H&M reveals 240 store closures in ‘established markets’ March 31, 2022 H&M has announced 240 global store closures after posting a slowdown in sales after suspending activities in Russia. The Swedish retailer has said it will open some 95 new stores and shut around 240 stores this year, with a net decrease of 145 spaces. Closures will “mainly be in established markets,” the fashion company said, [...]
Tesco to stock £2 lateral flow tests from Friday March 31, 2022 Tesco is going to stock £2 lateral flow tests in store and online as of tomorrow. The supermarket giant signed a deal with healthcare firm Everything Genetic, as the government ends access to free lateral flows. The £2 kits, which are “less than a price of a takeaway coffee” will be available in more than [...]
Hostelworld: Revenue recovers as travel restrictions scrapped as online agent posts €17.3m loss March 31, 2022 Hostelworld has marked a “challenging year” as the online travel agent has slowly seen bookings rebound with the easing of travel rules. Hostelworld marked a net revenue of €16.9m for the year to 31 December, an increase of 10 per cent year on year. The Dublin-based company said its full year net bookings totalled 1.5m, [...]
BlackRock President: Entitled generation should prepare to sacrifice amid surging inflation March 30, 2022 BlackRock’s Rob Kapito said an entire generation should “put on seat belts” as the economy feels the impact of high inflation. “For the first time, this generation is going to go into a store and not be able to get what they want,” the president of the $10 trillion asset manager said of shortages, Bloomberg [...]
Gopuff: Hundreds of job cuts to come as delivery firm looks to slash costs $40m March 30, 2022 Rapid delivery firm Gopuff is readying to lay off hundreds of employees after a $15bn valuation last year. Some three per cent of the start-up’s workforce could be hit by job losses, according to The Information. Job cuts are included in a bid to slash annual costs by some $40m, the news website said, citing [...]
Oxford St still feeling side effects of Covid as footfall recovery lags behind March 30, 2022 Oxford St has struggled to return to its pre-pandemic glory with football down 46 per cent on pre-Covid levels. Overall, high street footfall levels were down 23 per cent in February, according to an RSM analysis of data from Datscha. International travel restrictions have dampened the numbers of shoppers in central London hubs. Northern shopping [...]
Plans for huge theme park the size of 136 Wembley Stadiums is withdrawn, for now March 30, 2022 Plans for a huge theme park on the outskirts of London, reportedly the size of 136 Wembley Stadiums, have been temporarily scrapped. Request for planning by the London Resort site, billed as a venue to rival Disneyland Paris, was withdrawn this week, despite those behind it saying they are “still 100 per cent committed”. According [...]
Ikea to close Tottenham store in £1bn plans to speed up home deliveries in London March 30, 2022 Ikea has revealed it will be shutting shop at its Tottenham store, with some 450 employees set to be impacted. However, Ikea said it has plans to retain as many individuals as possible. It is also planning to create some 600 vacancies in the capital before the store shuts. The North London store will remain open [...]
Huel: No rush for IPO as meal replacement drinks biz passes £100m revenue March 30, 2022 The CEO of start-up Huel has said its £1.50 meal replacement drinks offer struggling households affordable nutrition as inflation skyrockets. “We feel we can support [people in the cost of living crunch,] given our products start at £1.50 a meal,” CEO James McMaster told CityA.M. Households are facing sharp grocery bill increases this spring, as [...]
Publisher Bloomsbury set to beat profits guidance after global bestseller March 30, 2022 Publishing group Bloomsbury said it was set to sail past profits and revenues expectations this morning as it felt the lift of a number of new fiction titles and a positive acquisition strategy.
