Retail news

• Tesco's £315m dividend must look indecent to Covid-hit hospitality firms | Nils Pratley

  07-10-2020 20:58
  
  Rishi Sunak could have designed better pandemic policies but Tesco could have refused freebie Back in April, Tesco chief executive Dave Lewis played it cute. The £635m final dividend for shareholders related to the supermarket’s pre-pandemic performance in 2019, he said, so please don’t call it a taxpayer-funded windfall courtesy of Rishi Sunak’s business rates giveaway for retailers. The rates relief would eventually be worth £585m to Tesco, but mostly in the next
  
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• Frasers Group investors approve ‘fearless’ £100m bonus scheme

  07-10-2020 19:43
  Ten employees stand to become millionaires if Mike Ashley’s company triples share price over the next four years
  
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• Bristol officially launches plans to pedestrianise centre

  07-10-2020 19:31
  
  Temporary street closures, backed by local businesses, will be made permanent in early 2021A scheme to turn Bristol’s historic centre into a pedestrian-only zone has been officially launched as part of moves to get the city back on its feet following the shock of the coronavirus pandemic.A chunk of the Old City, which includes restaurants, cafes, independent shops and some civic buildings, has been cleared of traffic. Continue reading...
  
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• Tesco defends £315m dividend plan despite business rates holiday

  07-10-2020 18:12
  
  Booming food sales and £249m tax breaks helps supermarket post £1.2bn in half-year profitsCoronavirus – latest updatesSee all our coronavirus coverageTesco has defended plans to pay a £315m dividend to shareholders at a time when the the supermarket chain is benefiting from a business rates holiday worth £249m.The UK’s biggest retailer reported a 4% increase in operating profits to £1.2bn in the six months to 29 August, as booming food sales coupled with
  
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• Frasers Group CFO reiterates warning that House of Fraser stores “will have to close”

  07-10-2020 15:53 via retailgazette.co.uk
  // Frasers Group CFO Chris Wootton reiterates warning that House of Frasers stores will close unless business rates overhauled
  // Wootton made the warning at Frasers Group’s virtual AGM today, during which Mike Ashley remained silent
  // Shareholders were due to vote on a £100m staff bonus scheme as well as the reelection of executivesFrasers Group has reiterated a warning that a number of House of Fraser stores will be forced to shut down unless the government reforms the business ra
  
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• Frasers Group CFO reiterates warning that House of Frase stores “will have to close”

  07-10-2020 15:53 via retailgazette.co.uk
  // Frasers Group CFO Chris Wootton reiterates warning that House of Frasers stores will close unless business rates overhauled
  // Wootton made the warning at Frasers Group’s virtual AGM today, during which Mike Ashley remained silent
  // Shareholders were due to vote on a £100m staff bonus scheme as well as the reelection of executivesFrasers Group has reiterated a warning that a number of House of Fraser stores will be forced to shut down unless the government reforms the business ra
  
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• Tesco says “massive shift online” is here to stay as its online operations grow 90%

  07-10-2020 15:40 via chargedretail.co.uk
  
  Tesco’s new chief executive says that the new dramatic shift to online grocery is “here to stay” after it nearly doubled the size of its ecommerce business over the last quarter.
  Tesco saw its online operation grow by a whopping 90 per cent across the three months to the end of August, helping it achieve an overall nine per cent rise in food sales.
  Online food sales rose from just nine per cent of Tesco’s total before the pandemic, to 16 per cent during the period.
  Ken Mu
  
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• Tesco: cautious cannibals

  07-10-2020 15:34
  Sadly, a step change in online deliveries is positive for Amazon but negative for Tesco
  
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• Ikea eyes 50 new stores worldwide – 30 of which will open next year

