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Britons avoid the pub as cost of living weigh on leisure spending
via ft.comDeloitte survey shows people opting to spend less money on social drinking than at any time since lockdown -
Ocado to leave FTSE 100 after share price collapse
Ocado is set to leave the FTSE 100 after a drop in its share price, piling pressure on the business to consider ditching London for New York.
The online grocery firm will be axed from the index during a quarterly reshuffle, according to the London Stock Exchange, after its valuation fell from a £22bn high in the pandemic to £3.6bn as of yesterday (28 May).
Ocado is set to be replaced by software company Darktrace in the blue-chip index, according to indicative changes by FTSE Russell -
Marks & Spencer to invest £30 million in London stores
Marks & Spencer is to invest £30 million in its London store estate over the next year. The move will create around 100 jobs. The retailer... View Article -
Food delivery apps rack up $20bn in losses in fierce battle for diners
via ft.comDoorDash, Deliveroo, Delivery Hero and Just Eat Takeaway put new focus on profits, despite slower growth following the pandemic -
What’s next for online retailers as investors lose faith?
Ocado is to be booted out of the FTSE 100 after the online grocery group’s share price plummeted more than 85% from the highs of the pandemic.
The exit is representative of a wider sweep against pureplays on the London Stock Market, which are all trading at a fraction of what they once were during their peak in 2021.
Asos, AO World, Boohoo, Moonpig and THG are among the pack that have seen their share price plunge. Just last week activist shareholder Kelso Group revealed it would be voting -
How to Grow Retail Talent: Training Ideas for Retail Staff
Now, more than ever, talent retention is critical, particularly in the retail sector where emphasis is placed on customer experience. Hence, strategising training ideas for your... View Article -
Boohoo cancels bonuses worth £3mn for top executives amid widening losses
via ft.comFast-fashion retailer pulls proposed new pay scheme ahead of upcoming annual meeting -
ScS chief executive steps down following £100m takeover
ScS chief executive Steve Carson is stepping down from the business following its near £100m takeover deal last year.
Carson, who will leave this summer, oversaw the furniture specialist’s departure from the London Stock Exchange after it was snapped up by Italian furniture retailer Poltronesofà in October.
He joined SCS in 2020 from Holland & Barrett, where he spent almost three years as its managing director.Subscribe to Retail Gazette for free
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Boohoo scraps £1m exec bonuses after shareholder outrage
Boohoo has ditched plans to pay its top executives bonuses worth £1m after receiving a backlash from shareholders.
It follows reports over the weekend that “several” investors planned to vote against the fashion retailer’s incentive plan that would award co-founders Mahmud Kamani and Carol Kane along with chief executive John Lyttle bonuses of £1m, despite the business racking up almost £160m in losses.
Boohoo said in its annual report that while none of the e -
Boohoo scraps £1m exec bonuses after shareholder backlash
Boohoo has ditched plans to pay its top executives bonuses worth £1m after receiving a backlash from shareholders.
It follows reports over the weekend that “several” investors planned to vote against the fashion retailer’s incentive plan that would award co-founders Mahmud Kamani and Carol Kane, and chief executive John Lyttle bonuses of £1m, despite the business racking up almost £160m in losses.
Boohoo said in its annual report that while none of the executi -
Sales in UK shops bounce back as inflation slows
via theguardian.comCBI data for May suggests slowdown in price growth is encouraging shoppers in Britain to buy moreSales in British shops have bounced back in May, according to retail data that suggests slowing inflation is encouraging customers to buy more.A net balance of +8% of retailers told a Confederation of British Industry (CBI) survey that sales volumes were up this month compared with the same period a year earlier – a sharp improvement on the -44% year-on-year figure for April. The balance is the -
JD Sports, Iceland and Boots bosses rally behind Labour party
JD Sports chairman Andy Higginson and Iceland boss Richard Walker are among the 120 business leaders who have given their backing to Labour as the “party of change” ahead of the general election.In an open letter to The Times, the leaders said “it is time for a change” as the UK economy has been “beset by instability, stagnation, and a lack of long-term focus for too long now”.
Alongside the retail bosses, the letter has been signed by Pete Bowyer, director of -
M&S will not bid for The Body Shop
M&S will not be making a bid for The Body Shop as administrators approach prospective buyers for the vegan beauty retailer.
It emerged this weekend that the high street retailer along with retail giant Next had made early expressions of interest in submitting possible rescue bids ahead of an auction.
However, a source close to M&S told Retail Gazette that the retailer would not be submitting an offer for the chain.Subscribe to Retail Gazette for free
Sign up here to get the la -
Poundland rolls out Britain’s ‘best value’ £3 meal deal
Poundland has rolled out what it called “Britain’s best value meal deal,” costing shoppers just £3.
The new “Grab A Bite” meal deal includes a selection of items such as sandwiches, snacks, and drinks for customers to choose from.
The discounter claimed its new offering was set to raise the bar, as it introduced new options from “high quality companies” which already supply multiple retailers such as M&S.
It also noted the price point was not d -
M&S to invest £30m in London store estate
M&S is to invest more than £30m into modernising and expanding its London store estate this year as it continues with its store rotation programme.
The high street retailer said will open two new food halls and renew up to 12 existing stores across the capital, including Blackheath, Chancery Lane, Islington and Teddington.
It said the move will create an estimated 100 new jobs.
