Zara owner Inditex boosts sales with rapid online expansion June 12, 2019 Zara owner Inditex defied a weak retail market to boost sales at the beginning of the second quarter as its global expansion gathered pace. The world’s biggest clothing retailer bounced back from a weak start to the year, damaged by cold weather, reporting a 9.5 per cent sales jump in the period from 1 May [...]
British American Tobacco boosted by vaping sales June 12, 2019 British American Tobacco (BAT) announced that sales of e-cigarettes and vaping products would accelerate in the second half of the year as demand for traditional cigarettes declines. Shares fell nearly five per cent despite the positive trading update as the company revealed it had lost market share. Corporate volume share was down ten percentage points [...]
Lidl unveils £500m London expansion plan for 40 new stores June 12, 2019 Lidl has unveiled a £500m expansion plan to create 40 new stores in the capital, including its first central London store. The German discount supermarket said the openings would create 1,500 new jobs over the next five years. Read more: Big Four supermarkets stall amid fast rise of Lidl and Aldi A proposed Tottenham Court [...]
Fast fashion: Boohoo bucks high street gloom with soaring revenue June 12, 2019 Fast fashion retailer Boohoo has again defied a gloomy retail sector, reporting 39 per cent sales growth in the last quarter. The firm’s offering, of selling cheap own-brand clothing and accessories online, has chimed with younger consumers in recent years. Boohoo’s rise comes at the same time as high street rivals such as Topshop fight [...]
Landlords pick a fight with the CVA June 12, 2019 Is this the week Britain’s retail landlords fight back? After a slew of company voluntary arrangements (CVA) from the likes of Carpetright, Mothercare, Jamie’s Italian, New Look and House of Fraser, it seems there are only so many controversial rescue deals that high street property owners are willing to stomach. Today the biggest and most high [...]
West End landlord Shaftesbury sued by tycoon shareholder Samuel Tak Lee June 11, 2019 Hong Kong billionaire Samuel Tak Lee has launched legal proceedings against one of London’s largest landlords over a capital raise. West End property group Shaftesbury announced that Lee, its largest shareholder, was suing the company over a share placing in December 2017 and was seeking £10.4m in damages. Read more: West End landlord Shaftesbury braced [...]
Ted Baker shares slide as retailer warns on profits in ‘difficult trading conditions’ June 11, 2019 Ted Baker’s share price plunged 25 per cent this morning after the fashion retailer warned on profits amid “extremely difficult trading conditions”. The company said underlying profit before tax for the year ending 25 January 2020 is likely to be between £50m to £60m, compared to a company compiled consensus of £70.9m. Read more: Ted [...]
Ramen chain Tonkotsu eyes expansion with YFM backing June 11, 2019 Ramen restaurant Tonkotsu has received £5m of funding from investment firm YFM Equity Partners as it eyes expansion. YFM will take a minority stake in the Japanese-inspired restaurant chain as it expands its presence in London. Read more: Gordon Ramsay’s restaurant empire returns to profit The group will open restaurants in Peckham and Shoreditch this [...]
Ocado pumps £17m into vertical farming joint venture June 10, 2019 Online grocer Ocado has invested £17m in the emerging vertical farming industry as it looks to bolster its technology offering. Vertical farming involves the production of food in indoor facilities, where crops are grown on a series of levels in a controlled environment. Read more: Ocado set to cut 400 jobs as it looks to [...]
High street retailers take hit from drop in footfall June 10, 2019 High streets, retail parks and shopping centres all suffered a year-on-year drop in footfall last month, according to new figures which underline the tough trading conditions facing bricks and mortar firms. The number of shoppers plunged by 3.5 per cent in May, compared with a drop of 0.4 per cent during the same month last [...]