  07-10-2020 13:47 via retailgazette.co.uk
  // Ikea plans 50 store openings around the world – including the UK – even as shoppers move online
  // 30 of these new stores will open next year, including one at Hammersmith, west London
  // Full year global sales at Ikea dipped 4% to €35.2bn. It also recorded a profit, but did not disclose how muchIkea has revealed plans to open a record number of stores around the world – including in the UK – despite a dramatic shift to online shopping due to the pandemic.
  The Swe
  
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• Ikea boss says “online saved us” during lockdown as it continues ecommerce push

  07-10-2020 12:29 via chargedretail.co.uk
  
  Ikea’s chief executive said that “online saved us” this year during the coronavirus crisis, as three quarters of stores were shut for over six months.
  Jesper Brodin, head of Ikea’s largest franchise operator Ingka Group, said that ecommerce sales prevented the retailer from reporting a “record loss” this year.
  In the 12 months to August 30, the Swedish furniture giant reportedly saw online sales jump 45 per cent, representing 18 per cent of total sales for the
  
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• Sosandar half-year sales rise 52% after “high proportion” of orders

  07-10-2020 11:24 via retailgazette.co.uk
  // Sosandar half-year sales rise thanks to demand in full-price items during summer
  // The womenswear retailer posted a 52% rise in sales in the 6 months to September 30Sosandar has seen its half-year sales rise after gaining “significant market share” from its fashion rivals.
  The online fashion retailer posted a 52 per cent rise in sales in the six months to September 30 to £4.3 million, thanks to demand in full-price items.
  In August, sales rose seven per cent compared with J
  
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• Ebay is set to launch a new “Pay As You Grow” scheme for first time sellers offering to scrap fees until they make 100 sales in a single month.  

  07-10-2020 11:16 via chargedretail.co.uk
  
  Ebay is set to launch a new “Pay As You Grow” scheme for first time sellers offering to scrap fees until they make 100 sales in a single month.
  Pay As You Grow will launch on Friday October 9, aimed at helping those facing unemployment during the pandemic set up their own online business.
  Under the new scheme, which will run until the end of the year, start-up businesses will not have to pay “insertion fees” which Ebay charges sellers on every listing even if it doesn&rsq
  
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• Holland & Barrett CEO Tony Buffin to exit over reward dispute

  07-10-2020 10:31 via retailgazette.co.uk
  // Holland & Barrett CEO Tony Buffin will depart after reward dispute
  // Buffin joined Holland & Barrett in May 2019
  // B&Q owner Kingfisher ex-group digital director & Screwfix chair Steve Willett will replace BuffinHolland & Barrett chief executive Tony Buffin will reportedly quit his role over a reward dispute, more than a year after joining the company.
  Buffin, who joined Holland & Barrett in May 2019, is leaving after a failure to agree on a long-term incentive
  
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• 50 stores at risk as Clarks launches CVA proposal

  07-10-2020 10:04 via retailgazette.co.uk
  // Clarks seeks to launch CVA proposal to shutter stores
  // The 195-year old shoe retailer will secure £100m investment from LionRock CapitalClarks will reportedly launch a CVA in an effort to permanently shut stores despite previously denying the insolvency measure was under consideration.
  The British shoe retailer resorted to a CVA because the proposed £100 million rescue deal from Hong Kong-based private equity firm LionRock Capital is contingent on creditors approving the in
  
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• Next the latest retailer dragged into equal pay campaign

  07-10-2020 10:00 via retailgazette.co.uk
  // Next shop floor staff allege being paid on average at least £2 less p/hr than distribution centre staff
  // Most of Next’s shop floor staff are women, whereas most of the distribution centre staff are men
  // Next is being represented by law firm Leigh Day, and have submitted 330 claims to the Employment TribunalNext has become the latest retailer to be dragged into an equal pay case after shop floor staff submitted hundreds of claims to the Employment Tribunal.
  Staff at Next stores
  
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• Frasers Group urges shareholders to back £100m staff bonus

