Retail news

• Mike Ashley's pursuit of Debenhams is understandable

  07-12-2020 20:53
  
  He not good at letting go – and from the jobs point of view any interest is better than none “Let it go, Mike,” never works with the founder of Sports Direct. Mike Ashley, to his continuing fury, lost £150m of his and his shareholders’ money in his first attempt to get control of Debenhams. He was bound to show up at the administrator’s door at the 11th hour to take another look. And, strange as it may sound, you see why he’s still tempted if a slimmed-d
  
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• Ikea to stop printing catalogue after 'successful career' that spanned 70 years

  07-12-2020 20:32
  
  Next year will be the last for publication that challenged the Bible for No. 1 circulation spotAt its peak, the Ikea catalogue was said to have a greater circulation than that of the Bible. But while around 40m copies of the Bible are expected to be distributed around the world next year, the catalogue of the Swedish furniture giant will, after seven decades, no longer be published because demand has fallen.“It has been one of our best-known and best-loved products for 70 years, inspiring
  
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• Richemont’s Chloé names Gabriela Hearst creative director

  07-12-2020 20:20
  Collections of Uruguayan-born designer are made primarily from recycled materials, signalling sustainable push by Swiss luxury group
  
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• Pandemic brings lasting changes to city centres

  07-12-2020 19:30
  Retail and banking convulsed by shift online while office space needs a rethink
  
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• Hut Group lifts sales forecasts after bumper Black Friday

  07-12-2020 19:00
  
  Online retailer expects to earn at least £50m more in 2020 than previously thoughtThe Hut Group has raised its sales forecasts for the second time since listing on the stock market in September, after the online retailer founded by the billionaire Matthew Moulding enjoyed strong Black Friday sales.The company expects to earn at least £50m more than previously thought during the 2020 financial year. Revenues will be between £1.57bn and £1.6bn, up from previous guidance of
  
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• Mike Ashley's Frasers Group in Debenhams rescue talks; Brexit fears hit pound – as it happened

  07-12-2020 18:27
  
  Rolling coverage of the latest economic and financial newsIntroduction: Frasers in rescue talks with DebenhamsFrasers: Hopeful jobs can be saved; but ‘no certainty’ of deal12,000 jobs at risk across Debenham’s 124 storesKingfisher to return £130m business rates reliefPound hit by Brexit talks fears5.27pm GMT So, with the pound clawing back its losses (at least for the moment....) it’s time to wrap up.Here’s today’s main stories: Related: Mike Ashley's Fr
  
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• How local retailers plan to get through Christmas this year

  07-12-2020 17:58 via retailgazette.co.uk
  When retail insights firm Springboard revealed last month that footfall was expected to drop 62 per cent over the six weeks leading up to December 22, retailers braced themselves for what could possibly be the hardest Christmas in recent memory. Especially smaller, local retailers.
  As the Covid-19 pandemic shows no sign of abating and a large number of shoppers continue to stay home, how can these smaller retailers compete with larger chains? Is it possible to still have a successful Christmas
  
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• Ikea to stop printing catalogue after 70 years as customers move online

  07-12-2020 17:54
  
  Company says ‘emotional but rational decision’ will allow it to reinvest funds into other mediaSwedish furniture giant Ikea is to stop printing its famed annual catalogue, ending a seven-decade tradition as customers moved to digital alternatives.The catalogues offered a snapshot on contemporary living that made them intensely popular, with circulation reaching a peak in 2016, when 200m copies in 32 different languages were distributed worldwide. Continue reading...
  
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• Arcadia and the failings of modern capitalism | Letters

  07-12-2020 17:53
  
  Richard Tudway sheds light on corporate governance, Fiona Monroe thinks Philip Green’s main priority is feathering his own nest, Steve Lupton wonders what’s next for short-term capitalists, and Alistair Wood fears more jobs will be lostI have carefully read Larry Elliott’s piece (The inevitable collapse of Arcadia is a cautionary tale for British capitalism, 2 December). He cites the overwhelming significance of “short-termism” and other abuses as part and parcel of
  
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• US/India tech: sizing up

  07-12-2020 17:32
  Asian nation’s enormous consumer market is always a source of fascination to American groups
  
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• Aldi extends food donations scheme to those in need on NYE

  07-12-2020 17:25 via retailgazette.co.uk
  // Aldi to extend Christmas Eve food donations scheme to New Year’s Eve as well
  // Aldi expects to donate a further 200,000 meals throughout the country as a result
  // Since 2018, it has donated unsold fresh & chilled food to charitable causes after stores close on Christmas EveAldi has announced that will build on its successful Christmas food donations programme by donating to those in need on New Year’s Eve as well.
  Since 2018, the German grocery chain has donated unsold fresh
  
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• The Hut Group: Moulding perceptions

