Latest Retail Insight, News, Information & Articles from all top sources for the Internet.

Cinema halls, which have been operating with a 50% cap on seating, will run at full capacity from Monday. Delhiites will also be able to use swimming pools. This was allowed in an order issued by Delhi Disaster Management Authority on Sunday, which also permits trade exhibitions and opening of stadia for sports events. While usage […] from Indiaretailing.com https://ift.tt/2Yz9jfc via IFTTT

// Depop COO Dominic Rose announces resignation due to management restructure // Rose joined Depop in 2018 as a consultant // The details of the restructure are yet unknown Depop chief operating officer Dominic Rose has stepped down from his role as the company undergoes a management team restructure. Rose had joined Depop in 2018 as a consultant, before being promoted to chief of staff in March 2019. He was hired as the chief operating officer in June 2019. READ MORE: Depop to expand UK team as Covid-19 drives demand “After an epic two and a half years that has seen explosive growth, expansion of the team from 85 to over 400 and a global pandemic, I’m sad to be leaving the business following a decision to restructure the management team,” Rose said. In October last year, Depop said it was seeking to expand its UK team by almost a quarter by the end of 2020 as it witnessed the demand for its service double during the Covid-19 lockdown. The shopping app, based in London,...

The Retail Industry has been one of the hardest hit by the COVID-19 pandemic and its crippling impact on the world economy. Within retail, the garment industry, whose manufacturing is solely dependent on the retail sector, has been perhaps the worst affected in view of the stringent lockdowns, partial lockdowns, and an on-off approach to markets […] from Indiaretailing.com https://ift.tt/3tbDxmu via IFTTT

All eyes are set on the Budget 2021-2022 for the key role it will play in accelerating the revival of the economy. Consumption drives the economy, and retail is the gateway to consumption. The Indian Retail sector (sized at USD 854 bn) was one of the worst impacted due to the pandemic. Its ripple effects […] from Indiaretailing.com https://ift.tt/2MH4Hkc via IFTTT

The government in the budget next week is expected to announce measures such as extending the facility of bulk clearance for e-commerce imports and exports with a view to promoting the growth of this fast-growing segment in the country, sources said. They said that as there is a multi-fold increase in the e-commerce sector in the country, […] from Indiaretailing.com https://ift.tt/3oxtO6w via IFTTT

// Asos on the brink of buying Topshop and Miss Selfridge // The deal, which amounts to £300m, could be announced as soon as Monday // Asos hopes to sign an agreement with Arcadia Group’s administrators ahead of a stock exchange announcement Asos is reportedly on the verge of sealing a £300 million deal to buy Topshop and Miss Selfridge from Sir Philip Green’s Arcadia Group. The purchase could be confirmed as soon as Monday, Sky News reported. The online fashion retailer hopes to sign an agreement with Arcadia Group’s administrators ahead of a stock exchange announcement. READ MORE: Topshop flagship could be saved if Asos-Arcadia deal succeeds Asos confirms it is in exclusive talks to buy Arcadia Group The takeover of Topshop would cost Asos around £250 million, with the cost of stock adding roughly £40 million to the purchase price. Asos recently confirmed that it was in line to buy some of Arcadia’s brands. Arcadia fell into administration in November, putting 13,...

The Retail & Shopping Centre Industries have been the most adversely impacted sectors globally during the pandemic. The industry had to undergo a swift turnaround, adopt technology and irrevocably change the way traditional retail functioned. The year saw many phases of lockdowns, including complete shutdown for a few months for retail. Segments like fashion and […] from Indiaretailing.com https://ift.tt/3pGjJWk via IFTTT

// Sir Philip Green’s family is likely to receive £50m from the sale of Topshop // Over 1000 suppliers to the chain are set to receive less than 1% of money owed to them // A total of 706 unsecured creditors to the 6 other chains in Arcadia Group are owed at least £33m Sir Philip Green’s family is reportedly expected to receive £50 million from the sale of Topshop as the sales process continues. More than 1000 suppliers to the fashion chain are set to receive less than one per cent of the money owed to them. Both Topshop and Topman owe 1155 unsecured creditors, including suppliers and landlords, at least £51 million, The Guardian reported. READ MORE: Arcadia collapsed under debts of £750m, Deloitte says Boohoo in talks to buy Burton, Wallis & Dorothy Perkins from Arcadia administrators This figure does not include monies owed to HMRC. Administrators at Deloitte said the final debts for Topshop were likely to be “materially higher” once tax and money potentially o...

