Government urged to pay £5bn of retailers’ rents after lockdown August 10, 2020 Retail, hospitality and leisure firms have urged the government to pay up to £5bn to cover a proportion of rents for struggling businesses to avoid further high street job losses. Trade bodies, including the British Property Federation (BPF), British Retail Consortium (BRC) and UK Hospitality, have called on the government to launch a Property Bounceback [...]
Superdry secures new lending facility as coronavirus hits revenue August 10, 2020 Superdry has secured a new financing arrangement with its lenders as the designer clothing brand seeks to shore up its financial position amid ongoing disruption from the coronavirus pandemic. In a trading update, the firm said it had agreed a new £70m asset backed lending facility with HSBC and BNPP, extending the term until January [...]
Pret A Manger to cut staff hours in coronavirus restructuring August 9, 2020 Pret A Manger has asked thousands of its staff to work fewer hours, as the lunch chain restructures its business after the coronavirus pandemic. Staff will work 20 per cent fewer hours on average, as footfall remains low. It follows an announcement by Pret last month that it would be closing 30 outlets and cutting [...]
Slow retail recovery expected as consumers reluctant to spend August 7, 2020 Hopes of a rapid high street recovery have been thrown into doubt as consumers remain hesitant to splash out on new clothes and electronics. According to research by the British Retail Consortium (BRC), 24 per cent of consumers said they will spend less than usual over the next month, compared to 11 per cent who [...]
UK retail footfall continues slow recovery in July August 7, 2020 UK retail footfall continued to improve in July as shoppers tentatively returned to the high street following the coronavirus lockdown. Footfall was down 42 per cent in July, an improvement on the 62.6 per cent decline recorded in the previous month. High street footfall decreased 47.5 per cent, also up on the 64.5 per cent [...]
July retail sales dampen hopes of quick high street recovery August 7, 2020 Retail sales continued to fall in July despite the reopening of non-essential stores, dampening hopes of a quick bounce back on the high street. Like-for-like sales in bricks and mortar stores fell 39.4 per cent in July compared to growth of 0.1 per cent in the same month last year. Last month was also the [...]
London hospitality firms call for free face masks at Tube stations August 6, 2020 London’s hospitality firms require urgent improvements to the “insufficient and inadequate” support provided for struggling businesses in the city centre, the leading industry body has said. In a letter to London mayor Sadiq Khan, UK Hospitality has set out a number of urgent measures that could encourage Londoners and domestic tourists to visit the centre [...]
Convenience store chain McColl’s swings to loss despite coronavirus spike in demand August 6, 2020 Convenience store chain McColl’s swung to a loss in the first half of the year despite a surge in demand during the coronavirus lockdown. The figures McColl’s reported a loss before tax of £1.3m in the 26 weeks ended 24 May, down from profit of £200,000 last year. McColl’s total revenue fell one per cent [...]
Pub chain JD Wetherspoon to cut up to 130 head office jobs August 6, 2020 Pub chain JD Wetherspoon will cut up to 130 head office jobs due to a downturn in the pub and restaurant industry during the coronavirus pandemic. The company announced this morning that 110 to 130 head office positions are at risk of redundancy. Wetherspoon blamed the cuts on a downturn in trading, a slowdown in [...]
Hammerson to raise £826m amid overhaul of leasing approach August 6, 2020 Retail landlord Hammerson this morning confirmed it is aiming to raise £826m to help it survive the coronavirus crisis, as it announced an overhaul of its leasing model. The shopping centre owner will tap investors for £551.7m through a rights issue, and is planning to sell its 50 per cent stake in Via Outlets for [...]