Retail news

• Brookfield says ‘time is now’ to sell some of its malls

  22-09-2020 21:41
  Plan to downsize comes as shopping centre operator to cut 20% of staff at its retail unit
  
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• The financial watchdog may have finally brought insurers to heel

  22-09-2020 20:33
  
  The FCA’s honest, simple ban on ‘price walking’ could end a long-running business model that punishes customer loyaltyWhen it first looked at insurers’ price-gouging tactics a couple of years ago, the Financial Conduct Authority floated the entertaining idea of getting the entire UK population to renew, or switch, its car and home insurance policies on the same day every year.It used to work well in Hungary, apparently. A one-day frenzy ensured there were fewer opportunit
  
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• Members of Canada’s largest retail co-op seek to block sale to US private equity fund

  22-09-2020 19:22
  
  Mountain Equipment Co-op had announced last week it would be acquired by US private equity firm in a ‘backroom deal’Members of Canada’s largest retail cooperative have mounted a long-shot bid to block the sale of the popular outdoors supply company to an American private equity group.Last week, Mountain Equipment Co-op announced it would be acquired by the Los Angeles-based private investment firm Kingswood Capital Management – a move that blindsided many of the co-op&rsq
  
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• Members of Canada’s largest co-op mount bid to stop sale to US private equity fund

  22-09-2020 19:22
  
  Mountain Equipment Co-op had announced last week it would be acquired by US private equity firm in a ‘backroom deal’Members of Canada’s largest retail cooperative have mounted a long-shot bid to block the sale of the popular outdoors supply company to an American private equity group.Last week, Mountain Equipment Co-op announced it would be acquired by the Los Angeles-based private investment firm Kingswood Capital Management – a move that blindsided many of the co-op&rsq
  
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• Private equity group Lone Star pulls out of £6.5bn race for Asda

  22-09-2020 19:15
  US-based buyout group failed to reach agreement on price for UK chain or potential costs of equal-pay dispute
  
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• Toilet roll sales rise by more than a fifth amid new UK Covid-19 restrictions

  22-09-2020 18:31
  
  Manufacturer insists supplies will not run out as long as customers don’t panic buyCoronavirus – latest updatesSee all our coronavirus coverageSales of toilet rolls have soared by 23% over the past week, and manufacturers are preparing for further increases in consumer demand following the introduction of fresh coronavirus restrictions across most of the UK.WEPA Group, which produces toilet paper and kitchen towels for the UK consumer market from its site in Bridgend, south Wales, sa
  
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• Kingfisher: nailing it

  22-09-2020 16:53
  Pandemic is delivering the turnround previous chief executives failed to produce
  
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• Private-equity group Apollo leads £6.5bn race to buy Asda

  22-09-2020 15:15
  
  Two bidders in running to snap up Walmart-owned chain as Lone Star drops outThe private-equity firm Apollo Global Management is thought to have edged into the lead in the £6.5bn bidding war for Asda after its rival Lone Star Funds dropped out.It is believed that a third bid from private equity firm TDR Capital remains in the running – the group is understood to have been working on a deal with the billionaire Issa brothers, who are behind the British forecourts operator EG Group. Con
  
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• Face masks made compulsory for retail workers from this week

  22-09-2020 15:14 via retailgazette.co.uk
  // Face masks to be made compulsory for retail staff in England from Thursday
  // Prime minister Boris Johnson said the rules come as infections of Covid-19 increase
  // Other measures include pubs, bars and restaurants shutting their doors at 10pmPrime minister Boris Johnson has said that all retail workers in England will need to wear face coverings from Thursday, or retailers face fines of up to £10,000.
  Speaking earlier in the House of Commons, the PM said the new rules come as infection
  
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• Asda makes redundancies at George head office