As part of its plans, M&S will open a 7,200 sq ft fresh-market style foodhall in Sidcup on June 19, follo -
The Conran Shop closes Marylebone flagship and relocates head office
The Conran Shop has closed its Marylebone store and head office, after almost 30 years as it relocates its operations to Clerkenwell.
The luxury homeware retailer said the decision to close down the store it’s second ever branch – and relocate its head offices after 27 years came after the landlord sold the building to The Howard de Walden Estate.
The closure comes as the brand, founded in 1973 by British designer Sir Terence Conran, has been in the process of streamlining its U -
Victorian Plumbing profits rise despite flat sales
Victorian Plumbing half-year profits have jumped despite its sales dipping as consumers trade down amid the cost-of-living crisis.
Gross profit for the bathroom specialist rose 8% to £72.3m in the six months to 31 March, up from £66.8m, driven in part to lower shipping costs and a shift to own brand products.
Sales slipped 1% from £146.8m to £144.6m, but on a like-for-like basis remained flat when adjusting for the impact of Easter timing.
The bathroom retailer said -
JD Sports to report sales surge despite expected profit drop
JD Sports’ annual results are expect to show a 4.2% rise in like-for-like sales as analysts at Peel Hunt predict a 7.2% drop in pre-tax profit, dropping from £991m to £920m.
The sportswear giant has indicated that a maximum pre tax profit could be £935m, after it issued a profit warning back in January and lowered its guidance from £1.04bn to between £915m and £935m for the year to 3 February.
At the start of the year, the retailer blamed “cau -
JD Sports to report profit drop as results publication delayed two days
JD Sports’ annual results are expect to show a 4.2% rise in like-for-like sales as analysts at Peel Hunt predict a 7.2% drop in pre-tax profit, dropping from £991m to £920m.
The retailer confirmed today (28 May) that it would publish its full-year results two days later than planned on 31 May, although it said they would be in line with previous guidance.
The sportswear giant has indicated that a maximum pre-tax profit could be £935m, after it issued a profit warning back -
Shop price inflation sinks to lowest rate since November 2021
Shop price inflation across the UK has fallen to its lowest point since November 2021, as consumers clamp down on spending and businesses slash the prices of large purchases.
The British Retail Consortium (BRC) and NielsenIQ found prices were up 0.6% in May on an annual basis, down from 0.8% the previous month, marking the slowest rate since November 2021.
Non-food prices led the drop, sinking by an annual rate of 0.8% for the month, representing the largest decline since 2021.
Meanwhile, food p -
Shein’s London IPO faces backlash from politicians and fund managers
Shein’s planned London IPO is facing a backlash from both politicians and some of the UK’s biggest fund managers due to concerns over workers’ rights at the retailer.
The capital is up against New York for the £53bn float of the business, which would see it immediately pushed into the FTSE 100.
Senior politicians, including three parliamentary committee chairs, have pressed for more scrutiny of the company, according to The Guardian.
They insisted that the listing should -
Victorian Plumbing announces profit growth despite “subdued” environment
Victorian Plumbing has announced an increase in first half profit despite a “subdued” trading environment and a small drop in revenue. In the six months to... View Article -
Søstrene Grene debuts in Hampshire
Danish homeware brand Søstrene Grene has opened its first store in Hampshire at Festival Place. Spanning 14,546 square feet, the Basingstoke shop features the brand’s ‘Retail... View Article -
e.l.f. scores with Accrington Stanley Women Football Club
The e.l.f. cosmetics brand has announced a partnership with Accrington Stanley Women Football Club to support the club on its first international tour. The partnership also... View Article -
Boots Online Doctor launches new skin diagnosis service for common skin conditions
Boots Online Doctor has launched a new online diagnosis service where customers can access treatment and advice for skin conditions such as psoriasis, eczema, dermatitis, acne... View Article -
Boohoo hit with shareholder revolt over ‘outrageous’ exec bonuses
Boohoo is facing a shareholder revolt over plans to pay its bosses bonuses despite pulling in substantial losses over the year.
The retailer faced criticism for setting out £1m payouts in its annual report as it failed to meet its financial targets.
Several of the business’s shareholders have planned to vote against its proposals to pay the bonuses to co-founders Carol Kane and Mahmud Kamani as well as CEO John Lyttle during its annual general meeting in June, according to The Sunday -
Boohoo hit with shareholder revolt over ‘outrageous’ bosses’ bonuses
Boohoo is being hit with a shareholder revolt as it plans to pay its bosses bonuses despite pulling in losses in its annual results.
The retailer faced criticism for setting out £1m payouts in its annual report as it failed to meet its financial targets.
Several of the business’s shareholders have planned to vote against its proposals to pay the bonuses to co-founders Carol Kane and Mahmud Kamani as well as CEO John Lyttle during its annual general meeting in June, according to The S -
Uniqlo confronts China’s newly thrifty middle class
via ft.comJapanese fast-fashion retailer has slowed store openings in world’s second-largest economy -
UK shop inflation back to ‘normal’ levels, says retail industry
via ft.comBRC data shows stores making price cuts on big-ticket items including furniture -
Inflation in UK shops falls amid price cuts on furniture and TVs
via theguardian.comBiggest drop since November 2021 as ‘unseasonable’ weather pushes retailers to continue promotionsShop price inflation has eased to the lowest level since November 2021 after retailers cut the price of big purchases such as furniture and TVs as households keep a tight rein on spending amid cost of living pressures and poor weather.Prices rose at an annual rate of 0.6% in May, down from 0.8% in April – the slowest pace since November 2021 – according to the latest monitor
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