Retail news

• Can Kanye West save the Gap?

  26-06-2020 21:42
  
  Rapper and mogul announces collaboration with the ailing khaki retailerKanye West has announced a clothing collaboration with the Gap.The team up between West’s Yeezy brand and the retailer, which West hashtagged #Westdayever, will go live in stores in 2021 and will feature an affordable range of menswear, womenswear and kids’ clothes. Notably missing from the collaboration was any footwear which would impinge on his hugely successful collaboration with Adidas. The American retailer
  
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• Shopping centre owner Intu collapses into administration

  26-06-2020 19:19
  
  Firm that runs Lakeside and Trafford Centre fails to secure creditor deal before deadlineIntu Properties has collapsed into administration after the heavily indebted shopping centre owner failed to secure an agreement with its creditors.The company, whose centres include Lakeside in Essex, the Trafford Centre in Manchester and Gateshead’s Metrocentre, has debts of more than £4.5bn and was unable to persuade lenders to grant a standstill on debt repayments before a Friday night deadli
  
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• M&S checks out Victoria’s Secret

  26-06-2020 19:19
  Retailer expresses interest in UK arm of lingerie chain
  
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• Retail Gazette Loves: Asda donates 800,000 meals to those in need amid Covid19

  26-06-2020 17:41 via retailgazette.co.uk
  Asda has donated the equivalent of more than 800,000 meals since the beginning of March to charities and community groups supporting people affected by the coronavirus pandemic.
  In partnership with food charity FareShare, the grocer has been donating food directly to charities and community groups via its back-of-store food donation scheme.
  The scheme has so far provided more than three million meals from 525 stores since it began in August 2018.
  “The Covid-19 pandemic has had a huge impac
  
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• Tesco shareholders reject £6.4m golden handshake for outgoing CEO

  26-06-2020 17:37 via retailgazette.co.uk
  // Tesco AGM sees shareholders block pay deal for its senior directors
  // The deal included a £6.4m pay packet for outgoing CEO Dave Lewis
  // Lewis will be replaced by Ken Murphy at the end of SeptemberTesco shareholders have revolted to vote down the supermarket’s pay deal for directors, including its £6.4 million pay packet for outgoing chief executive Dave Lewis.
  The Big 4 retailer said that just over two-thirds of votes, 67.3 per cent, at its AGM today were cast against its
  
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• Tesco shareholders deliver rebuke over pay policy

  26-06-2020 17:11
  Investors angered by UK retailer’s decision to change part of performance benchmark
  
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• Intu officially falls into administration

  26-06-2020 16:59 via retailgazette.co.uk
  // Intu files for administration, appointing KPMG to handle the process
  // It had warned earlier today that it was on the verge of collapse after talks with lenders failed
  // Intu said its shopping centres would remain open for the time beingIntu has officially tumbled into administration after crunch talks with its lenders were unsuccessful.
  The shopping centre giant said it has applied to appoint James Robert Tucker, Michael Robert Pink and David John Pike of KPMG as joint administrators.
  The
  
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• M&S and Next compete for UK arm of Victoria's Secret

  26-06-2020 16:50
  
  The US brand put its British arm into administration earlier this monthMarks and Spencer and Next are competing to take control of the UK arm of the lingerie brand Victoria’s Secret.The US brand put its British arm, which has 25 stores and employs more than 800 people, into administration earlier this month after a stormy period during which sales fell and the UK arm slumped to a pre-tax loss of £171m. Continue reading...
  
