Tesco sales growth slows in ‘subdued’ market June 13, 2019 Tesco sales growth slowed in the first quarter of the year due to a “subdued” UK market. The supermarket, which is the largest in the UK, said sales hit £9.08bn in its core market, representing like-for-like sales growth of 0.4 per cent. Read more: Tesco Bank quits ‘challenging’ mortgage market Analysts had predicted growth in [...]
Our high streets are in grave danger June 12, 2019 For decades, the local high street has been the jewel in the crown of UK towns and cities, boasting an array of thriving local businesses and big-name stores. However an outdated business rates system, coupled with the rise of online retail giants, has left them in grave danger. This is a watershed moment for our [...]
Activist investor Elliott launches audacious bid for Majestic Wine stores June 12, 2019 Activist investor Elliot has launched a bid for 200 Majestic Wine stores as the retailer switches its focus from the high street to online. US-based Elliot has pitted itself against private equity firm OpCapita and Fortress, the investment group owned by Japan’s SoftBank, in the sale, in which Majestic is hoping to recoup £100m. Read [...]
City watchdog launches crackdown on ‘buy now pay later’ deals June 12, 2019 The City watchdog has launched a crackdown on ‘buy now pay later’ deals in a bid to save consumers up to £60m a year. The Financial Conduct Authority has announced plans to ban retailers from charging backdated interest rates on loans repaid during the offer period. Read more: Financial Conduct Authority issues warning to high [...]
Zara owner Inditex boosts sales with rapid online expansion June 12, 2019 Zara owner Inditex defied a weak retail market to boost sales at the beginning of the second quarter as its global expansion gathered pace. The world’s biggest clothing retailer bounced back from a weak start to the year, damaged by cold weather, reporting a 9.5 per cent sales jump in the period from 1 May [...]
British American Tobacco boosted by vaping sales June 12, 2019 British American Tobacco (BAT) announced that sales of e-cigarettes and vaping products would accelerate in the second half of the year as demand for traditional cigarettes declines. Shares fell nearly five per cent despite the positive trading update as the company revealed it had lost market share. Corporate volume share was down ten percentage points [...]
Lidl unveils £500m London expansion plan for 40 new stores June 12, 2019 Lidl has unveiled a £500m expansion plan to create 40 new stores in the capital, including its first central London store. The German discount supermarket said the openings would create 1,500 new jobs over the next five years. Read more: Big Four supermarkets stall amid fast rise of Lidl and Aldi A proposed Tottenham Court [...]
Fast fashion: Boohoo bucks high street gloom with soaring revenue June 12, 2019 Fast fashion retailer Boohoo has again defied a gloomy retail sector, reporting 39 per cent sales growth in the last quarter. The firm’s offering, of selling cheap own-brand clothing and accessories online, has chimed with younger consumers in recent years. Boohoo’s rise comes at the same time as high street rivals such as Topshop fight [...]
Landlords pick a fight with the CVA June 12, 2019 Is this the week Britain’s retail landlords fight back? After a slew of company voluntary arrangements (CVA) from the likes of Carpetright, Mothercare, Jamie’s Italian, New Look and House of Fraser, it seems there are only so many controversial rescue deals that high street property owners are willing to stomach. Today the biggest and most high [...]
West End landlord Shaftesbury sued by tycoon shareholder Samuel Tak Lee June 11, 2019 Hong Kong billionaire Samuel Tak Lee has launched legal proceedings against one of London’s largest landlords over a capital raise. West End property group Shaftesbury announced that Lee, its largest shareholder, was suing the company over a share placing in December 2017 and was seeking £10.4m in damages. Read more: West End landlord Shaftesbury braced [...]
