Lamborghini, Aston Martin & Dior: Why are the world’s luxury brands recession proof? March 27, 2023 Luxury brands are yet to feel the cold wind of recession, with luxury names including Aston Martin, Lamborghini, Bentley and Dior all posting a surge in revenues in 2023. The companies all cite the “resilience” of their wealthy customers in an otherwise tough economic market. Lamborghini is the latest to appear to shrug off soaring [...]
Tortilla swings to loss after ‘unprecedented’ food and energy inflation March 27, 2023 Burrito chain Tortilla Mexican Grill has revealed it swung to a loss last year as it came under pressure from “unprecedented” food and energy costs, and avoided raising its prices above inflation. The fast-casual restaurant chain insisted its sales have benefited from consumers opting for value-for-money meals over dining out at restaurants. Its revenues jumped [...]
It’s all about quality: Fixing the Square Mile’s shopping district March 27, 2023 As Oxford Street struggles to fill vacant spaces on its high street, many in the retail sector are also questioning what the future holds for the Square Mile’s shopping scene. At One New Change, the City’s prime shopping centre, which was launched in 2010 to rival London’s West End, there are about 10 vacant lots, [...]
Dating, DIY and Netflix: Brits stop spending on love and luxury due to cost of living crisis, Nationwide says March 24, 2023 The value of households’ spending on subscription services, home improvements and dating fell annually in February, according to analysis by Britain’s biggest building society of its members’ outgoings. The volume of dating transactions fell by a third (33 per cent ) in February 2023 compared with the same month in 2022, also falling by 7 [...]
London loves Thursday! 3.3m use Tube in return to (co-working) office – and the pub March 24, 2023 Thursday is now the most popular day for London workers to head into the office – with over 3.3m jumping on the tube to join colleagues for after work drinks. According to the latest ridership from TFL and WeWork shared exclusively with City A.M, Thursday is now the most popular weekday to travel on the [...]
Tim Martin’s JD Wetherspoon blames ‘ferocious’ inflation for profits plummeting 91 per cent March 24, 2023 The chief of JD Wetherspoon has said blamed “ferocious” inflationary pressures in the pub industry as the pub giant reveals a 90.9 per cent loss in profits for the 26 weeks to January. As the cheap beer chain felt the hangover from Covid-19 and Brexit supply issues, pre-tax profits were down to £4.6m compared to [...]
Sharp increase in retail sales amid ‘subdued’ outlook due to inflation – but is there a ‘chink of light’ with Easter holidays? March 24, 2023 British retail sales grew sharply last month compared to pre-pandemic levels, but price increases continue to deliver a “subdued” longer-term outlook. Sales volumes are thought to have increased by 1.2 per cent in February after a rise of 0.9 per cent in January, suggesting the industry is recovering from the pandemic well. Industry figures are [...]
Retail: 40 per cent of high street shops will have to be repurposed or they will ‘wither on the vine’, local leaders warn March 23, 2023 Some 40 per cent of high street shops will have to be repurposed or they will “wither on the vine” as the demand for physical retail dwindles, local leaders have warned. According to a survey by trade body Revo and consultancy Lambert Smith Hampton, as first reported by The Guardian, the need to reinvent retail [...]
Share price down for 32Red and Platinum Gaming owner after £7.1m fine for failing gamblers March 23, 2023 Online gambling group Kindred Group’s share price slumped more than two per cent at the open this morning, after two of its major operators 32Red and Platinum Gaming were slapped with a £7.1m fine for regulation failures. The betting firm was wrapped for failures in its social responsibility duties and anti-money laundering measures, according to [...]
First Kingfisher now Wickes: DIY drop off dents profit for home improvement – but it’s not all bad news March 23, 2023 Wickes has seen a drop in profits for the year as consumers’ love for home improvements took a dent from rising costs, despite the company reporting ‘record’ sales. The DIY retailer posted pre-tax profits of £75.4m down from a “record” £85.0m in 2021 when Brits were engulfed in a number of circuit breaker lockdowns and [...]