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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Mar- 2024 -26 MarchClothing & Shoes
Asos maintains profit guidance despite HY sales falling 18%
Asos has reported that sales fell by 18% during the half-year period to 3 March, which the online retailer maintained is still broadly in line with expectations. According to the group, it expected FY23 trends to continue through to the first half of FY24, as it worked to improve…
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25 MarchEconomy
Scottish retailers’ rates bills to rise by £31m, the SRC says
Shops in Scotland will see their annual business rates bills rise by £31m from next week, the Scottish Retail Consortium announced. The change follows the decision in the Scottish Government’s Budget to increase the business rate for firms occupying 22,120 medium-sized and larger commercial premises by 6.7% in 2024-25. This…
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25 MarchSupermarkets
Ocado faces shareholder revolt over £15m CEO bonus
Ocado reportedly could see a shareholder revolt over executive pay after a proxy advisor recommended investors vote against the retailer’s new bonus scheme, which could mean CEO Tim Steiner receives up to £14.8m, The Times has reported. As a result, the Institutional Shareholder Services (ISS) has recommended that shareholders vote…
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19 MarchHigh Street
Primark trials ‘sold’ stickers as anti-theft deterrent
Primark UK has started trialling a new anti-theft measure, which sees checkout staff at some of the fashion retailer’s branches seal up paper carrier bags with blue “sold” stickers. This measure means that any customers carrying bags without the stickers will be stopped at the door by store security guards. …
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15 MarchNews
Today’s news in brief-15/3/24
After 14 years of service, Iain McDonald, a non-executive director at THG, has announced his intention to step down from his position. McDonald has been instrumental in guiding THG’s growth and evolution into a global leader across Beauty, Nutrition, and Technology sectors. The board, upon his departure, will consist of…
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15 MarchHigh Street
WH Smith appoints new CFO
WH Smith has appointed Max Izzard as its latest CFO, following the news that Robert Moorhead is set to retire as CFO and COO after more than 20 years with the business. Izzard is currently SVP of group and corporate finance at Burberry. He will join the stationery retailer on…
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15 MarchNews
Under Armour founder returns as CEO
Under Armour founder Kevin Plank will become president and chief executive officer, effective April 1, 2024, succeeding Stephanie Linnartz. Plank, who will transition from executive chair of the board, will remain a director. Linnartz will remain an advisor to the company through April 30, 2024. Plank founded Under Armour in…
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12 MarchNews
Today’s news in brief-12/3/24
Superdry is in talks with Hilco Capital for a loan of up to £20m. This loan would support the company’s ongoing turnaround efforts and provide liquidity for its operational needs, including managing seasonal working capital peaks. Additionally, Superdry aims to extend the maturity date of its facilities with Hilco. These…
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12 MarchHigh Street
Ann Summers profits hit £61.8m in FY23
Ann Summers has reported that gross profits for the 53-week period to 1 July 2023 hit £61.8m, spelling a 3% rise on the £60m reported in the prior year. The lingerie retailer has attributed its performance during the year to in-store sales growing by 12% year-on-year, as more consumers returned…
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5 MarchFeatures
What are the effects of VAT taxes on the tourism industry?
The term “tourism tax” has recently been used to refer to taxes imposed on goods and services supplied to international tourists. Up until 31 December 2020, VAT-free shopping enabled international visitors in the UK to get a VAT refund on goods purchased in the UK, making them 20% cheaper. Recently,…
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