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
The Entertainer has announced plans to roll out its Quiet Hour for autistic children every Saturday, following a successful pilot last month. Starting this month, the toy store will roll out the initiative across all its stores, shutting the music off in its store for the first hour of opening.
Consumer spending over the past two months has seen the strongest spending reduction for the start of a year since the opening two months of 2012, as consumers continue to tighten their belts.
London’s West End is poised to see a £4 billion boost in turnover by 2021 thanks to an influx of new shoppers brought by the Elizabeth Line. According to new research from Arup alongside the New West End Company, The Fitzrovia Partnership and Heart of London Business Alliance, nearly 70 million extra visitors are expected to flood the West End in the three years after the first phase of the Elizabeth Line opens in December. This unprecedented lift in footfall is predicted to raise turnover from £9 billion in 2017, to £13 billion by 2021.
The high street spending splurge that often comes with Valentine’s Day failed to have save the overall fall in sales for the month of February. According to the latest High Street Sales Tracker from accountancy and business advisory firm BDO, in-store sales dropped 1.6 per cent compared to a weak benchmark of a 2.2 per cent drop for the same period last year.
High street retailers Karen Millen, Feather & Black and Shoe Zone have been identified in the government’s latest list of businesses accused of paying staff below the minimum wage. Of the 179 businesses that the Department for Business, Energy and Industrial Strategy (BEIS) released today for underpaying 9200 workers, the fashion, furnishing and footwear chains were listed at 21st, 93rd and 110th respectively. BEIS said Karen Millen failed to pay £9847 to 28 workers, Feather & Black failed to pay £1333 to 31 workers, while Shoe Zone failed to pay £804 to 15 workers