Demand for large retail space in the UK is declining as retailers become more cautious, according to two of the UK’s largest property firms. The Crown Estate recently pulled out of a £75 million extension project to Exeter’s Princesshay shopping centre after stating businesses had become too cautious to commit to the space
British retail company SuperGroup has announced it would change its name to Superdry as well as commit to various targets to make the business more environmentally-friendly.
The ownership of the Jenners department store building in Edinburgh has changed, with a private European investor believed to have snapped it up.
Next, Zara and Mango have all been called on to pay up over half a million pounds they owed to Turkish factory workers for over a year. The three major fashion retailers have been accused of failing to pay factory workers for three months of labour and an online petition calling on all conscientious consumers to help the factory staff has been launched.
The Card Factory has taken a hit to its margins “higher than initially expected” as it struggles with lower footfall and seeks to mitigate rising import costs. In the six months to July 31, the retailer reported a 13.9 per cent drop in operating profits to £24.6 million, with underlying operating profits dipping 4.6 per cent to £27.7 million. Underlying EBITDA dropped four per cent to £32.8 million while underlying profits before tax fell 4.8 per cent to £26.3 million
Australian online fashion retailer MySale has posted a triple digit rise in underlying profits thanks to a growth strategy focusing on high lifetime value customers. In the year to June 30, underlying pre-tax profits shot up 226 per cent to AUD $3.3 million (£1.94 million) while underlying EBITDA saw a similarly significant 59 per cent rise to AUD $87 million (£51.13 million)
Boxpark is set to move into Wembley Park after signing a 10-year joint venture agreement for its third shipping container-based retail and food destination in the capital. The 43,000sq ft scheme, which will open in 2018, will host 29 independent retailers and food and beverage operators and will be located on Olympic Way – also known as Wembley Way.
Retail workers are reportedly among the least happy in the UK in terms of pay, according to a new survey by jobs site Adzuna. The survey of 1000 workers revealed that teachers and retail workers were least happy with their pay, and two out of five believed they were paid less than their colleagues. Conversely the happiest members of staff were those in human resources, consultancy and construction.
Marianne Wilson Kevin Mansell, chairman, CEO and president of Kohl's, will retire in May 2018 at the end of the company’s annual shareholders meeting. read more
Regulations in the country favor homegrown and physical retailers; Amazon’s stake allows it to take advantage of both those protections.