British American Tobacco beats half-year profit forecasts July 31, 2020 British American Tobacco (BAT) smashed half-year profit expectations for as premium cigarette sales soared and it enjoyed strong demand for vaping products in the US, it said today. The figures The Lucky Strike brand owner posted an 18.8 per cent jump in pre-tax profit to £4.59bn for the six months to the end of June. [...]
DEBATE: Is the plan to revitalise John Lewis likely to be a success? July 31, 2020 Is the plan to revitalise John Lewis likely to be a success? Emma Revell, head of communications at the Institute of Economic Affairs, says YES. Bricks and mortar retail was in decline well before coronavirus hit and large department stores were struggling to afford sky-high rents on their enormous buildings. By recognising the changes in [...]
Retail vacancies to spike in coming months, experts warn July 31, 2020 Retail vacancies crept up in the second quarter but the industry warned of a spike in empty properties when the full impact of the coronavirus pandemic hits the high street. In the second quarter the shop vacancy rate in Britain increased to 12.4 per cent, from 12.2 per cent in the first three months of [...]
Argos scraps catalogue after 50 years as shoppers move online July 30, 2020 Argos will stop printing its iconic catalogue after almost 50 years due to the increasing shift to online shopping. The retailer said it would stop producing the catalogue due to changing customer shopping habits. The bi-annual catalogue will no longer be regularly printed by the end of January 2021, according to reports. Argos first launched [...]
Tui to close 166 high street stores and cut 270 jobs July 30, 2020 Package holiday firm Tui will close 166 of its high street stores, it announced today, after a slump in the travel sector caused by the coronavirus pandemic. The tour operator said that the decision will impact 900 jobs, but only 270 of these are at risk of being cut. Tui will try to move the [...]
SCS shares jump as furniture sales soar after lockdown July 30, 2020 Shares in furniture retailer SCS jumped this morning as it reported a surge in demand following the coronavirus lockdown. Order intake before lockdown was down 4.2 per cent on the previous year, plunging 92.5 per cent below 2019 levels during lockdown. Demand bounced back as restrictions were eased, with order intake between 24 May and [...]
John Lewis may convert department stores into affordable housing July 30, 2020 John Lewis is considering converting some of its store estate into housing in an attempt to strengthen its services business as the high street battles the impact of the coronavirus crisis. The retailer, which owns the department store chain and Waitrose, said it is exploring the concept of new mixed-use affordable housing with third parties. [...]
Hermes second quarter sales plunge 42 per cent amid store closures July 30, 2020 Luxury brand Hermes announced this morning that sales fell 42 per cent in the second quarter as the coronavirus pandemic forced it to close stores and pause production. The French designer group, which makes the £7,000-plus Birkin bag, said revenue in the first half of the year was down 25 per cent to €2.5bn. The [...]
Business rates aren’t fit for purpose but Rishi Sunak’s digital tax is a sticking plaster, not a solution July 30, 2020 Long before the coronavirus pandemic, our high streets were struggling. Faced with the rise of online sales, many well-known retailers were either closing stores, entering a form of insolvency known as a company voluntary arrangement (CVA), or falling into administration. The oft-quoted analysis of this demise was that the costs of running a physical store [...]