Retail news

• Sir John Timpson: Business rates are the ‘real problem’ on the high street

  27-02-2024 20:26 via retailgazette.co.uk
  
  The owner of Timpson has branded business rates as the “real problem” that is preventing the regeneration of local high streets.
  Sir John Timpson said the “unrealistic” tax system paired with an abundance of retail-only units were barriers to the development and investment of local towns across the UK.
  Speaking in front of the House of Lords built environment committee, which launched a review into local high streets on Friday, he said: “When I set out in business,
  
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• [Interview] A day in the life of… Jo Homer, the CX Expert at Signet

  27-02-2024 18:10 via theretailbulletin.com
  
  We are thrilled to feature Jo Homer, Head of CX & Product at Signet Jewelers, in our latest day in the life interview. With an impressive... View Article
  
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• MINISO to open at Westfield Stratford City

  27-02-2024 17:40 via theretailbulletin.com
  
  Global lifestyle retailer, MINISO has announced the opening of its newest store at Westfield Stratford City. Nestled in the heart of Westfield shopping centre, on the... View Article
  
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• Sainsbury’s and Iceland only grocers to win shoppers

  27-02-2024 17:02 via retailgazette.co.uk
  
  Sainsbury’s and Iceland were the only two supermarkets to attract more shoppers last month as the grocery sector upped its efforts to draw in cash-strapped consumers.
  Recent data from Kantar shows that Sainsbury’s continued its trend of growing shopper numbers, while Iceland has seen customer footfall rise for the first time since June 2023.
  The market research firm noted that spend on promotional offers at the frozen food specialist increased ahead of the wider market in February &n
  
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• Sainsbury’s and Iceland only grocers to win more shoppers last month

  27-02-2024 17:02 via retailgazette.co.uk
  
  Sainsbury’s and Iceland were the only two supermarkets to attract more shoppers though their doors last month as the grocery sector upped promotions to draw in cash-strapped consumers.
  Data from Kantar shows that Sainsbury’s continued its trend of growing shopper numbers, while Iceland has seen customer footfall rise for the first time since June 2023.
  The market research firm noted that spend on promotional offers at the frozen food specialist increased ahead of the wider market in
  
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• Shein mulls London IPO amid NYC scrutiny

  27-02-2024 16:27 via retailgazette.co.uk
  
  Shein is considering changing its initial public offering to London as it’s hit with obstacles to its planned New York IPO.
  The fast fashion giant is reportedly concerned its application for a US listing will likely be turned down by the US Securities and Exchange Commission, Bloomberg reported.
  The business is believed to be involved in the early stages of looking into the London IPO, following discussions with senior figures from the London Stock Exchange in December.
  According to The Ti
  
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• Shein London IPO: Chancellor urges fast fashion boss to purse mammoth float

  27-02-2024 16:27 via retailgazette.co.uk
  
  Shein is considering changing its initial public offering to London as it’s hit with obstacles to its planned New York IPO.
  Jeremy Hunt held talks with the boss of fast fashion giant in a bid to persuade the business to commit to what would be one of London’s biggest corporate flotations, Sky News reports.
  The chancellor met Donald Tang, Shein’s executive chairman, this month as part of British regulators’ and government officials’ efforts to convince it to list in
  
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• Currys rejects higher £742m offer from US group Elliott

  27-02-2024 16:12
  
  UK electronics retailer’s board says bid from Waterstones owner undervalues the companyThe UK electrical goods chain Currys has rejected an improved takeover offer worth £742m from the US investment group Elliott Advisors.The new offer from Elliott, which owns the Waterstones book stores and has a controlling stake in the restaurant chain Wasabi, was pitched at 67p a share, up from its earlier bid of 62p a share in mid-February, Currys said in a statement to the London Stock Exchange
  
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• Currys rejects second takeover bid from Waterstones owner Elliott

  27-02-2024 16:03 via retailgazette.co.uk
  
  Currys has rejected a second takeover bid put forward by Waterstones owner Elliott, which it claimed once again “significantly undervalued the company”.
  The bookshop owner submitted an improved offer of 67p-per-share on Tuesday, up from its initial 62p-a-share that valued the retailer at £700m.
  The electricals retailer, with its stock valued at 66.40p, said on Tuesday that the adjusted proposal from Elliott “substantially undervalued the company and its future prospects,&
  
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• Macy’s to shutter 150 stores amid focus on luxury

  27-02-2024 16:01
  
  Department store will close dozens of outlets this year and the rest over a three-year period after issuing muted trading outlookMacy’s has announced plans to close 150 “underproductive” stores – more than a fifth of its department store empire – over the next three years.The business said it would shutter about 50 outlets by the end of 2024 after issuing a muted trading outlook for the year ahead. Continue reading...
  