Following the viral success of Marks & Spencer’s Santa’s Yumnut, the retailer has decided to launch its new, er, more romantic version just in time for Valentines Day. The Yumnut is a hybrid between a doughnut and a yum yum. M&S described it as a “love nut” in its tweets. Okay, then. Much like the Christmas launch, Twitter users had a hilarious response to M&S’s latest marketing ploy. Retail Gazette went through some of the tweets and selected some of the funniest ones for your Friday laugh: ❤️ Feel the LOVE NUTS this Valentine’s! ❤️ Our new love nut Yumnut™ lands in store TODAY! Pick one up now. pic.twitter.com/qr12A72jVm — M&S (@marksandspencer) January 27, 2021 M&S marketing department really know how to sell a product…. 1st there was Santa's yumnut and now they give us a "love nut" yumnut – filled with salted cream no doubt https://t.co/7SWYV4d13J — Mark Wilson (@marcowil) January 27, 2021 https://t.co/5Azmm1l5Bw pic.twitter.com...

// Frasers Group acquires New Look’s Brighton store // New Look’s CVA was approved by 75% of creditors in September last year // The newly-acquired Brighton store is located on 188-191 Western Road Mike Ashley’s Frasers Group has reportedly bought the freehold of the New Look store in Brighton. New Look’s CVA was given the official go-ahead in September last year after creditors approved the proposals with a majority vote in favour. This meant the fashion retailer would switch more than 400 of its UK stores to a turnover-based rent model, a three-year rent holiday on its 68 remaining stores, and enhanced landlord break clauses. READ MORE: New Look completes refinancing scheme 200 job cuts as Frasers Group shuts down Jenners store in Edinburgh No store closures were featured in the CVA, and all 11,000-plus jobs were saved. It is also the second CVA for New Look in two years. In 2018, creditors approved a CVA that led to 60 store closures and nearly 1000 job cuts. The ...

It may not be retail per se, but during these uncertain times it is lovely to see stories about innovative food banks combined with celebrity star power. The UK’s first Frozen Veggie Food Bank officially opened in Hackney, London earlier this week – a partnership between plant-based frozen food company Strong Roots and Bankuet, the UK’s first online food donation platform. They were joined by boxing superstar and undefeated champion Nicola Adams. The launch of the Frozen Veggie Food Bank marks the start of Strong Root’s social mission to Make Veg Poverty History after research revealed that one in four Brits are living in vegetable poverty. The research also highlights that London is at the epicentre of vegetable poverty versus other areas of the country, with 40 per cent of Londoners from lower income households not able to access fresh fruit and vegetables. “Veg should be accessible to all”: Nicola Adams. Photo: David Parry/PA Wire The Frozen Veggie Food Bank aims to cre...

// Satisfaction with customer service drops to lowest level since 2015 // Retail has bucked the trend, with average customer satisfaction rising by 0.1 points for non-food and 0.4 points for food // Top performing organisations include John Lewis, Marks & Spencer, Amazon and Aldi New research has shown that the number of Brits satisfied with customer service has dropped to its lowest level since July 2015. The retail sector has seen an increasing number of consumers reporting problems with organisations, with 13.9 per cent of customers experiencing a problem with a food retailer and 12.1 per cent with a non-food retailer. The impact of panic buying and Brexit saw the most common problems within the food retail sector as availability of goods/services cited in 34.3 per cent of problems. READ MORE: Which is the cheapest supermarket in the UK? Overall, the retail sector has bucked the trend, with average customer satisfaction rising by 0.1 points for non-food and 0.4 poi...

GameStop shares have dropped nearly 60 per cent since its peak yesterday after online trading services controversially put blocks on its stocks. Since Tuesday video game retailer GameStop’s stock has jumped nearly 140 per cent as it was caught in the middle of battle between Wall Street short sellers and independent traders. This represented the culmination of a whopping 1744 per cent rise since the start of January, seeing stock prices jump from $20 to around $350. The spike in share prices, driven by an army of independent traders from the Reddit community r/WallStreetBets, sent regulators and Wall Street giants reeling as some hedge funds faced billions in losses. In an unprecedented move, trading services like Robinhood, Etoro and Trading 212 put blocks on GameStop’s stock, preventing anyone from buying or selling its stock.   The move has drawn bipartisan criticism from the US government, with bitter rivals including democrat representative Alexandria Ocasio-Cortez and ...

// Central England Co-op like-for-like sales grow 9.2% in the 3 weeks to January 2 // New Year’s Eve saw the biggest jump with an 11% sales hike Central England Co-op has recorded a 9.2 per cent like-for-like growth in food sales over the festive period. The business, which has over 260 food stores across 16 counties, recorded growth for the key three festive trading weeks ending January 2. New Year’s Eve saw the biggest jump with an 11 per cent sales hike, followed by Christmas Eve at 4.7 per cent and New Year’s Day at 3.7 per cent. READ MORE: Leadership shake-up at Central England Co-op as COO & CFO retire Combined like-for-like sales (including fuel) at the company were up 5.2 per cent. Central England Co-op said it enjoyed strong sales across its Irresistible premium own-label range, pink prosecco and its turkey meal deal. The group also said it created more than 524,000 meals for FareShare Midlands as a result of a £131,000 donation based on a portion of sale...