  07-12-2020 17:00
  Investors who buy the story of the persuasive chief should settle in for the long haul
  
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• Shopper footfall down despite images of post-lockdown crowds

  07-12-2020 15:31 via retailgazette.co.uk
  // Shopper footfall down 29% year-on-year, according to ShopperTrak
  // Springboard said footfall last week was 41.3% lower than the same week in 2019
  // New West End Company also said footfall in central London was 37% lower year-on-yearDespite high streets across England experiencing a festive flurry on the first Saturday since the second national lockdown was lifted, various figures show that there were fewer people visiting shops compared to the same time last year.
  Shoppers headed out in the
  
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• Which? calls for better protection for PayPal customers from scammers

  07-12-2020 15:18 via chargedretail.co.uk
  
  PayPal customers should be covered by the same consumer protections they receive when using other forms of payment, according to Which?
  Although PayPal offers its own user protection for customers who receive fake and faulty goods, or goods that don’t arrive as expected or arrive at all, users do not have the same protections offered to them by other financial services.
  The consumer group pointed out that PayPal is not part of the voluntary code which reimburse victims of authorised push p
  
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• AO World opens new outlet store in Bolton

  07-12-2020 15:03 via retailgazette.co.uk
  // AO World has opened a new and improved outlet store on St Helens Road in Bolton
  // The store was previously located Spa Road Industrial Estate
  // AO World has another outlet store in TelfordOnline electricals retailer AO World has opened a new and improved outlet store on St Helens Road in Bolton.
  Known as Elek Direct, the new outlet store stocks new products from AO World’s website at discounted prices.
  Previously located on Spa Road Industrial Estate, the new 26,000sq ft shop official
  
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• Ikea to stop publishing catalogue after 70 years

  07-12-2020 14:43 via retailgazette.co.uk
  // Ikea says that after 70 years, it will no longer publish its popular Ikea Catalogue
  // The current edition, distributed in summer this year, will the last issue published
  // The move comes as part of Ikea’s ongoing transformation to become more digitalIkea has announced that it will no longer publish its popular catalogue after print run that lasted 70 years.
  The Swedish furniture giant’s said the current edition of the Ikea Catalogue, distributed from summer this year, would be t
  
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• Ikea takes ‘emotional’ decision to scrap catalogue

  07-12-2020 14:27
  Flat-pack retailer axes what was once world’s most-printed book as shoppers move online
  
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• Ikea takes ‘emotional’ decision to close catalogue

  07-12-2020 14:27
  Flat-pack retailer axes what was once world’s most-printed book as shoppers move online
  
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• Games Workshop upgrades profit forecast as lockdowns bolster coffers

  07-12-2020 14:18 via retailgazette.co.uk
  // Games Workshop issues upgrade to profit forecast after enjoying surge in business from lockdowns
  // It now expects half-year profits to be at least £90m, compared with £59m in the same period a year ago
  // Sales for the period are expected to hit around £185m, up 25% from £148m a year agoGames Workshop has issued an upgrade to the stock market after it emerged as another winner from Covid-19 lockdowns.
  The Warhammer specialist retailer said the second national lockdown
  
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• Mike Ashley's Frasers Group in Debenhams rescue talks; Brexit fears hit pound – business live

  07-12-2020 12:31
  
  Rolling coverage of the latest economic and financial newsIntroduction: Frasers in rescue talks with DebenhamsFrasers: Hopeful jobs can be saved; but ‘no certainty’ of deal12,000 jobs at risk across Debenham’s 124 storesKingfisher to return £130m business rates reliefPound hit by Brexit talks fears11.31am GMT UK house prices are rising at their fastest pace in over four years, as the pandemic drives some families to move into larger houses away from the city.Mortgage lend
  
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• Moncler to buy Stone Island in deal that values rival at €1.15bn

  07-12-2020 11:32
  Italian quilted-jacket maker will acquire 70% of smaller group in initial part of acquisition
  
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• Regent Street owner The Crown Estate hit by string of administrations

  07-12-2020 11:24 via retailgazette.co.uk
  // The Crown Estate said it has been affected by administrations and CVAs
  // The property giant manages the monarchy’s £13.4bn commercial property portfolio in the public interest
  // The Crown Estate was a creditor to New LookThe Crown Estate, which owns the whole of London’s Regent Street and around half of St James’s, has been affected by company collapses.
  The property giant, which manages the monarchy’s £13.4 billion commercial property portfolio in the pu
  
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• Mike Ashley's Frasers Group in talks to buy collapsed Debenhams

  07-12-2020 11:12
  
  Hopes of rescue for department store chain, as Ted Baker reports growing lossesMike Ashley’s Frasers Group is in talks to buy Debenhams out of administration, raising hopes of a last-ditch rescue for the 240-year-old UK department store chain.Without a buyer, Debenhams would be wound down after Christmas, with the loss of up to 12,000 jobs and closure of 124 stores by the end of March. Liquidators moved in last week to start clearing stock after a potential rescue deal with JD Sports colla
  
