Retail news

• The Guardian view on high interest rates: losing the race against time | Editorial

  03-08-2023 19:42
  
  Britain’s 14th successive rise signals a grim 2024 for the economy and for Rishi Sunak’s governmentThe surprise would have been if it had not happened. As a result, the markets – political markets as well as financial ones – were able to greet this week’s 0.25% increase in the cost of borrowing with something resembling a collective shrug of the shoulders. This 14th successive rise, taking UK base interest rates to 5.25%, had been largely priced in. A 15th is widely
  
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• Chatbots, self-checkouts and the human touch | Letters

  03-08-2023 19:20
  
  Readers respond to Emma Beddington’s piece about the move away from person-to-person contact in everyday transactionsLike many people, I am concerned about the rapidly disappearing human element in our day-to-day interactions (Billionaires yearn for a life free of human contact – and they are imposing this on the rest of us, 30 July). For every bank branch that’s closed and every checkout that becomes self-service, the tide moves ever further away from the disenfranchised indiv
  
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• Wilko to call in administrators: what went wrong?

  03-08-2023 18:49 via retailgazette.co.uk
  
  Wilko filed a notice of intent to appoint administrators today, putting 12,000 jobs at risk in a move that seemed sadly inevitable in recent months.
  Over the past year the business has struggled with a lack of cash and poor availability, which had led to many shoppers ditching the retailer.
  In recent weeks, the retailer’s owners had been exploring a sale of a controlling stake as it raced to secure the chain’s future. Although there had been a “significant level of interest&rdq
  
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• High street casualties: 8 of UK retail’s biggest administrations

  03-08-2023 17:59 via retailgazette.co.uk
  
  As Wilko teeters on the brink of administration, placing potentially 12,000 jobs and 400 stores at risk, Retail Gazette takes a look back at some of the biggest administrations to hit the sector.
  ArcadiaBack in November 2020, Sir Philip Green’s Arcadia Group entered administration, in a huge blow to high streets across the UK.
  His retail empire – which operated chains including Topshop, Topman, Burton, Dorothy Perkins, Miss Selfridge and Evans – appointed administrators from De
  
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• High street casualities: 8 of UK retail’s biggest administrations

  03-08-2023 17:59 via retailgazette.co.uk
  
  As Wilko teeters on the brink of administration, placing potentially 12,000 jobs and 400 stores at risk, Retail Gazette takes a look back at some of the biggest administrations to hit the sector.
  ArcadiaBack in November 2020, Sir Philip Green’s Arcadia Group entered administration, in a huge blow to high streets across the UK.
  His retail empire – which operated chains including Topshop, Topman, Burton, Dorothy Perkins, Miss Selfridge and Evans – appointed administrators from De
  
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• Next predicts bigger profits as shoppers flock to summer sale

  03-08-2023 17:31
  
  Wet weather fails to dampen demand as retailer raises profit guidance againStrong trading at Next’s summer sale as shoppers continue to spend more on clothing than expected has prompted a second profits upgrade at the retailer in just over six weeks.Next, which has about 550 stores in the UK and Ireland and is considered a good barometer of British consumer spending, said it expected to make £845m in annual profit, £10m more than previously forecast, as last month’s excep
  
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• UK discount retailer Wilko on the brink of collapse

  03-08-2023 17:12 via ft.com
  Chain prepares to appoint administrator within days if it fails to find a buyer or investor
  
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• M&S revamps Newcastle store in £13m North East investment

  03-08-2023 16:01 via retailgazette.co.uk
  
  M&S has announced a revamp of its Newcastle city centre store as it invests £13m in its North East stores.
  The renovation of the Northumberland Street store will include a fresh-market style foodhall as well as a new clothing, home & beauty department.
  Works at the store are due to start this month, and will be carried out in stages so it can remain open throughout.
  The new foodhall is forecast to be finished later this year, while changes to the clothing, home and beauty depa
  
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• Wilko on brink of administration, 12,000 jobs at risk

  03-08-2023 13:26 via retailgazette.co.uk
  
  Wilko has filed a notice of intention to appoint administrators after failing to find investment, potentially putting 12,000 jobs at risk.
  In a statement from chief executive Mark Jackson today, the embattled business confirmed it struggling to find a buyer which provided the “necessary liquidity” in the time it has available “given the mounting cash pressures” it was facing.
  He added that the retailer, which has been a staple of the British high street for over 90 years,
  
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• Budget retailer Wilko warns it is on brink of collapse, risking 12,000 jobs

  03-08-2023 13:19
  
  Household goods chain with 400 stores files notice to appoint administrators as it tries to secure financesBudget retailer Wilko has warned it is on the brink of collapse with more than 12,000 jobs at risk as the high street struggles with rising costs and lacklustre consumer demand.The household and garden products retailer, which has about 400 stores, said it had filed a notice of intention to appoint administrators at the high court on Thursday with advisory firm PricewaterhouseCoopers (PwC)
  