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• Boohoo/executive pay: purple patch

  26-06-2020 16:42
  Success means online fashion retailer must expect greater scrutiny of its corporate governance
  
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• Sosandar hires new finance director

  26-06-2020 16:37 via retailgazette.co.uk
  // Sosanda names Stephen Dilks as the new finance director
  // He will replace James Bowling, who is stepping down September 18
  // Dilks will join Sosandar on September 7 and is expected to join the board shortly afterOnline fashion retailer Sosandar announced the appointment of Stephen Dilks as its new finance director.
  Dilks will take over from James Bowling, current head of finance, who has decided to step down to pursue other opportunities.
  Dilks will join Sosandar on September 7 and Bow
  
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• No going back to normal after the pandemic? Don't bet on it | Gaby Hinsliff

  26-06-2020 16:30
  
  After every crisis, great thinkers declare life will never be the same again. But don’t underestimate the pull of old habitsAs the US army rolls into a newly liberated Paris, a woman sits serenely under the only working hairdryer in the city. The war photographer Lee Miller’s iconic shot of a salon reopening amid the rubble in the summer of 1944 could easily have become an image of heartless vanity when Vogue published it. Who cares about a hairdo, when millions have died?Yet at the
  
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• No going back to normal after the pandemic? Don't bet on it

  26-06-2020 16:30
  
  After every crisis, great thinkers declare life will never be the same again. But don’t underestimate the pull of old habitsAs the US army rolls into a newly liberated Paris, a woman sits serenely under the only working hairdryer in the city. The war photographer Lee Miller’s iconic shot of a salon reopening amid the rubble in the summer of 1944 could easily have become an image of heartless vanity when Vogue published it. Who cares about a hairdo, when millions have died?Yet at the
  
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• Tesco hit by shareholder revolt over executive pay

  26-06-2020 15:59
  
  Vote against backing remuneration report casts shadow over soaring sales newsCoronavirus – latest updatesSee all our coronavirus coverageTesco has suffered a major shareholder revolt over executive pay, casting a shadow over a strong sales performance during the coronavirus lockdown.Shareholders representing just over 67% of the stock voted at the retailer’s annual meeting not to back the remuneration report. The vote comes after the outgoing chief executive Dave Lewis’s pay ro
  
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• Shopping centre owner Intu to collapse into administration

  26-06-2020 15:37
  
  Firm that runs Lakeside and Trafford Centre fails to secure creditor agreement Intu Properties will collapse into administration on Friday afternoon after the heavily indebted shopping centre owner failed to secure an agreement with its creditors.The company, whose centres include Lakeside in Essex, the Trafford Centre in Manchester and the Newcastle Metro Centre, has debts of more than £4.5bn and has been unable to persuade lenders to grant a debt repayment holiday ahead of a Friday night
  
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• Nike’s online sales jump 75% but fail to stem $790m in lockdown losses

  26-06-2020 14:34 via chargedretail.co.uk
  
  Nike has seen online sales skyrocket 75 per cent over the last quarter, but this was not enough to offset drastic revenue declines due to the pandemic.
  The footwear giant’s continued investment in digital services saw online sales rise to 30 per cent of its total revenue for the first time during its fourth quarter.
  New membership registrations for its apps more than doubled during the quarter to 25 million, and its chief executive John Donahoe Nike’s digital revenues will reach 50 p
  
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• Boohoo chiefs given £150m incentive

  26-06-2020 14:32 via retailgazette.co.uk
  // Boohoo’s board approves package that could see up to £150m paid out to executive team
  // Mahmud Kamani & Carol Kane will each be in line for £50m if Boohoo reaches the £7.55bn target by 2023
  // Samir Kamani in line for a £25m payout, finance boss Neil Catto £10m & remaining £15m to be shared with other execsThe bosses behind online fashion retailer Boohoo could be in for a giant payout if business continues to boom, the company has revealed.
  I
  
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• Card Factory CEO Karen Hubbard resigns

  26-06-2020 13:40 via retailgazette.co.uk
  // Card Factory CEO Karen Hubbard is resigning from her role at the end of this month
  // She has been at the helm for four years
  // Chairman Paul Moody will take the role of executive chair until a successor is appointedCard Factory chief executive Karen Hubbard has announced her sudden resignation as the greetings card retailer prepares to unveil a new business strategy.
  Hubbard is set to depart at the end of June after four years in the role, after which there would no women at the helm of FTS
  