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• UK’s Jeremy Hunt met Shein boss in attempt to lure firm’s IPO to London

  27-02-2024 15:14
  
  Chancellor in talks with fast-fashion company as it believes it unlikely that SEC will approve US flotationBusiness live – latest updatesJeremy Hunt has met the boss of Shein in an attempt to persuade the fast fashion retailer to float on the London stock market, as it emerged the company has run into potential problems with a listing in the US.The UK chancellor met Donald Tang, the Shein executive chair, this month to discuss a potential initial public offering (IPO) in London, and the di
  
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• US owner of Waterstones tables higher offer for Currys

  27-02-2024 14:14
  
  Elliott Advisors ups its offer to £750m but board of high street electrical goods chain likely to reject new bidThe US investment group Elliott Advisors has reportedly tabled an improved takeover offer for the UK electrical goods chain Currys, worth as much as £750m, after being rebuffed earlier this month.Elliott, which owns the book chain Waterstones and has a controlling stake in the food chain Wasabi, raised its offer to between 65p and 70p a share, although this is likely to be
  
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• Currys rejects higher takeover bid from Elliott

  27-02-2024 13:57
  UK electronics retailer has drawn takeover interest from US investment group and China’s JD.com
  
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• UK’s Hunt met Shein boss in attempt to lure firm’s IPO to London

  27-02-2024 13:48
  
  Fast-fashion company explores UK listing as it believes it unlikely that SEC will approve US flotationBusiness live – latest updatesJeremy Hunt has met the boss of Shein in an attempt to persuade the fast fashion retailer to float on the London stock market, as it emerged the company has run into potential problems with a listing in the US.The UK chancellor met Donald Tang, the Shein executive chair, this month to discuss a potential initial public offering (IPO) in London, and the discuss
  
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• M&S joins other grocers in raising employees’ hourly pay

  27-02-2024 13:44
  FTSE 100 group will increase rate to at least £12 putting it above the national minimum wage
  
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• How digital transformation is changing retail HR

  27-02-2024 13:00 via theretailbulletin.com
  
  Industries are increasingly recognising the importance of digital transformation. The retail industry, known for its rapid pace and intricate employee dynamics, faces unique hurdles that necessitate... View Article
  
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• Marks & Spencer announces biggest ever investment in pay and family leave policies

  27-02-2024 12:38 via theretailbulletin.com
  
  Marks & Spencer is to invest a record £89 million in retail pay and £5 million in enhancing its maternity, paternity and adoption policies. From 1... View Article
  
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• Shein ‘considering London rather than New York IPO amid US scrutiny’

  27-02-2024 12:05
  
  Fast-fashion company believes it unlikely that SEC will approve US flotation, according to reportBusiness live – latest updatesThe fast-fashion company Shein is reportedly considering a stock market flotation in London rather than New York because of potential problems with a listing in the US, its preferred location.Shein, which was founded in China but is based in Singapore, is in the early stages of exploring an initial public offering in London because it believes it is unlikely that t
  
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• M&S raises pay for store staff in record £89m investment

  27-02-2024 11:33 via retailgazette.co.uk
  
  M&S has made its biggest-ever investment in pay and family leave policies, raising UK retail pay to at least £12 per hour, marking a 26.3% increase since March 2022.
  The retail giant’s £89m investment means that from 1 April, the rate of pay for UK customer assistants will increase from £10.90 to £12 per hour, representing a 10.1% increase on last year.
  For a full-time colleague, this equates to an increase of around £180 per month compared to today&r
  
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• Asos relaunches programme that turns staff into influencers

  27-02-2024 11:26 via retailgazette.co.uk
  
  Asos has relaunched its Insider influencer programme, which sees members of staff bring “the most relevant fashion product to consumers”.
  The programme, which was previously wound down in 2020 amid Covid-19, brings together a group of “style enthusiasts” from inside the retailer, to offer customers beauty, fashion, and style advice across social channels.
  The fashion giant said its 36 Insiders, who work across various departments within the business, have been select
  
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• Asos relaunches fashion influencer programme

  27-02-2024 11:26 via retailgazette.co.uk
  
  Asos has relaunched its Insider influencer programme as part of its updated strategy aimed to reconnect the business with its roots of “bringing the most relevant fashion product to consumers”.
  The programme, which was previously wound down in 2020 amid covid-19, brings together a group of “style enthusiasts” from the retailer to offer customers beauty, fashion, and style advice across social channels.
  The fashion giant said its 36 Insiders, who work across various d
  
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• ‘Tourist tax’ may not be reversed in spring Budget, warns minister

  27-02-2024 10:56 via retailgazette.co.uk
  
  Financial secretary Nigel Huddleston has warned that a u-turn on the so-called “tourist tax” is unlikely to be announced at next month’s spring Budget.
  Huddleston, the minister responsible for the tax system, said in a letter seen by The Times that it was “not possible to introduce the same system as before, given that it would now need to be open to visitors from the EU as well as the rest of the world”.
  “Any new scheme, no matter the design, would take time
  
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• ‘Tourist tax’ may not be reversed in spring Budget, warns financial minister

  27-02-2024 10:56 via retailgazette.co.uk
  
  Financial secretary Nigel Huddleston has warned that a u-turn on the so-called “tourist tax” is unlikely to be announced at next month’s spring Budget.
  Huddleston, the minister responsible for the tax system, said in a letter seen by The Times that it was “not possible to introduce the same system as before, given that it would now need to be open to visitors from the EU as well as the rest of the world”.
  “Any new scheme, no matter the design, would take time
  