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• Budget retailer Wilko set to call in administrators, risking 12,000 jobs

  03-08-2023 13:19
  
  Household and garden products supplier with about 400 UK stores has filed notice of intention to appoint administratorsBudget retailer Wilko has warned it plans to appoint administrators in a move that could put 12,000 jobs at risk.The household and garden products retailer, which has about 400 stores, said in a notice of intention filed at the high court on Thursday that it had appointed advisory firm PricewaterhouseCoopers to try to find a buyer in recent months in a bid to secure the addition
  
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• Budget retailer Wilko on brink of collapse, with 12,000 jobs at risk

  03-08-2023 13:19
  
  Household goods chain with 400 stores prepares to appoint administratorsThe budget retailer Wilko has said it is on the brink of collapse, with more than 12,000 jobs at risk, as the high street struggles with rising costs and lacklustre consumer demand.The household and garden products retailer, which has about 400 stores, said it had filed a notice of intention to appoint administrators at the high court on Thursday with advisory firm PricewaterhouseCoopers (PwC) lined up. Continue reading...
  
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• Budget retailer Wilko makes administration move risking 12,000 jobs

  03-08-2023 13:19
  
  Household and garden products supplier has about 400 UK stores and had been trying to find a buyerBudget retailer Wilko has warned it plans to appoint administrators in a move that could put 12,000 jobs at risk.The household and garden products retailer, which has about 400 stores, had appointed advisory firm PricewaterhouseCoopers to try to find a buyer in recent months, in a bid to secure the additional cash to keep trading. Continue reading...
  
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• Harrods blames tourist tax as it swaps costly handbags with £250 versions in airport shops

  03-08-2023 11:06 via retailgazette.co.uk
  
  Harrods has swapped out some of its most expensive handbags with £250 versions in airport shops as it accused Rishi Sunak’s tourist tax of deterring wealthy overseas customers.
  The luxury department store retailer‘s managing director Michael Ward told the Telegraph Harrods had been forced to “reshape the whole of the price architecture” in its airport stores because of a drop in tourist spending.Subscribe to Retail Gazette for free
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• Tesco staff given right to request flexible working

  03-08-2023 11:01 via retailgazette.co.uk
  
  Tesco has become the first UK supermarket to give all staff the right to request flexible working, regardless of how long they’ve been at the business.
  Currently staff have to wait until they have worked six months before making such a request, the current legal stipulation, however, the government is expected to make change the rules in Spring 2024.
  Tesco said making the move now would give staff “greater choice and flexibility in their working patterns and help to attract and retai
  
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• Adidas pledges to donate €110mn to charity from Yeezy sale

  03-08-2023 10:02 via ft.com
  Second batch of remaining stock from sportswear giant’s collaboration with Kanye West set to be sold this month
  
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• Adidas pledges to donate €110mn from Yeezy sale

  03-08-2023 10:02 via ft.com
  Second batch of remaining stock from sportswear giant’s collaboration with Kanye West set to be sold this month
  
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• Zalando operating profit soars in second quarter

  03-08-2023 09:54 via retailgazette.co.uk
  
  Zalando almost doubled its adjusted EBIT in its second quarter as it grew 87% to €144.8m year-on-year.
  The German online fashion giant attributed the rise to more focused marketing, better order economics and bigger average basket sizes which led to lower fulfillment costs.
  Chief financial officer Sandra Dembeck said the success puts Zalando “in pole position to shift its focus more towards investment and future growth initiatives”.Subscribe to Retail Gazette for free
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• Etsy to ‘substantially’ reduce sellers’ money held in reserve following boycott calls

  03-08-2023 09:49 via retailgazette.co.uk
  
  Etsy will be “substantially decreasing” the amount of sellers’ funds held in its reserve globally after UK vendors began boycotting the marketplace over a hold-up in payments.
  The U-turn comes after the BBC reported that some sellers had 75% of their money frozen for 45 days, although the business did not specify the new rate or time frame.
  Sellers have been putting their Etsy shops in “holiday mode” and switching to rivals including Folksy, Shopify and Facebook Mar
  
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• Pets at Home sales jump as customer numbers rise

  03-08-2023 09:41 via retailgazette.co.uk
  
  Pets at Home has posted a jump in first quarter sales as shoppers spend more on their fury friends amid the cost-of-living crisis.
  Group sales for the pet care retailer surged 7.9% to £436.8m in the 16 weeks to 20 July, with like-for-like revenue also up 7.9%.
  Retail sales rose 7.1% over the period, boosted by volume growth across its grocery and premium categories and progress on its price position.Subscribe to Retail Gazette for free
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• Bumper summer sale helps Next add £10m to profit forecast