  22-09-2020 14:38 via retailgazette.co.uk
  // Asda restructures George head office team
  // The restructure leads to 50 job cuts
  // The redundancies represent 10% of George’s total head office team of 500Asda is reportedly restructuring its George fashion division, which will result in 50 redundancies at its head office in Leicester.
  Staff were informed on Tuesday of the decision to move from a hierarchical head office structure to a more responsive model, Drapers reported.
  The new model means staff can work across different te
  
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• Game and Smyths websites crash amid Xbox pre-order frenzy

  22-09-2020 13:25 via chargedretail.co.uk
  
  Game and Smyths websites have crashed in the release of Xbox Series X pre-orders creates more chaos for consumers.
  Two of the UK’s largest gaming retailer have both seen their websites crash this morning due to unprecedented spikes in demand for the next generation of Xbox consoles.
  At the time of writing both Game’s UK website says that it is “currently unavailable” after Xbox customers “came out in force with an exceptional response to pre-orders”, which we
  
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• Hugo Boss head of communications exits after 20 years

  22-09-2020 12:37 via retailgazette.co.uk
  // Hugo Boss head of corporate communications Hjördis Kettenbach steps down
  // Kettenbach will be leaving the company at the end of this month
  // She was responsible for the company’s global corporate communications activitiesHugo Boss’ long-standing head of corporate communications, Hjördis Kettenbach has stepped down “at her own request” and will be replaced by team leader of corporate communications Carolin Westermann.
  Kettenbach will be leaving the company a
  
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• B&Q and Screwfix owner to return £23m in Covid furlough pay

  22-09-2020 12:31
  
  Kingfisher’s shares rise as it reports increase in sales and profits during the pandemicCoronavirus – latest updatesSee all our coronavirus coverageThe DIY group behind B&Q and Screwfix has said it intends to return £23m of furlough pay to the government after sales and profits at its UK business climbed during the pandemic.Sales rose 3.7% at Kingfisher’s UK business in the six months to 31 July – despite several weeks during which stores were closed or only par
  
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• US private equity fund drops out of race to acquire Asda

  22-09-2020 11:56 via retailgazette.co.uk
  // US private equity fund Lone Star drops out of race to acquire Asda
  // Lone Star was unable to match price expectations of Asda’s US owner Walmart
  // Apollo and Lone Star were the frontrunners after Walmart restarted an auctionAsda has reportedly seen US private equity fund Lone Star Funds drop out of the race to acquire it, which places Apollo Global Management in pole position to take control of the supermarket.
  Lone Star was unable to match price expectations of Asda’s US owner
  
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• Lovehoney acquires fellow sex toy retailer Amorana

  22-09-2020 11:25 via retailgazette.co.uk
  // Lovehoney buys majority stake in online Swiss retailer Amorana
  // Amorana sells sex toys, lingerie, as well as educational informationLovehoney has acquired a fellow Swiss online sex toy retailer after achieving strong growth internationally.
  The British retailer completed its acquisition of a majority stake in Amorana, but financial details have not been disclosed.
  Amorana sells sex toys, lingerie, as well as educational information. It has a local Swiss warehouse and support operation
  
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• Retailers to save over £3bn if business rates capped at 30%, Revo says

  22-09-2020 09:54 via retailgazette.co.uk
  // The government urged to cut down business rates to relieve physical retail from the burden
  // Retail property body Revo called for business rates to be capped at 30% at the 2023 revaluationThe government has been urged by a retail property association to cut down business rates in England to relieve bricks-and-mortar from the burden.
  Retail property body Revo has called for the business rates multiplier to be capped at 30 per cent, down from 51 per cent, at the 2023 revaluation.
  The reduction
  
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• LVMH’s backflip on £12bn Tiffany & Co merger to go to trial in January

  22-09-2020 09:21 via retailgazette.co.uk
  // LVMH and Tiffany & Co court battle to commence in January
  // LVMH exited the £12 billion merger deal despite plans last year
  // A US court ruled on Monday to expedite the case that Tiffany & Co brought against LVMHLouis Vuitton owner LVMH’s decision to ditch the $16.6 billion (£12 billion) Tiffany & Co merger will reportedly go to trial in January.
  This comes after the US jeweller warned LVMH that a longer timeline could force it to accept a lower price or lose t
  
