes
Mulberry swings to full-year loss
Mulberry has announced that group revenue fell by 10% to £149.3m in the full-year ended 28 March 2020, in light of a “challenging” UK market and the impact of the pandemic towards the end of the financial period. The group also swung to a pre-tax loss of £14.2m, down from…
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2 OctoberSupermarkets
Asda sold at £6.8bn to billionaire Issa brothers
Walmart has confirmed the Issa brothers and TDR Capital have taken equal shareholdings in an acquisition of Asda which values the supermarket at £6.8bn. The two groups have now acquired a majority stake in Walmart’s wholly-owned UK business on a debt-free and cash-free basis, and the transaction is expected to…
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2 OctoberCoronavirus
Nearly half of UK firms report Q3 sales decrease
Business conditions remain weak in the third quarter of 2020, despite “much of the economy” reopening, according to the latest Quarterly Economic Survey from the British Chamber of Commerce (BCC). Its survey of 6,410 firms found that while key indicators have improved from the “historic lows” in Q2, they remain…
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1 OctoberClothing & Shoes
H&M to close stores as online sales rise
H&M has announced that it is planning to close around 250 stores next year, as more of its customers shift to online sales. It comes as the group said that “rapid changes” in customer behaviour have been accelerated by the crisis. In light of this, the group will now “step…
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Sep- 2020 -30 SeptemberClothing & Shoes
Boohoo raises forecast as profits soar
Boohoo has reported that pre-tax profit soared by 51% to £68.1m in its latest half-year results. In addition, revenue soared by 45% to £816.5m in the six months ended 31 August 2020. Strong revenue growth was seen across all geographies and brands, with revenue up by 37% in the UK…
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