West End footfall bounces back faster than London’s business districts September 17, 2020 Visitor numbers in the West End are recovering faster than London’s business districts, the latest footfall data showed. Parts of the West End have reached more than 50 per cent of pre-Covid movements despite the continued closure of the area’s theatres, boosted by the prevalence of pubs, shops and restaurants. However footfall in the Holborn [...]
Aspinal of London prepares to close stores due to low city centre footfall September 17, 2020 Luxury brand Aspinal of London is the latest retailer to launch a restructuring process as it seeks to close stores due to a sharp drop in city centre footfall during the coronavirus pandemic. The firm, which has 10 stores as well as concessions in Harrods and Selfridges, has unveiled a company voluntary arrangement (CVA) proposal [...]
Next: Working from home means staff miss out on the camaraderie September 17, 2020 Staff working from home miss out on spontaneous conversations and the camaraderie of the office, retailer Next has said. The retailer said the pandemic had been “expensive and miserable” for everyone. But it conceded that there had been some good to come from it, particularly in communications, efficiency and employee job satisfaction. Like other non-essential [...]
Flutter hires former Labour deputy leader Tom Watson as an adviser September 17, 2020 Paddy Power owner Flutter Entertainment has hired former Labour deputy leader Tom Watson as an adviser, as it looks to tackle problem gambling. The former MP is a vocal anti-gambling campaigner who will advise Flutter on best practice in its shops, marketing, customer service and anti-money laundering procedures. Flutter told the Financial Times that the [...]
Next raises profit outlook as sales rise September 17, 2020 Retailer Next has raised its profit forecast for the second time in two months as it reported a strong recovery in online sales. The figures Total sales in the first half of the year dropped 34 per cent on last year to £1.4bn, while brand full price sales dropped 33 per cent. Online sales suffered [...]
John Lewis scraps staff bonus as it crashes to £635m loss September 17, 2020 John Lewis today confirmed it will not pay a staff bonus for the first time in more than 70 years as the department store chain posted a pre-tax loss of £635m in the first half. The retailer reported a 2.7 per cent uptick in revenue to £4.9bn over the period, but said shoppers had spent [...]
Co-op warns on outlook as revenue rises after lockdown shopping boom September 17, 2020 The Co-operative Group today reported a rise in revenue for the first half of the year as the coronavirus lockdown drove up grocery sales, but warned of a challenging six months ahead. The figures The Co-op reported revenue of £5.8bn in the 26 weeks to 4 July, up 7.6 per cent on last year. Pre-tax [...]
Government extends ban on commercial evictions until end of 2020 September 16, 2020 Businesses cannot be evicted by landlords for getting behind on rent payments until the end of 2020, the government said today, announcing an extension on an earlier policy. The moratorium on commercial tenant evictions may deepen the rift between retailers and landlords, as the high street continues to struggle amid dampened footfall. The government is [...]
Coronavirus curfew would ‘devastate’ hospitality industry, experts warn September 16, 2020 The introduction of a coronavirus curfew for pubs, bars and restaurants to halt the spread of infections would “devastate” the hospitality sector, industry bodies have warned. The government is reportedly considering imposing a 9pm or 10pm curfew on hospitality venues in a bid to slow rising Covid-19 cases across the country. The Telegraph reported this [...]
John Lewis mulls cutting Oxford Street flagship store space by 40 per cent September 16, 2020 John Lewis is reportedly preparing to slash the size of its flagship Oxford Street department store due to a steep drop in West End footfall during the coronavirus pandemic. The retailer has applied to Westminster council to allow it to reduce its trading space by up to 40 per cent, while the third, fourth and [...]