Retail news

• 7 retailers that have gone bust so far this year

  16-04-2024 22:40 via retailgazette.co.uk
  
  Ted Baker became the latest high street casualty last month when the brand’s UK operator No Ordinary Designer Label called in administrators.
  It is one of several collapses reported so far this year following a record number of retail insolvencies in the year to January 31.
  Retail Gazette takes a look at the retailers that have gone bust so far in 2024.
  Ted Baker
  Administrators at Teneo revealed last week that Ted Baker will close 11 stores and had served notice on an additional four sites
  
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• LVMH’s growth weighed down by softening China luxury demand

  16-04-2024 20:12
  First-quarter revenues grew 2% at flagship fashion and leather goods unit, against an 18% jump a year ago
  
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• JD Sports opens global flagship store at the heart of Champs-Élysées Paris

  16-04-2024 19:02 via theretailbulletin.com
  
  JD Sports has opened a global flagship store on the world-renowned Avenue des Champs-Élysées in Paris, with a grand opening to customers having taken place on... View Article
  
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• Dr Martens investors should be kicking themselves

  16-04-2024 18:31
  
  After optimistic float, the boot is on the other foot with the fifth profit warning in three years, a fall in shares and CEO’s exit Unfortunately for headline-writing purposes, the chief executive of Dr Martens has not been given the boot after issuing the company’s fifth – yes, fifth – profits warning in its three years as a listed company. Kenny Wilson has merely decided of his own accord to leave and, indeed, may take his time about it. He could be in post until next M
  
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• LVMH sales growth slows as luxury demand softens

  16-04-2024 18:17
  Revenue rise of 2% at core fashion and leather goods division marks sharp drop from 18% increase a year earlier
  
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• Emplifi Names marketing leader Susan Ganeshan as its new CMO

  16-04-2024 17:39 via theretailbulletin.com
  
  Emplifi, a leading customer engagement platform provider, today announced the appointment of Susan Ganeshan as Chief Marketing Officer. Ganeshan will spearhead Emplifi’s marketing and growth initiatives,... View Article
  
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• Mooncup launches in Holland & Barrett

  16-04-2024 17:14 via theretailbulletin.com
  
  Mooncup, the trailblazers in plastic-free menstrual products, have now launched at Holland & Barrett, a global leader in health and wellness retail. This marks a significant... View Article
  
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• Dr Martens chief to exit as shares hit record low after profit warning

  16-04-2024 15:46
  
  British bootmaker says it does not expect to increase prices this year as it reports poor US salesShares in Dr Martens plummeted to a new low as the UK bootmaker warned on profits and poor performance in the US, and announced the departure of its chief executive.The brand, known for its yellow-stitched thick-soled boots, warned sales would fall by a single-digit percentage in the year to the end of March 2025, compared with a year earlier. Profit before tax could be just a third of last year&rsq
  
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• Marks Electrical hails record sales as it exits Euronics buying group

  16-04-2024 15:14 via retailgazette.co.uk
  
  Marks Electrical reported a profit boost and surge in sales in its trading update for its fourth quarter.
  The electricals retailer pulled in adjusted EBITDA of around £5m for the year ended 31 March, as it increased its market share in the major domestic appliances and consumer electronics market.
  Additionally, the business achieved record full-year sales of £114.3m, up from £97.8m in FY23, which more than doubled the revenue seen in its year prior to listing.
  Marks Electr
  
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• BRC calls for tougher police stance against retail crime ahead of police elections

  16-04-2024 15:08 via retailgazette.co.uk
  
  The British Retail Consortium (BRC) has called for tougher police action on retail crime ahead of the Police and Crime Commissioner (PCC) elections next month.
  The trade body is urging PCC candidates to commit to a stronger stance on retail crime following the surge in violence and abuse against retail staff last year.
  The BRC has asked candidates to make retail crime a priority and allocate necessary resources for tackling the incidents in their region.Subscribe to Retail Gazette for free
   
  
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• Getir explores assets sale amid restructuring talks

