Retail news

• Retailers deserve a break – but they shouldn’t look to the chancellor for one

  19-11-2024 19:38
  
  A letter by 79 firms voicing ‘significant concerns’ over the budget is likely to do little more than irritate Rachel ReevesWhile the farmers took to the streets of Westminster, the shopkeepers protested in the old-fashioned way. They wrote a polite letter to the chancellor voicing their “significant concerns” over “the sheer scale” of budget measures that, they say, will push up their industry’s costs by £7bn next year and “make job losses in
  
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• Walmart raises guidance as it beats third-quarter forecasts

  19-11-2024 18:29
  
  Retailer reports revenues of $169.6bn as lingering inflation draws wealthier consumers to low-price products
  
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• Walmart’s cheap goods justify its expensive stock

  19-11-2024 18:24
  
  The US retail giant trades at a premium to racy tech stocks like Apple, and deservedly so
  
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• Retailers are right to warn of job cuts after Reeves budget, says Andrew Bailey

  19-11-2024 18:16
  
  Bank of England governor says number of roles could shrink by more than 50,000 after rise in employer NICsThe Bank of England governor, Andrew Bailey, has said retailers are right to warn of potential job cuts as a result of tax increases announced at last month’s budget.Bailey appeared before the cross-party Treasury select committee on Tuesday, after almost 80 retailers claimed rising costs would make “job losses inevitable, and higher prices a certainty”. Continue reading...
  
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• HarperCollins to allow tech firms to use its books to train AI models

  19-11-2024 17:24
  
  Some nonfiction backlist titles will be used to train artificial intelligence with authors’ permissionPublisher HarperCollins will allow some of its titles to be used to train AI models, with the permission of authors.The company “has reached an agreement with an artificial intelligence technology company to allow limited use of select nonfiction backlist titles for training AI models to improve model quality and performance”, it said in a statement shared with the Guardian. Co
  
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• Bank of England governor says budget measures could cost jobs, and argues for ‘gradual’ interest rate cuts – as it happened

  19-11-2024 16:43
  Rolling coverage of the latest economic and financial newsRachel Reeves is feeling pressure from farmers, as well as retailers, over the tax changes in last month’s budget.Thousands of farmers are descending on central London this morning, arguing that changes to inheritance tax rules will destroy family farms. The government, though, says it will make no difference to food security. Continue reading...
  
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• Ted Baker relaunches website in the UK

  19-11-2024 15:57 via retailgazette.co.uk
  
  Ted Baker has relaunched its ecommerce website in the UK under its new operator following its collapse earlier this year.
  The fashion brand’s website went live on Friday (15 November) and stocks a selection of menswear, womenswear and accessories.
  Tedbaker.com ships exclusively to the UK, but states that European versions of the site will be “coming soon”. Related StoryWho is Ted Baker’s new UK operator, United Legwear and Apparel?03/09/2024 x 8:20 AMIt is the first major
  
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• Bank of England governor says retailers are right to warn of job cut risks from budget measures – business live

  19-11-2024 13:09
  Rolling coverage of the latest economic and financial newsRachel Reeves is feeling pressure from farmers, as well as retailers, over the tax changes in last month’s budget.Thousands of farmers are descending on central London this morning, arguing that changes to inheritance tax rules will destroy family farms. The government, though, says it will make no difference to food security. Continue reading...
  
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• Walmart raises guidance as it beats third-quarter revenue and profit forecasts

  19-11-2024 13:02
  
  World’s biggest retailer reported revenue of $169.6bn
  
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• The Body Shop appoints CMO and CFO to drive growth after acquisition

  19-11-2024 13:00 via retailgazette.co.uk
  
  The Body Shop has made two key appointments to its senior leadership team as it pushes ahead with its strategy to drive growth following its acquisition earlier this year.
  The ethical beauty retailer has named Penny Brook as chief marketing officer and Sally Dowling as chief financial and operations officer.
  The Body Shop said that Brook, who joins from luxury outerwear brand Canada Goose, brings “a wealth of experience in brand transformation”.
  Over her ten-year tenure at Canada Goo
  
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• Bank of England policymaker says interest rates could fall faster than markets expect – business live

  19-11-2024 12:10
  Rolling coverage of the latest economic and financial newsRachel Reeves is feeling pressure from farmers, as well as retailers, over the tax changes in last month’s budget.Thousands of farmers are descending on central London this morning, arguing that changes to inheritance tax rules will destroy family farms. The government, though, says it will make no difference to food security. Continue reading...
  