  07-10-2020 09:41 via retailgazette.co.uk
  // Mike Ashley’s Frasers Group urges investors to support proposed £100m staff bonus scheme at today’s AGM
  // The scheme places staff in line for a share of a £100m payout, if shares rise above £10 in the next 4 years
  // There is also a performance reward plan for the 1000 highest-ranked staffMike Ashley’s retail empire Frasers Group has urged shareholders to back its staff bonus scheme worth potentially more than £100 million at its AGM today.
  The paren
  
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• Tesco hit by £533m Covid costs but sales jump during pandemic

  07-10-2020 09:25
  
  Supermarket’s bank puts aside more money for bad debts as Ken Murphy comes in as CEOCoronavirus – latest updatesSee all our coronavirus coverageTesco spent more than £500m dealing with the coronavirus pandemic over the last six months and has warned of mounting losses at its bank as the deteriorating economy takes its toll on consumers’ finances.Britain’s biggest supermarket chain said UK food sales had surged more than 9% in the six months to 29 August. However, th
  
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• Tesco increases shareholder payouts as half-year profit soars

  07-10-2020 09:22 via retailgazette.co.uk
  // Tesco half-year profit increases 28.7% to £551m, on back of 0.7% increase in revenue of £28.7bn
  // Shareholders will receive a 3.2p dividend, a 21% increase, plus a one-off 51p dividend once Tesco’s sale of Asian arm finalised
  // Tesco also announced the appointment of Imran Nawaz as its new CFOTesco investors are in line for a big payout after the grocery giant said it would increase the dividend and make a one-off payment after interim profits soared by more than a quarter
  
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• Tesco sticks to policy and lifts half-year dividend

  07-10-2020 08:53
  Supermarket chain’s interim payout rises by a fifth, but bank losses hold back profit
  
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• Tesco lifts half-year dividend

  07-10-2020 08:53
  Supermarket chain’s interim payout is up by a fifth but bank losses hold back profit
  
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• The Children’s Place appoints new board director

  07-10-2020 01:00 via theretailbulletin.com
  
  The Children’s Place has appointed Tracey Griffin to its board of directors. She will also become a member of the audit committee. Griffin is currently the... View Article
  
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• Tesco posts surge in first half profit

  07-10-2020 01:00 via theretailbulletin.com
  
  Tesco has reported a 28.7% uplift in first half pre-tax profits after it benefited from customers buying more food due to the coronavirus pandemic. In the... View Article
  
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• Sosandar hails strong half year performance

  07-10-2020 01:00 via theretailbulletin.com
  
  Women’s fashion retailer Sosandar saw its revenue increase by 52% to £4.3 million in the half year to 30 September. In a trading update, the retailer... View Article
  
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• Secure your place for The Future of Retail Customer Engagement

  07-10-2020 01:00 via theretailbulletin.com
  
  Join us at our free Future of Retail Customer Engagement Webinar to discover new and innovative ways to keep your customers engaged, happy and connected in... View Article
  
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• Online retail growth driving demand for new warehouse space

  07-10-2020 01:00 via theretailbulletin.com
  
  A new study has found that the growth of online shopping could drive demand for 92 million square feet of warehouse space across the UK by... View Article
  
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• Join us at The Future of Retail Customer Engagement

  07-10-2020 01:00 via theretailbulletin.com
  
  Join us at our free Future of Retail Customer Engagement Webinar to discover new and innovative ways to keep your customers engaged, happy and connected in... View Article
  
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• IKEA reports sales dip as it reveals plans for 50 new stores worldwide

  07-10-2020 01:00 via theretailbulletin.com
  
  Ingka Group has announced that IKEA retail sales reached €35.2 billion in the year to 31 August compared to €36.7 billion in the previous 12-month period.... View Article
  
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• Decathlon UK posts 10.3% sales increase

  07-10-2020 01:00 via theretailbulletin.com
  
  Sports retailer Decathlon has posted a 10.3% increase in annual UK sales as it continues to invest in expansion.  The French company, which operates in 57 countries,... View Article
  
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