  16-04-2024 15:05 via retailgazette.co.uk
  
  Grocery delivery giant Getir is considering a string of asset sales as it continues restructuring talks.
  The Turkish-founded firm is weighing up possible disposals including US online grocer FreshDirect, which it acquired late last year, Sky News reported.
  The sale of BiTaksi, a ride-hailing service in Turkey, is also understood to be on the table.Subscribe to Retail Gazette for free
   Sign up here to get the latest news straight into your inbox each morning Sky News sources said t
  
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• Shoe Zone CEO steps down from board

  16-04-2024 15:01 via retailgazette.co.uk
  
  Shoe Zone has revealed its chief executive Anthony Smith is stepping down from the company’s board.
  The footwear retailer said Smith’s departure will allow him to “increase his focus on the day to day running of the business”.
  Smith, who joined the retailer in 1993 and was promoted to CEO in 1997, will remain as a director of Shoe Zone’s operating subsidiary, Shoe Zone Retail Limited.Subscribe to Retail Gazette for free
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• Sosandar swings to profit in second half as it prepares to open physical stores

  16-04-2024 14:59 via retailgazette.co.uk
  
  Sosandar has bounced into the black in its second half as the online fashion brand prepares to open its first stores.
  The fashion brand expects to pull in a £1.1m profit in the six months ended 31 March, up from the £1.3m loss it made in its first half.  The resulting expected £200,000 loss for the year against £46.3m in sales is broadly in line with market expectations.
  Sosandar attributed its upswing in profits to introducing a more targetted approach to price prom
  
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• Next to reopen Westfield Stratford City store this Autumn

  16-04-2024 14:07 via retailgazette.co.uk
  
  Next is set to open its new Westfield Stratford City store this Autmn after closing its existing location back in February.
  The fashion retailer is due to unveil a new 34,000sq ft unit on the centre’s first floor this September.
  It is unclear what concessions will be in store, but its previous Westfield Stratford branch included Lipsy and Victoria’s Secret.Subscribe to Retail Gazette for free
   Sign up here to get the latest news straight into your inbox each morning Th
  
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• Morrisons ramps up retail media offering to connect with shoppers

  16-04-2024 13:28 via retailgazette.co.uk
  
  Morrisons is ramping up its retail media offering for shoppers, with a series of new media opportunities to further connect customers to their favourite brands.
  The grocery giant is introducing digital screens to its Market Street food counters, allowing brands to both promote products that complement the counter range and interact with shoppers in an area of the store where its products are not stocked.
  The screens have been implemented across more than 300 of the supermarket’s stores, on
  
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• Dr Martens chief to step down as bootmaker warns on profits again

  16-04-2024 12:16
  Troubled retailer names chief brand officer as its new boss as it flags sinking orders in US
  
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• Pret A Manger founder says app chaos is letting subscribers down

  16-04-2024 11:13 via retailgazette.co.uk
  
  Pret a Manger founder Julian Metcalfe has expressed his disappointment in the mishap surrounding its loyalty program, amid mass customer dissatisfaction and claims of “chaotic” management.
  Metcalfe, who co-founded the sandwich chan in 1986, said he also empathised with staff who had to deal with complaints over the problematic Club Pret app.
  The Telegraph reports that industry insiders have said Pret’s “risky” choice to provide customers with five daily coffees for
  
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• Matalan launches 17 new third-party brands and extends sizing options

  16-04-2024 10:40 via retailgazette.co.uk
  
  Matalan has significantly expanded its range of choice for customers by launching 17 new third-party brands and extending the range of sizes available across hundreds of lines.  The fashion and home retailer said the move caters to consumers who increasingly want a seamless and hassle-free shopping experience, with all their favourite styles, brands, products and sizes available in one place.The new third-party brands cover core categories including womenswear, menswear, kidswear,
  
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• Australian grocery groups undergo Senate grilling on price-gouging allegations

  16-04-2024 10:28
  Bosses of Woolworths and Coles defend profitability on first day of inquiry
  
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• JD Sports opens global flagship on Champs-Élysées in Paris