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• Co-op calls for legislation to protect staff after rise in store crime

  26-06-2020 13:13 via retailgazette.co.uk
  // Co-op urges UK Government to introduce new legislation to protect staff amid “store crime epidemic”
  // Co-op says crime increased by more than 140% in its stores so far this yearShop workers face a “store crime epidemic” unless the UK Government urgently introduces new legislation to protect staff, ministers are being warned.
  The Co-op revealed that crime has increased by more than 140 per cent in its stores so far this year, despite praise for the critical role played
  
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• Alibaba appoints fourth chief executive in 3 years at Lazada

  26-06-2020 12:54
  South-east Asian online shopping venture is facing heavy competition from Tencent-backed rival
  
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• Boohoo plans £150m executive bonus scheme

  26-06-2020 12:50
  Move comes without shareholder vote despite significant rebellion over remuneration report
  
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• Bike boom: UK sales up 60% in April as Covid-19 changes lifestyles

  26-06-2020 12:32
  
  Almost 50% more electric bikes sold during month after switch from public transport and cars Coronavirus – latest updatesSee all our coronavirus coverageBritons bought 60% more bikes in April as the nation turned to two-wheeled transport during the coronavirus lockdown.Government advice to avoid public transport and to limit travel to essential journeys led to a complete turnaround in the cycle market. In the first three months of the year, the value of bike sales was down 4% and 8% fewer
  
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• Amazon buys Zoox for $1.2bn in second largest deal in over a decade

  26-06-2020 11:16 via chargedretail.co.uk
  
  Amazon has bought self-driving car start-up Zoox for over $1.2 billion (£970 million), following weeks of speculation that a deal was on the table.
  The major deal, first reported by The Information, marks the retailer’s latest and largest foray into the autonomous vehicle sector and represents its second largest investment since 2009.
  It follows weeks of speculation about a possible tie up after the Wall Street Journal reported the pair were in “advanced talks”
  
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• H&M suffers steep loss as pandemic hits sales

  26-06-2020 11:13
  Fashion chain says ‘consumption generally remains subdued’ but is optimistic about recovery
  
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• Boohoo bosses in line for £150m bonus as part of incentive plan

  26-06-2020 10:32
  
  To achieve target, fashion retailer shares will need to increase by 66% over three yearsThe bosses of Boohoo are in line for a £150m bonus if shares in the online fashion retailer rise by two-thirds over the next three years.Business has boomed at Boohoo, which owns brands including Nasty Gal, Pretty Little Thing, Coast and Karen Millen, since floating in 2014 and has surged during the coronavirus lockdown. Continue reading...
  
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• Tesco profits flat despite sales surge

  26-06-2020 10:27
  Additional costs and losses at banking unit offset booming online demand
  
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• Tesco sales soar as customers turn to deliveries in pandemic

  26-06-2020 10:24
  
  Industry has changed ‘beyond imagination’ in last three months, says UK supermarketCoronavirus – latest updatesSee all our coronavirus coverageTesco sales soared during lockdown as shoppers switched to buying online, in local stores as well as returning to big weekly shops at the supermarkets.The UK’s biggest supermarket chain said sales at established stores rose 8.7% in the three months to 30 May, with sales of food increasing by 12%. However, clothing sales dived by a
  
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• Retail landlords received just 13.8% of rent owed

  26-06-2020 09:57 via retailgazette.co.uk
  // Commercial landlords received less than one-fifth of rent owed this quarter collection day
  // Retail landlords were the worst performing groupCommercial landlords, including landlords who own retail properties, were paid just 18.2 per cent of the rent they were owed on Wednesday’s quarterly rent collection date.
  Landlords with retail properties were the worst performing group of this week’s quarter collections, receiving just 13.8 per cent of rent owed, compared to 19.8 per cent i
  
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• Retail landlords paid just 13.8% of rent owed