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• Bank of England governor faces questions about interest rates and the budget from MPs – business live

  19-11-2024 11:15
  Rolling coverage of the latest economic and financial newsRachel Reeves is feeling pressure from farmers, as well as retailers, over the tax changes in last month’s budget.Thousands of farmers are descending on central London this morning, arguing that changes to inheritance tax rules will destroy family farms. The government, though, says it will make no difference to food security. Continue reading...
  
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• Handbag maker Mulberry plans to simplify business as losses widen

  19-11-2024 10:50
  
  Luxury brands are having to contend with a slowdown in spending
  
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• Ikea to open Oxford Circus pop-up ahead of London flagship launch next year

  19-11-2024 10:44 via retailgazette.co.uk
  
  Ikea is set to open ‘Hus of Frakta’, a pop-up experience on London’s Oxford Circus dedicated to one of the Swedish furniture giant’s most popular item – the blue Frakta bag.
  The launch comes ahead of the highly anticipated Oxford Street store opening in 2025 and “will blend high fashion with Ikea’s democratic design”.
  Hus of Frakta will be located on 216 Oxford Street and will be open daily from 28 November until March 2025. Related StoryIkea
  
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• UK retailers warn national insurance rise will make job losses ‘inevitable’ – business live

  19-11-2024 10:37
  Rolling coverage of the latest economic and financial newsDevelopments in think tank circles…. The Resolution Foundation has appointed a new chief executive, from the Treasury.Ruth Curtice, currently director of fiscal policy at HM Treasury (HMT), has been appointed to succeed Torsten Bell (who has effectively moved the other way, to Westminster, having become an MP in July).“I am excited to be leading the Resolution Foundation into the next phase of its valuable work. I have seen a
  
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• Revolution Beauty swings to half-year loss in ‘year of transformation’

  19-11-2024 10:20 via retailgazette.co.uk
  
  Revolution Beauty plunged into loss in its first half on the back of a 20% sales plunge in what its new CEO said was “a year of transformation”.
  The beauty brand made a £10.9m pre-tax loss in the half to 31 August, down from a £400,000 profit last year as sales plunged to £72.4m, which it blamed on the planned simplification of its product portfolio, the discontinuation of unproductive SKUs, and “significant” stock clearance activity.
  The group kickstart
  
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• Mulberry’s half year losses widen as it focuses on “rebuilding and reprioritising” its brand

  19-11-2024 09:53 via theretailbulletin.com
  
  Mulberry has reported a decline in sales and profit as it begins work to rebuild and reprioritise its brand. In the 26 weeks to 28 September,... View Article
  
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• Wingstop on track for up to 60 UK stores by end of year

  19-11-2024 09:52 via theretailbulletin.com
  
  Wingstop is continuing its UK expansion with the opening of a new site in Uxbridge. The move means that the chicken shop brand now has 22... View Article
  
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• Wingstop on track for 60 UK stores by end of year

  19-11-2024 09:52 via theretailbulletin.com
  
  Wingstop is continuing its UK expansion with the opening of a new site in Uxbridge. The move means that the chicken shop brand now has 22... View Article
  
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• Matalan launches pre-mature baby clothing range

  19-11-2024 09:52 via theretailbulletin.com
  
  Matalan has launched its first premature baby clothing range. Spanning five pieces, the collection aims to provide high-quality, affordable and practical options for families with premature... View Article
  
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• Wickes celebrates school wellbeing challenge winner

  19-11-2024 09:51 via theretailbulletin.com
  
  Home improvement retailer Wickes has announced the winner of its newly launched Wickes School Wellbeing Challenge. Run in partnership with The Inspirational Learning Group, the competition... View Article
  
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• Retailers warn that budget changes will make job losses inevitable

  19-11-2024 09:51 via theretailbulletin.com
  
  Some of the UK’s biggest retailers have written to the Government to warn that last month’s budget will result in higher prices and jobs losses, as... View Article
  