  16-04-2024 10:23 via retailgazette.co.uk
  
  JD Sports has uneviled its new global flagship store on the world-famous Avenue des Champs-Élysées in Paris.
  The sporting retailer said its new store will house the biggest brands and latest launches from JD’s long-term brand partners including Nike, adidas, New Balance, Asics, The North Face and On Running, as well as featuring the brand’s latest innovations in digital technology and merchandising.
  Located at 118 Avenue des Champs-Élysées, the group said
  
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• In pictures: JD Sports opens global flagship on Champs-Élysées in Paris

  16-04-2024 10:23 via retailgazette.co.uk
  
  JD Sports has unveiled its new global flagship store on the world-famous Avenue des Champs-Élysées in Paris.
  The sporting retailer said its new store will house the biggest brands and latest launches from JD’s long-term brand partners including Nike, adidas, New Balance,Asics, The North Face and On Running, as well as featuring the brand’s latest innovations in digital technology and merchandising.
  Located at 118 Avenue des Champs-Élysées, the group said t
  
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• B&M profits to hit top end of expectations as sales rise

  16-04-2024 10:15 via retailgazette.co.uk
  
  B&M’s full-year profits are set to hit the top end of expectations after sales surged 10.1% over the year.
  Adjusted EBITDA is expected to reach £629m, at the top end of its £620m to £630m guidance range, 9.8% higher than last year.
  Group sales topped £5.5bn for the year to 30 March, which it said was underpinned by volume growth and positive like-for-likes.
  B&M’s UK like-for-likes edged up 2.9% in the 14 week period to 30 March, driven by FMCG and gene
  
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• Argos to open store on famous Coronation Street cobbles as it renews sponsorship

  16-04-2024 10:09 via retailgazette.co.uk
  
  Argos has renewed its headline sponsorship of ITV’s Coronation Street, which will see the retailer ‘set up shop’ on the famous cobbles.
  The Sainsbury’s-owned retailer, has extended its sponsorship of Britain’s longest running soap opera for another two years, running through to December 2026. It has sponsored the show since 2021.
  As part of a wider product placement opportunity, a Sainsbury’s/Argos store façade will appear within the show for the very f
  
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• George at Asda hails ‘soaring growth’ as it outperforms market

  16-04-2024 09:46 via retailgazette.co.uk
  George at Asda has posted “soaring growth” in online and in-store fashion sales over the sector’s latest six month-period.
  The grocer said its clothing brand was “significantly outperforming the market, cementing its position as one of the UK’s largest and most successful fashion retailers”.
  It said its strong performance makes it the third-largest fashion retailer by sales volume in the UK, ahead of high street and supermarket rivals.
  George managing director
  
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• Superdry announces restructuring plan

  16-04-2024 09:43 via theretailbulletin.com
  
  Superdry is launching a restructuring plan as it looks to ensure the survival of the struggling fashion business. This will include an equity raise, slashing rents... View Article
  
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• Superdry proposes delisting and sweeping restructuring to stay afloat

  16-04-2024 09:40
  Fashion retailer is seeking rent reductions on 39 of its UK stores
  
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• Superdry restructures to cut rents as co-founder leads fundraising

  16-04-2024 09:00
  
  Julian Dunkerton decided against takeover offer and company will delist from London Stock ExchangeBusiness live – latest updatesSuperdry is to embark on a restructuring plan including rent reductions in stores and a fundraising, backed by its boss and co-founder Julian Dunkerton, and will delist from the London Stock Exchange.The struggling British fashion retailer announced the plans a fortnight after Dunkerton decided against making a takeover offer with partners after a two-month pursui
  
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• Dr Martens names new chief executive

  16-04-2024 08:51 via retailgazette.co.uk
  
  Dr Martens CEO Kenny Wilson is to step down from his role with chief brand officer Ije Nwokorie set to take over before the end of the financial year.
  Ije will work with Wilson to ensure a smooth handover.
  Wilson said: “After six years in the role, I feel that the time is right to hand over this year, and I am excited that Ije will be my successor.
  “I have enjoyed working with Ije, both as a board member and in the executive leadership team in recent months, and I have seen his brand
  