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• Zalando co-CEO to step down

  07-12-2020 11:03 via chargedretail.co.uk
  
  Zalando has announced co-chief executive Rubin Ritter will step down from his role at the company’s 2021 annual general meeting.
  The Berlin-based ecommerce platform has three co-chief executives: founders Robert Gentz and David Schneider run the business alongside Ritter, who stepped into the role in 2010.
  “Zalando has allowed me to be part of a stunning success story that has exceeded my wildest dreams,” Ritter said in a statement, adding that he will be spending more time wi
  
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• The Hut Group expects bumper full-year sales as new visitors engulf site

  07-12-2020 09:55 via retailgazette.co.uk
  // The Hut Group expects an increase in its full-year sales forecast
  // This would be the second time sales rise since its stock market listing in September
  // Revenue is expected to reach £1.57 billion to £1.60 billion by the year-endThe Hut Group has said it expects an increase in its full-year sales forecast for the second time since its stock market listing in September.
  The online retailer expects its sales to have benefitted from shopping events such as Black Friday and Cyber W
  
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• B&Q owner Kingfisher to repay £130m of Covid business rates relief

  07-12-2020 09:55
  
  Retailer joins Tesco, Morrisons, Sainsbury’s, Asda, Aldi, Lidl and others in returning fundsCoronavirus – latest updatesSee all our coronavirus coverageB&Q owner Kingfisher has joined other retailers in returning emergency taxpayer support, pledging to repay £130m it received in business rates relief.Last week, Tesco, the UK’s biggest retailer, became the first company to say it would return business rates relief, followed by Morrisons, Sainsbury’s, Asda, Aldi,
  
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• Harrods will “take years to rebuild”, boss Michael Ward says

  07-12-2020 09:29 via retailgazette.co.uk
  // Harrods managing director Michael Ward said he is pleased with the takings since the second lockdown was lifted
  // However, he said it will take him “years to rebuild” the business
  // Customers spent three times as much on the first day stores reopened in England, pushing up the day’s sales by 24%Harrods managing director Michael Ward has reportedly said it will take him “years to rebuild” the business, as the Covid-19 pandemic continues to hammer sales.
  However,
  
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• UK public's £100bn Covid savings could help recovery, says Haldane

  07-12-2020 09:08
  
  Bank of England’s chief economist says spending spree could help Britain bounce backCoronavirus – latest updatesSee all our coronavirus coverageExcess savings of about £100bn built up by UK households during Covid-19 lockdowns are now being spent and could speed up Britain’s economic recovery, according to the Bank of England’s chief economist.Andy Haldane told the Daily Mail there was “huge pent-up demand”, and that a big spending spree could help the e
  
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• B&Q owner Kingfisher to return £130m in business rates relief

  07-12-2020 09:04 via retailgazette.co.uk
  // Kingfisher will repay £130m in business rates relief
  // It expects to make an adjusted pre-tax profit of about £85m in the current financial year
  // Earlier this year, Kingfisher repaid £23m worth of furlough moneyB&Q owner Kingfisher has confirmed it will repay £130 million in business rates relief as more “essential” retailers piled pressure on it to follow suit.
  Kingfisher said it would repay the rates relief in the UK and Ireland, worth £
  
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• Mike Ashley's Frasers Group in talks to rescue Debenhams – business live

  07-12-2020 08:54
  
  Rolling coverage of the latest economic and financial news 7.42am GMT Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Could Mike Ashley save Debenhams from liquidation?The Company confirms that it is in negotiations with the administrators of Debenhams’ UK business regarding a potential rescue transaction for Debenhams’ UK operations. Whilst Frasers Group hopes that a rescue package can be put in place and jobs
  
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• Revenues drop and losses widen at Ted Baker

  07-12-2020 08:52
  Retailer forced to discount products as overhaul takes hold at fashion group
  
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• Ted Baker losses widen as lockdowns hammer sales

  07-12-2020 08:47 via retailgazette.co.uk
  // Ted Baker revenue drops 45.9% to £169.5m for the 28 weeks ended August 8 2020
  // The retailer recorded an underlying loss before tax pre-IFRS 16 of £39m
  // Online sales had increased by 41.8% to £74.2mTed Baker has recorded ongoing losses before tax after revenues dropped and costs linked to the Covid-19 pandemic increased.
  For the 28 weeks ended August 8 2020, group revenue dropped 45.9 per cent to £169.5 million, driven by the ongoing impact of restrictions on tradin
  
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• The Hut Group raises guidance for second time since September listing

  07-12-2020 08:39
  Online beauty retailer boosted by Black Friday and other discount events
  