  03-08-2023 09:33
  
  Wet weather fails to dampen demand as retailer raises profit guidance againStrong trading at Next’s summer sale as shoppers continue to spend more on clothing than expected has prompted a second profits upgrade at the retailer in just over six weeks.Next, which has about 550 stores in the UK and Ireland and is considered a good barometer of British consumer spending, said it now expected to make £845m in annual profit, £10m more than previously forecast, as last month’s e
  
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• John Lewis Partnership trains up staff to deter shoplifters

  03-08-2023 09:13 via retailgazette.co.uk
  
  John Lewis is training its store employees across the partnership to help deter shoplifters following the rise of violence against retail workers.
  The move comes weeks after chairwoman Sharon White warned criminals had a “licence to shoplift” and had become more aggressive towards its shop staff.
  As such, store employees at John Lewis and Waitrose have been given de-escalation training, which aims to make the situation less dangerous or difficult.Subscribe to Retail Gazette for free
  
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• Next raises profit guidance for second time thanks to better than expected sales

  03-08-2023 08:48 via retailgazette.co.uk
  
  Next has upgraded its profit guidance for the second time this year after full price sales performed better than expected.
  The high street giant revealed it enjoyed a strong end of summer sale in the second quarter thanks to the “exceptionally warm weather” near the start of the period.
  As a result, the group said it was increasing its full year pre-tax profit guidance by £10m to £845m – an increase of £50m from its initial £795m forecast.Subscribe to Re
  
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• Zalando nearly doubles adjusted EBIT in second quarter

  03-08-2023 02:00 via theretailbulletin.com
  
  Zalando almost doubled its adjusted EBIT in its second quarter with an uplift of 87% to €144.8 million year-on-year. The retailer attributed the uplift to more... View Article
  
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• Wilko faces potential collapse, threatening 12,000 jobs

  03-08-2023 02:00 via theretailbulletin.com
  
  Budget retailer Wilko is teetering on the edge of collapse, raising concerns for over 12,000 jobs. The household and garden products giant, known for its affordability,... View Article
  
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• The Co-op announces biggest ever price investment on everyday essentials

  03-08-2023 02:00 via theretailbulletin.com
  
  The Co-op is making its biggest ever single investment in pricing of £70 million, as it rolls out ‘member-only’ pricing across everyday essentials. The pricing has... View Article
  
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• Shell to trial rapid EV charges at Aldi stores

  03-08-2023 02:00 via theretailbulletin.com
  
  Shell is working with Aldi to install recharge electric vehicle chargers at 11 of the supermarket’s stores across the UK. Four 50kW rapid chargers will be... View Article
  
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• ScS confident in full year profit guidance

  03-08-2023 02:00 via theretailbulletin.com
  
  ScS has said it anticipates posting full year profit in line with expectations following the impact of cost management activities and improved trading in its second... View Article
  
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• Q&A: Bernd Bube, Founder and CEO, ADvendio

  03-08-2023 02:00 via theretailbulletin.com
  
  Used across the globe by leading international retailers,  ADvendio provides omnichannel advertising management solutions for retailers. What is your background? After spending several years working in the... View Article
  
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• Pets at Home hails “encouraging” first quarter performance

  03-08-2023 02:00 via theretailbulletin.com
  
  Pets at Home has seen its consumer revenue rise by 10.2% to £568.2 million in its first quarter after trading was boosted by an increase in... View Article
  
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• One4all Gift Cards announces charity partnership with the British Red Cross.

  03-08-2023 02:00 via theretailbulletin.com
  
  The UK’s multi-store gift card, One4all Gift Cards, has announced its charity partnership with the worldwide humanitarian organisation the British Red Cross. Established over 150 years... View Article
  
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• Next boosted by better than expected full price sales

  03-08-2023 02:00 via theretailbulletin.com
  
  Next has increased its full year pre-tax profit guidance by £10 million after full price sales came in better than expected over the last three months.... View Article
  
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• John Lewis locks prices on school uniform range

  03-08-2023 02:00 via theretailbulletin.com
  
  John Lewis is locking prices across its entire school uniform range as it looks to support families during the cost of living squeeze. The retailer has... View Article
  
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• e.l.f. Beauty amps up 2024 outlook following stellar Q1 performance

  03-08-2023 02:00 via theretailbulletin.com
  
  e.l.f. Beauty has exceeded expectations in its Q1 results, prompting an upward revision of its full-year 2024 outlook. The company reported an impressive 76% surge in... View Article
  
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• Asda to display daily fuel prices online

  03-08-2023 02:00 via theretailbulletin.com
  
  Asda has begun publishing local fuel prices on its website to enable motorists to check the price of petrol or diesel before they get in their... View Article
  
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