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• Dr Martens CEO to exit as it flags challenging year ahead

  16-04-2024 08:51 via retailgazette.co.uk
  
  Dr Martens CEO Kenny Wilson is to step down from his role with chief brand officer Ije Nwokorie set to take over before the end of the financial year.
  Ije will work with Wilson to ensure a smooth handover.
  Wilson said: “After six years in the role, I feel that the time is right to hand over this year, and I am excited that Ije will be my successor.
  “I have enjoyed working with Ije, both as a board member and in the executive leadership team in recent months, and I have seen his brand
  
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• Dr. Martens to have new chief executive

  16-04-2024 08:34 via theretailbulletin.com
  
  Dr. Martens has announced that its chief executive Kenny Wilson has decided that this will be his final year with the footwear brand. Following a search... View Article
  
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• Superdry confirms restructuring plan as it seeks rent reductions

  16-04-2024 08:20 via retailgazette.co.uk
  
  Superdry has pinned its revival hopes on gaining rent reductions across 39 UK stores, an equity raise underwritten by founder Julian Dunkerton, and delisting from the stock market.
  The fashion retailer confirmed its restructuring plan this morning, which is intended to help Superdry “deliver its new, more financially sustainable, target operating model”.
  The restructuring is a formal procedure under the Companies Act for companies in financial difficulties. The retailer said unless t
  
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• Margaret Dabbs London to open new clinic on King’s Road

  16-04-2024 07:51 via theretailbulletin.com
  
  Beauty and wellness brand Margaret Dabbs is to open its seventh London clinic on King’s Road. Due to launch in May, the 824 square foot unit... View Article
  
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• Lakrids by Bülow continues UK expansion with new store at Westfield London

  16-04-2024 07:50 via theretailbulletin.com
  
  Danish confectionery brand Lakrids by Bülow has launched a new store at Westfield London as part of its continued UK expansion. The news follows openings by... View Article
  
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• Primark cuts prices on hundreds of kidswear items

  16-04-2024 07:15 via theretailbulletin.com
  
  Primark is cutting the prices of hundreds of children’s clothing and accessory items as part of a commitment to keeping prices low on kidswear. Prices have... View Article
  
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• Charles Tyrwhitt expects business to grow by 20% over the next year

  16-04-2024 07:15 via theretailbulletin.com
  
  Menswear retailer Charles Tyrwhitt is expecting its business to grow by 20% over the next year as it benefits from an adjustment in its offering to... View Article
  
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• UK retailers attract more Easter shoppers despite cost of living crisis

  16-04-2024 07:00
  
  Figures show sales rose 3.5% in March, the first increase above inflation sinceearly in the crisisHigh street retailers benefited from a jump in consumer spending over the Easter bank holiday weekend, according to industry figures showing an increase in footfall and sales despite the cost of living crisis.Data collected by doorway sensors at thousands of shops across the UK showed footfall increased by 7% compared with Easter 2023 over the four days from Good Friday to Easter Monday, while the v
  
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• Bath & Body Works opens first London standalone store

  16-04-2024 06:45 via theretailbulletin.com
  
  Bath & Body Works has chosen London’s Westfield shopping centre for the opening of its first London standalone store. Situated directly opposite Sephora at the White... View Article
  
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• ‘Super cute please like’: the unstoppable rise of Shein

  16-04-2024 06:00
  
  It is taking fast fashion to ever faster and ever cheaper extremes, and making billions from it. Why is the whole world shopping at Shein?For another five hours and 47 minutes, I can buy a Royal Blue Twist Front Cloak Sleeve Slit Back Dress for $5.90, a Striped Pattern High Neck Drop Shoulder Split Hem Sweater for $8.50, or a Solid Sweetheart Neck Crop Tube Top for $1.90. When today’s 90%-off sale ends at 8pm, the crop top will revert to its original price: $4. There are 895 items on flash
  
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