Card payments have become the most popular form of payment for the first time ever, as cash payments continue to decline. According to new data from UK Finance, cash payments dropped by 15 per cent over the last year to 13.1 billion, while a boost in card payments in the final quarter saw them pull ahead for the first time with 13.2 billion. A huge increase in contactless payments helped tip the balance over 2017, rising 97 per cent to 5.6 billion, with an estimated 63 per cent of UK adults now using the technology regularly
China’s largest retailer JD.com has launched a $550 million (£414 million) partnership with Google which will see the former sell products through Google Shipping across the world. Under the new partnership the pair will pool their monumental technological resources to develop the “next generation” of retail solutions
Banks are closing down their high street branches at an “alarming rate” of almost 60 per month, according to new research.
Sir Phillip Green has launched a legal challenge to the Financial Reporting Council’s (FRC) investigation into the PwC’s audit of BHS. It comes after the FRC fined BHS’s accountancy firm PwC £10 million and issued a hefty fine on on Steve Denison, the audit partner responsible for the accounts of BHS and parent company Taveta for the year to August 2014, prior to BHS’s public downfall. According to Sky News , Taveta Investments has made an application for an urgent review to force the FRC to amend its report into the audit.
Retailers could soon be faced with a “returns tsunami” thanks to the emergence of new try-before-you-buy schemes for online consumers. With returns already costing UK retailers £60 billion a year, a new report released today highlights the hidden dangers of online and multichannel retailers introducing try-now-pay-later options for customers
Online marketplaces are now accountable for tax fraud committed by online sellers on their platforms, as new HMRC powers come into effect this week. These new laws, which were first announced by Chancellor Philip Hammond during last year’s Autumn Budget, aim to level the playing field so high street and online retailers are not disadvantaged. This means online marketplaces now have the responsibility to make sure sellers on their platform pay the right tax and to make sure fraud does not happen.
Claire’s Accessories has sought to reassure customers that its UK operations will not be affected by its US counterpart’s bankruptcy filing. Earlier this week it was reported that the accessories retailer, which trades from 378 stores and 128 concessions across the UK, was preparing for bankruptcy as it struggled to tackle its £1.4 billion debt pile
French Connection has posted annual losses for the sixth consecutive year in a row despite improvement on the previous year. Losses at the fashion retailer narrowed to £2.3 million in the year to January 31, while like-for-like sales edged up 0.8 per cent across the UK and Europe.
More than 25 leading UK retailers including Sainsbury’s, Ocado and Dixons Carphone have pledged to “lead the fight” in sustainability, signing up to a raft of initiatives.
Plans to transform Oxford Street into a traffic-free zone has received widespread support, according to a consultation report published today. Transport for London (TfL) and Westminster City Council said 64 per cent of the 22,000 responses received on plans to transform London’s famous shopping street were in favour of the proposals in some form. The plans include pedestrianising a part of Oxford Street – between Orchard Street and Oxford Circus – by December 2018 so as to coincide with the launch of Elizabeth Line train services that will run through the precinct