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• Claire’s evolves beauty category with new product offering

  19-11-2024 09:51 via theretailbulletin.com
  
  Claire’s is evolving its beauty category with the launch of C by Claire’s, an exclusive range of fragrances and body care products. The move follows the... View Article
  
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• What the retail industry can learn from other stores

  19-11-2024 09:47 via theretailbulletin.com
  
  The retail industry is packed with challenges, from attracting new customers to meeting regulatory requirements. It isn’t the only industry that faces these challenges, however, and,... View Article
  
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• Retailers warn National Insurance hike makes job cuts ‘inevitable’

  19-11-2024 09:42 via retailgazette.co.uk
  
  The UK’s biggest retailers have warned of “inevitable” job losses as a result of the government’s decision to increase National Insurance.
  Chancellor of the Exchequer Rachel Reeves has been warned that jobs will be lost, stores will shut, and prices will have to rise due to the hike.
  Reeves increased the rate of employers’ National Insurance by 1.2% to 15% from April, and also lowered the level where employers begin paying on each staff member’s salary from &p
  
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• UK retailers warn Reeves of £7bn hit from budget tax rises

  19-11-2024 09:41
  
  Increase in national insurance contributions and national living wage will add to costs, says BRCBusiness live – latest updatesLarge UK retailers including Tesco, Boots, Marks & Spencer and Next have written to Rachel Reeves to say that a £7bn increase in annual costs after last month’s budget would lead to job cuts and higher prices.The letter, with 79 signatories sent by the industry body the British Retail Consortium (BRC), warns the chancellor of the financial impact of
  
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• Why customers are turning to parcel lockers as the preferred delivery option

  19-11-2024 09:14 via retailgazette.co.uk
  
  There’s a universally familiar frustration in online shopping; the “missed package.”Whether it’s left on a doorstep, returned to the sorting facility, or – worst of all – lost in transit, failed deliveries are a significant source of irritation. Imagine a customer who finally carved out time from a hectic schedule to shop online, only to miss the delivery and embark on an endless loop of tracking down the parcel. For modern consumers, that hassle simply doesn&
  
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• Mulberry half-year losses widen as new boss prepares to ‘rebuild the business’

  19-11-2024 09:13 via retailgazette.co.uk
  
  Mulberry half-year losses widened as its new CEO highlighted the “clear need to reprioritise and rebuild the business”.
  The luxury brand’s losses swelled to £15.7m for the 26 weeks ended 28 September, compared to £12.8m in 2023, as sales plunged 19% to £56.1m.
  CEO Andrea Baldo noted: “Though I’ve only been in the role of CEO for under three months, the first half results illustrate the clear need to reprioritise and rebuild the business…
  &ld
  
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• Mulberry staff brace for job cuts after it reports sales slump and bigger losses

  19-11-2024 09:05
  
  CEO says he will launch review to make company ‘leaner, more agile’ and the firm will ‘renew its relevance’Business live – latest updatesStaff at Mulberry are braced for job cuts after the beleaguered British luxury handbag maker reported that half-year sales slumped by almost a fifth and losses had widened.The company, which last month rejected a £111m bid from 37% shareholder Mike Ashley’s Frasers Group, reported a 19% fall in revenues to £69.7m
  
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• Mulberry cuts a quarter of HQ staff after sales slump and bigger losses

  19-11-2024 09:05
  CEO says he will launch review to make company ‘leaner, more agile’ and the firm will ‘renew its relevance’Business live – latest updatesMulberry is cutting a quarter of its head office staff, as the beleaguered British luxury handbag maker reported that half-year sales slumped by almost a fifth and losses had widened.The company, which last month rejected a £111m bid from 37% shareholder Mike Ashley’s Frasers Group, is in the process of cutting 85 roles
  
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• Luxury brands bank on their own American dream

  19-11-2024 06:00
  
  Increasing appeal in US could provide a new growth runway in the sector
  
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• UK retailers warn Reeves of £7bn hit from Budget changes

  19-11-2024 01:01
  Changes to national insurance, national living wage and an existing packaging levy set to raise costs in the sector
  
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