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• UK grocery price inflation falls to two-year low amid supermarket price war

  27-02-2024 10:53
  
  Competition helped offset impact of Red Sea shipping crisis in February, says analyst KantarBusiness live – latest updatesGrocery price inflation in the UK has slowed to a two-year low as fierce competition among supermarkets offset the impact of the Red Sea shipping crisis on goods prices.In a boost to households, supermarket prices were 5.3% higher than a year earlier in February, the lowest rate since March 2022 and down from January’s 6.8%, according to the analyst Kantar. Grocer
  
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• Shop price inflation drops to lowest point in two years

  27-02-2024 09:41 via retailgazette.co.uk
  
  Shop price inflation dropped for the second consecutive month in February, hitting its lowest point of annual growth since March 2022.
  The latest BRC-NielsenIQ Shop Price Index found annual shop prices were down to 2.5% for the month, compared to 2.9% in January, putting them under the three-month average of 3.3%.
  Food inflation slipped 5.5% in February, compared to 6.1% in January, marking the tenth consecutive monthly drop in the category.
  Fresh food inflation slumped to 3.4%, hitting its lowe
  
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• Homebase for sale for second time within four years

  27-02-2024 09:07 via retailgazette.co.uk
  
  Homebase is up for sale for the second time within four years, with discussions recently being held with various potential buyers.
  Restructuring company Hilco Capital, which purchased Homebase for £1 in 2018, is thought to have been involved in talks with various parties, such as B&M European Value Retail and The Range.
  Insiders have indicated the home improvement company’s intellectual property, brand name, and UK and Ireland stores could be broken up and sold by its new owners.
  
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• Morrisons mulls sale of bakery business to reduce debts

  27-02-2024 08:33 via retailgazette.co.uk
  
  Morrisons has appointed advisers to look into the possible sale of its bakery business, Rathbones, as it looks to sell assets to reduce debts.
  The supermarket is working with Deloitte to field interest in the bakery, which supplies baked goods to Morrisons stores from its factory in Wakefield.
  Although talks over the sale are thought to be at an early stage with no guarantee that a sale will occur, industry sources have indicated private equity company Endless may be a potential buyer.
  Morrisons
  
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• Victorian Plumbing on track for full year EBITDA outcome

  27-02-2024 08:31 via theretailbulletin.com
  
  Victorian Plumbing has said it is on track to deliver full year adjusted EBITDA in line with expectations as it continues to see an increase in... View Article
  
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• Shop price inflation drops to lowest level in nearly two years

  27-02-2024 08:15 via theretailbulletin.com
  
  New figures have shown that shop price annual inflation has fallen to its lowest level since March 2022 this month. According to the latest British Retail... View Article
  
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• A day in the life of… Jo Homer, CX Expert at Signet

  27-02-2024 08:00 via theretailbulletin.com
  
  We are thrilled to feature Jo Homer, Head of CX & Product at Signet Jewelers, in our latest day in the life interview. With an impressive... View Article
  
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• Wild launches standalone bays in Tesco stores

  27-02-2024 07:40 via theretailbulletin.com
  
  Sustainable natural body care brand Wild has launched in-store at Tesco with its own standalone bays. Products include the brand’s range of deodorants, body washes and... View Article
  
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• New research reveals scale of Red Sea disruption

  27-02-2024 07:13 via theretailbulletin.com
  
  New research has shown that over half of retailers, manufacturers and exporters have been impacted by the disruption to shipping in the Red Sea. Following a survey... View Article
  
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• Coles’s profit fall shows shoppers are starting to rebel against supermarket prices

  27-02-2024 06:20
  
  Consumers are using their spending power to switch retailers and the major chains are scrambling to shore up customer loyaltyGet our morning and afternoon news emails, free app or daily news podcastShoppers are showing early signs of rebellion, leaving supermarket giant Coles unable to increase shelf prices to expand profits as households question the fairness of hikes at the country’s major chains.On Tuesday, Australia’s second-biggest food retailer reported a modest 3.6% fall in ha
  
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• Liberty elevates brand experience with Aptos technology  

  27-02-2024 06:00 via theretailbulletin.com
  
  Iconic British department store to adopt latest versions of Aptos’ POS and CRM solutions; migrate to SaaS delivery Aptos, a leader in unified commerce solutions, announced... View Article
  
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• February dip sends UK food price inflation to nearly two-year low

  27-02-2024 01:01
  
  Shoppers helped by falling energy costs and supermarket competition as meat, fish and fruit prices dropTumbling energy costs and a price war between Britain’s supermarkets have slowed food inflation to its lowest rate for nearly two years in a boost for households trying to cope on stretched budgets.The cost of meat, fish and fruit dipped in February, meaning food prices rose 5% on last year, down from 6.1% in January and the lowest since May 2022, according to the British Retail Consortiu
  
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