Value of mortgage advances tops £70bn as real estate experts say market is cooling off March 8, 2022 Real estate experts have said the latest mortgage lenders statistics show a market cooling off from its earlier frenzy. In figures published by the Bank of England on Tuesday, the outstanding value of all residential mortgage loans was £1,613.4bn at the end of the fourth quarter of 2021. This was 4.7 per cent higher than [...]
Wheat price rallies could hurt hospitality and cause food prices to spike warn industry leaders March 8, 2022 Hospitality and supermarkets could bear the brunt of rocketing record prices following Russia's invasion of Ukraine.
MADE.com confirms Nicola Thompson as permanent CEO as retailer sees results beaten by freight inflation March 8, 2022 Retail giant MADE.com has confirmed this morning that Nicola Thompson, the current interim CEO, is set to become the permanent CEO with immediate effect. It comes after former chief Philippe Chainieux left the post last month because of family reasons. Susanne Given, Chair of MADE, commented on Thompson’s appointment: “The Board is delighted to confirm [...]
Pandemic spending habits settle to ‘new normal’ after online shopping boom March 8, 2022 Pandemic spending habits have “settled into a new normal” with people returning to bricks and mortar stores to ‘try before you buy’ last month. Total retail sales were up 4.9 per cent in February, compared to the same month in 2020, according to the British Retail Consortium (BRC) and KPMG retail sales monitor. Sales continued [...]
Next to wind down Russian operations after invasion of Ukraine March 7, 2022 Fashion retailer Next will close its Russian operations following the invasion of Ukraine, as British brands move to condemn the country. The clothing retailer informed staff at its Russian distribution hub that it will be winding down the operation in an orderly way. It told staff its website will be closed for Russian customers too, [...]
Missguided mulls HQ job losses after rescue deal March 7, 2022 Fast fashion retailer Missguided has made a move to slash “a number of roles” at its head office in Manchester. The beleaguered firm had secured a rescue deal at the end of last year, with Alteri Investors snapping up a 50 per cent stake in the firm and acquiring its debt. Missguided then began a [...]
Itsu hopeful of return to pre-pandemic sales growth this year March 7, 2022 East-Asian inspired fast food chain Itsu has said it is confident it will return to like-for-like sales growth this year. In documents filed to Companies House last week, the high street chain posted its financial accounts for the period ended 31 December 2020. Group revenue hit £61.7m for the period, which was marred by Covid [...]
Fuel be sorry: Record petrol prices could hurt retail sector warn experts March 7, 2022 Experts suggest record prices at the pumps could hurt the retail sector and potentially stall the UK's ecommerce boom.
John Lewis chair doubles down on profit comments: ‘You need to do well to do good’ March 6, 2022 The chair of the John Lewis Partnership has reiterated her thoughts that companies do not have to sacrifice a pursuit of profit in order to contribute positively to society. Writing in The Mail On Sunday, Sharon White reiterated comments made in a speech to the Resolution Foundation think tank last month. In her column, White [...]
Zara and Burberry shut shops in Russia while John Lewis looks to ‘mitigate exposure’ to country March 6, 2022 Fashion powerhouses have halted trading in Russia following its invasion of Ukraine, citing “operational challenges”. Luxury goods maker Burberry has temporarily shuttered its three stores in Russia, The Times reported. According to the newspaper, the designer brand’s spokesperson said Burberry would continue to monitor developments and declined to address the invasion directly. It comes after [...]