  26-06-2020 09:57 via retailgazette.co.uk
  // Commercial landlords received less than one fifth of rent owed this quarter collection day
  // Retail landlords were the worst performing groupCommercial landlords, including landlords who own retail properties, were paid just 18.2 per cent of the rent they were owed on Wednesday’s quarterly rent collection date.
  Landlords with retail properties were the worst performing group of this week’s quarter collections, receiving just 13.8 per cent of rent owed, compared to 19.8 per cent i
  
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• Mike Ashley could be investigated by HMRC over “abuse of furlough scheme”

  26-06-2020 09:35 via retailgazette.co.uk
  // An HMRC source says the department is looking into alleged breaches of job retention scheme from Mike Ashley and Sir Philip Green.
  // Staff allege that they were asked to work while on furlough
  // HMRC to be granted new powers to demand back funds from Covid-19 reliefSports Direct owner Mike Ashley is said to be top of an HMRC “hit list” to investigate complaints made around alleged breaches of the government’s job retention scheme, according to reports by i.
  An HMRC source
  
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• Intu on verge of administration after talks with lenders fail

  26-06-2020 09:09 via retailgazette.co.uk
  // Intu says it is “likely” to appoint administrators after failing to reach an agreement with lenders
  // Lakeside, Trafford Centre and Metrocentre owner has warned its shopping centres “may have to close for a period” if it falls into administration
  // Thousands of jobs are at risk in wake of possible closures.Retail property giant Intu on Friday said talks with lenders had failed to reach an agreement to save it from falling into administration.
  Intu has until midnight
  
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• Shopping centre owner Intu expected to go into administration

  26-06-2020 08:58
  
  Firm, which has debts of more than £4.5bn, unable to secure agreement with creditorsIntu Properties said on Friday it was likely to go into administration after the shopping centre owner failed to secure an agreement with its creditors.The company, whose centres include Lakeside in Essex and the Trafford Centre in Manchester, has debts of more than £4.5bn and said it had been unable to persuade lenders to grant a debt repayment holiday before Friday night’s deadline. The compan
  
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• Tesco like-for-like sales rise 8% during quarter of lockdown

  26-06-2020 08:51 via retailgazette.co.uk
  // Tesco group sales up almost 8% during lockdown quarter
  // Shopping frequency was down 32% in the UK, although basket sizes rose 64%
  // Tesco said provision of coronavirus safety measures has already cost £65mTesco’s sales rose 8.2 per cent to £12,214 million in the first quarter to May 30.
  Across the group, sales rose 7.9 per cent to £13,380 million, during a thirteen week period from the start of March, and almost entirely covered by lockdown.READ MORE: Tesco sales ju
  
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• Tesco first quarter sales jump by 8%

  26-06-2020 01:00 via theretailbulletin.com
  
  Tesco has increased its first quarter group sales by 8% to £13.4 billion and its like-for-like sales by 7.9% as customers bought more food during the Covid-19 pandemic.... View Article
  
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• Sosandar appoints finance director

  26-06-2020 01:00 via theretailbulletin.com
  
  Online fashion retailer Sosandar has appointed Stephen Dilks as finance director. He will succeed James Bowling who has decided to step down from his head of finance... View Article
  
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• LondonMetric acquires five food stores and a logistics unit for £72.9 million

  26-06-2020 01:00 via theretailbulletin.com
  
  LondonMetric Property has invested £72.9 million in the acquisition of five food stores and a logistics unit. Through a £62 million sale and leaseback, the company has bought... View Article
  
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• Central England Co-op outlines vision for future through film

  26-06-2020 01:00 via theretailbulletin.com
  
  Central England Co-op has outlined its vision for the future through a special film that was created for its annual members’ meeting. The retailer, which operates... View Article
  
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• Boux Avenue begins phased reopening of stores

  26-06-2020 01:00 via theretailbulletin.com
  
  Boux Avenue has begun a phased return to trading in shopping centres and high streets this week. The lingerie and nightwear retailer has initially reopened seven stores with more... View Article
  
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