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• Hut Group bumps up sales forecast for second time since listing

  07-12-2020 08:39
  Online retailer has been helped by Black Friday sales
  
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• Kingfisher becomes latest retailer to return rates relief

  07-12-2020 08:30
  Owner of B&Q and Screwfix will repay £130m
  
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• Online retailer Kogan fined $350,000 for deceptive tax time promotion

  07-12-2020 08:02
  
  Federal court judge found $2m penalty sought by ACCC too high but also rejected $150,000 fine suggested by KoganA tax time promotion by retail giant Kogan that promised 10% discounts but saw some customers end up paying more for their products has now cost the company $350,000.The retailer was found to have deceived and misled customers in mid-2018 with an end of financial year promotion offering a 10% discount on some products between 27 and 30 June with the code “taxtime” at checko
  
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• Our £1,000 cooker is unsafe but we can’t get it fixed

  07-12-2020 08:00
  
  My disabled daughter needs it but it has been nothing but trouble from newIn 2017 I bought an expensive£1,000 Britannia induction cooker from Appliance City, thinking I was buying a high-quality, safe product. From new, the oven switches would become untouchably hot. Then, just after the two-year warranty expired, the oven started tripping all the electrics in our home.Over the next three and a half months Britannia sent nine engineers in a bid to fix the problem. Each one claimed to have
  
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• Builders run short of supplies as UK port holdups raise Brexit concerns

  07-12-2020 08:00
  
  Tools and materials stuck in ports struggling to process surge in imports under Covid controlsBuilders are running short of everything from power tools and screws to timber and roof tiles as the gridlock at UK ports holds up crucial deliveries and sets off alarm bells in the run-up to Brexit.The UK’s ports have been grappling with a surge in freight volumes at a time when their ability to process it all is hindered by coronavirus restrictions. Related: Fears of long HGV tailbacks at Brexit
  
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• 'The panto pulls in people': how a theatre cancellation affects the local economy

  07-12-2020 07:00
  
  Covid puts paid to Malvern staging Peter Pan – and a possible £500,000 at the box office – but there are wider implicationsIn a normal year, Malvern Theatres would now be in final rehearsals for its annual pantomime.This year it was due to be Peter Pan, the panto about the boy who refuses to grow up, and the curtain should have been going up on Thursday. Continue reading...
  
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• Global ad market set for rebound after weathering Covid storm

  07-12-2020 06:01
  Consumer shift to digital during pandemic has helped offset brutal drop in traditional marketing
  
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• Zalando co-chief executive to step down

  07-12-2020 01:00 via theretailbulletin.com
  
  Zalando has announced that Rubin Ritter has decided to step down from his role as co-chief executive at its 2021 AGM. In addition, the company said... View Article
  
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• URBN appoints Melanie Marein-Efron as chief financial officer

  07-12-2020 01:00 via theretailbulletin.com
  
  URBN, the owner of the Anthropologie, BHLDN, Free People, FP Movement, Terrain, Urban Outfitters, Nuuly and Menus & Venues brands, has promoted Melanie Marein-Efron to the... View Article
  
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• Ted Baker’s losses widen as trading is hit by covid-19 restrictions

  07-12-2020 01:00 via theretailbulletin.com
  
  Ted Baker has posted an underlying pre-tax loss of £39 million in the 28 weeks to 8 August compared to a loss of £2.7 million in... View Article
  
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• Lidl to refund business rates relief

  07-12-2020 01:00 via theretailbulletin.com
  
  Lidl has confirmed that it will return over £100 million worth of Covid-19 business rates relief to the UK Government and the devolved administrations. The retailer... View Article
  
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• Leadenhall Market tenants offered additional rental support ahead of Christmas

  07-12-2020 01:00 via theretailbulletin.com
  
  The City of London Corporation is supporting Leadenhall Market tenants through the Covid-19 pandemic by offering them the chance to pay rent on a turnover basis.... View Article
  
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• Kingfisher to return UK and Ireland business rates relief

  07-12-2020 01:00 via theretailbulletin.com
  
  Kingfisher, the owner of B&Q and Screwfix, is to return in full the amount of business rates relief it received in the UK and Ireland as... View Article
  
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• Frasers Group in talks regarding rescue of Debenhams

  07-12-2020 01:00 via theretailbulletin.com
  
  Mike Ashley’s Frasers Group has announced that the business is currently in talks regarding a potential rescue of the Debenhams department store chain. The news follows... View Article
  
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• Boux Avenue launches next phase of Christmas campaign

  07-12-2020 01:00 via theretailbulletin.com
  
  Lingerie retailer Boux Avenue has launched a new phase of its Christmas campaign in which it focuses on the power of gifting. Featuring Sophia Peschisoldio, Love... View Article
  
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