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• Kingfisher to repay furlough cash as DIY boom buoys profits

  22-09-2020 08:56
  UK retailer’s pre-tax profits beat forecasts as lockdowns prompted consumers to spend on their homes
  
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• Kingfisher profits surge as Brits lean towards DIY post-lockdown

  22-09-2020 08:54 via retailgazette.co.uk
  // Kingfisher statutory pre-tax profit rose 62.4% to £398m in the six months to July 31, 2020
  // Online sales during the period rose by a colossal 164%
  // The group’s overall sales slipped 1.3% to £5.9bnKingfisher profits for the first half of the year have risen, delivering a “resilient financial performance” amid the Covid-19 pandemic.
  In the six months to July 31, 2020, the retailer, which owns DIY giant B&Q, said statutory pre-tax profit rose 62.4 per cent t
  
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• Premier Inn owner Whitbread plans to cut up to 6,000 jobs

  22-09-2020 08:48
  UK group says sales of food and hotel rooms remain depressed by 40% compared with 2019
  
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• J.Crew pulls plug on UK business

  22-09-2020 08:30 via retailgazette.co.uk
  // J.Crew exits UK market
  // It had called in liquidators earlier this year
  // J.Crew’s exit from the UK comes after its parent company emerged from bankruptcyJ.Crew has reportedly become the latest US retailer to exit the UK, after announcing a raft of store closures.
  The fashion retailer had called in liquidators from FRP advisory earlier this year to its UK business, which has a head office in London and employs nearly 80 staff.
  It will now permanently close all six of its stores across
  
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• New York says goodbye to Century 21

  22-09-2020 06:00
  Shoppers search for a final bargain as the city’s most famous discount retailer closes
  
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• Aldi and Lidl at back of queue during UK pandemic

  22-09-2020 06:00
  German discounter missed out on online sales boom but faces tougher competition in stores
  
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• Whitepaper – 3 Essential Steps to Creating Great Customer Experiences

  22-09-2020 01:00 via theretailbulletin.com
  
  CX encompasses the entirety of interactions that a customer has with your company and its offerings. The benefits of a successful CX strategy are higher customer... View Article
  
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• Kingfisher benefits from DIY boom during lockdown

  22-09-2020 01:00 via theretailbulletin.com
  
  B&Q owner Kingfisher saw its first half adjusted pre-tax profit rise by 23.1% to £415 million as more people worked on DIY projects during the Covid-19... View Article
  
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• Hamleys joins line-up at Liverpool ONE

  22-09-2020 01:00 via theretailbulletin.com
  
  Iconic toy retailer Hamleys has opened a 2,000 square foot store at the Liverpool ONE shopping destination. The shop at 101 Paradise Street features the brand’s latest... View Article
  
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• Footfall not impacted by ‘rule of six’

  22-09-2020 01:00 via theretailbulletin.com
  
  New data has revealed that footfall across UK retail destinations rose by 2.4% last week from the week before as the government’s “rule of six” came... View Article
  
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• Festival of Licensing announces Hasbroo Happy Hours programme

  22-09-2020 01:00 via theretailbulletin.com
  
  Festival of Licensing today announces its Hasbro Happy Hours programme of ‘after-show’ evening entertainment to bring the licensing industry together once the day’s meetings have dialled... View Article
  
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• Festival of Licensing announces Hasbro Happy Hours programme

  22-09-2020 01:00 via theretailbulletin.com
  
  Festival of Licensing today announces its Hasbro Happy Hours programme of ‘after-show’ evening entertainment to bring the licensing industry together once the day’s meetings have dialled... View Article
  
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• Tiffany wins speedy trial over LVMH’s bid to ditch takeover deal

  22-09-2020 00:17
  US jeweller takes first round of court battle that could decide fate of $16.6bn acquisition
  
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