Inflation throughout December eased slightly, offering hope that analysts’ predictions that inflation has peaked are correct. Following a six-year high of 3.1 per cent in November, the Office for National Statistics (ONS) has revealed that inflation dropped to three per cent last month. This will come as good news to consumers, who have seen stagnant wage growth alongside soaring inflation, leading to a sharp decline in spending power.
Smartphone retailer Carphone Warehouse has been slapped with a £400,000 fine after millions of customer information was accessed in a data breach. The Information Commissioner’s Office (ICO) issued one of the largest fines seen in recent years due to “multiple inadequacies” in the retailer’s security system, which it argues Carphone Warehouse should have ensured was robust. The 2015 data breach, in which hackers exploited out-of-date WordPress software, revealed the names, addresses, phone numbers, dates of birth and marital status of three million customers and 1000 employees
The last owner of collapsed department store chain BHS will appear in court today to face accusations of failing to hand over information to an investigation into the sale of retailer. Dominic Chappell was summonsed in August to appear at Brighton Magistrates‘ Court to face three charges of neglecting or refusing to provide information and documents to The Pensions Regulator without a reasonable excuse. The regulator said they requested information from Chappell on three occasions – twice in 2016 and once again last year.
Footwear retailer Office has enjoyed a recovery in its profits in its full year report, after it was set back by costs involved with its sale to South African retailer Truworths in 2015. According to documents filed at Companies House, full-year EBITDA came in at £32.4 million for the chain’s 53 week period ending July 2 last year. In the prior year ending June 26, 2016 – which covered a 74 week period – Office’s EBITDA was £37.6 million.
WHAT IS IT? TrueScale is a VR app from developers Immersion which places the user inside a room which they are able to design and manipulate in real time. The tool allows you to determine the dimensions of a room, meaning a virtual representation of any room in your home can be put together with ease
Black Friday offers failed to spur a much-needed uplift on the high street last month as non-food sales dropped, new figures show. The latest Retail Sales Monitor for November, compiled by the British Retail Consortium (BRC) and KPMG, showed in-store sales of non-food items dropped 3.7 per cent on a like-for-like basis in the three months to November and three per cent in total.
Shop prices threaten to slip back into inflation for a third consecutive month in November, decreasing marginally by 0.1 per cent. According to the British Retail Consortium (BRC) Nielsen Shop Price Index this rate of deflation marks the shallowest in four years, as retailers struggle to keep prices down against a backdrop of rising imports and decreased spending power.
Chief executives from across the retail sector have called on Chancellor Phillip Hammond to present “a shoppers’ Budget” and stop “inexorable” rises in costs such as business rates. The news comes as retailers prepare for the prospect of a £270 million leap in their bills from April due to business rates
Amazon's swift expansion of its B2B business is exactly what Staples and Office Depot described to a skeptical Federal Trade Commission last year as their merger plans faltered.
The British fashion market has returned to growth after consecutive months of decline dating back to June 2016, at around the time of the Brexit vote. According to the latest figures from Kantar Worldpanel, the UK fashion retail sector saw growth of 0.2 per cent in the full year period ending September 24. READ MORE: September’s retail sales plummet as inflation looms The increase in sales was worth only £66 million, but Kantar predicts it will continue improving as the Christmas shopping season approaches.