// Dr Martens bosses confirm it will launch float on London Stock Exchange on February 3 // It is targeting a 370p-per-share offer price // This implies a valuation of £3.7bn Bosses at Dr Martens hope the footwear company will be worth a little under £4 billion when it lists on the London Stock Exchange in London for the first time next week. The footwear brand and retailer said it would set a 370p-per-share offer price when it floats next Wednesday, February 3. This will imply a valuation of £3.7 billion for the company, which is making 35 per cent of the business available to investors. READ MORE:   Dr Martens confirms plans for London stock listing Dr Martens owner hires Wall Street banks to lead stock market float Dr Martens eyes UK stock market float in early 2021 “We have been delighted by the strong levels of interest, engagement and support from such a high quality selection of institutional investors,” chief executive Kenny Wilson said. “The successful t...

Asos has mocked its fast fashion rival Boohoo after it posted promotional shots of a model wearing Asos branded items. Boohoo was caught out on social media yesterday after Asos posted images on Twitter and Instagram of one of its models wearing socks with its signature “4505” logo.   The “photoshop fail” ignited a spat between the two online giants, who are currently buying up the remnants of the UK’s high streets.   Boohoo responded to Asos accusing it of being “like that crazy ex boyf who can’t stop stalking your pics”, adding that it would “only ever be an accessory”. Off of social media, the pair were also fighting for control of collapsed high street fashion giant Arcadia. READ MORE:   Boohoo in talks to buy Burton, Wallis & Dorothy Perkins from Arcadia administrators This morning Boohoo revealed that is now in exclusive talks with administrators to buy Dorothy Perkins, Wallis and Burton brands. Meanwhile, Asos said it was in exclusive talks to buy o...

// John Lewis Partnership customer experience director Peter Cross to step down at the end of April // He has been with the company since 2013, first joining as communications director // He has been in his current role since 2017 John Lewis Partnership has announced that its customer experience director Peter Cross will be stepping down from the business at the end of April. He has been with the partnership since 2013, joining as communications director for John Lewis before being appointed customer experience director for John Lewis and Waitrose in 2017. READ MORE:  John Lewis Partnership to confirm 1500 head office job cuts this week John Lewis Christmas sales “held up better than anticipated” The John Lewis Partnership credited Cross for “building the love and trust customers have for John Lewis in recent years”. Additionally, over the last 10 months he led the firm’s efforts to care for the vulnerable in society impacted by the ongoing Covid-19 pandemic. “It’...

// Scotland’s business rates holiday is to be extended for a further three months // Finance secretary Kate Forbes announced the extension as part of the Scottish Budget // The scheme was initially due to expire on March 31 The business rates holiday in Scotland is to be extended for a further three months, until June 30, 2021. Scotland’s finance secretary Kate Forbes announced the extension as part of the Scottish Budget on Thursday, although the scheme was initially due to expire on March 31. The relief will continue to be available for properties in the retail, hospitality, leisure and aviation sectors. READ MORE: Scotland lockdown extended until mid-February Landlords to pay up to £1bn in business rates on empty shops The Scottish government has committed to reducing business rates to 2019/2020 levels which it estimates will save Scottish businesses over £120 million. The government also said that should chancellor Rishi Sunak decide to continue the business r...

// H&M profits collapse 88.2% to £174.4m in the year to November 30, 2020 // At least 80% of H&M’s store estate remained shut during the height of the pandemic // H&M said its financial position “remains strong” despite the losses H&M has recorded a slump in full-year profits and sales as the Covid-19 crisis hammered trading. The fashion retailer saw profit collapse by 88.2 per cent to SEK 2 billion (£174.4 million) during the year to November 30, 2020. Gross profit fell 23.6 per cent to SEK 93.5 billion (£8.15 billion) during the year. READ MORE: H&M appoints new communications director Net sales dropped 18 per cent on a local currency basis to SEK 187 billion (£16.3 billion). H&M said sales progress was “significantly negatively affected by the pandemic, particularly in the second quarter when stores were temporarily closed in most markets”. At least 80 per cent of H&M’s store estate remained shut during the height of the pandemic. H&M...

// Latest vacancy monitor reveals 13.7% of all shops were empty in the last 3 months of 2020 // This is an increase on 13.2% in the three-month period before it, and the 10th month in a row of rising shop vacancies // Shopping centres were the worst hit, with the vacancy rate jumping 17.1% from 16.3% The UK retail sector’s recent turmoil worsened during the last three months of 2020 as more shops shuttered in the face of coronavirus restrictions, according to new figures. The latest vacancy monitor from the BRC and Local Data Company revealed that 13.7 per cent of all shops were empty during the quarter to the end of December. Vacancy levels jumped from 13.2 per cent in the previous three-month period, as the monitor reported the 10th consecutive quarter of rising vacancies. READ MORE:  Landlords to pay up to £1bn in business rates on empty shops Retail footfall drops to lowest level on record in 2020 Retail sales in 2020 witness largest annual fall in history The...

// Card Factory given an extra month to negotiate with lenders to avoid breaching banking covenants on a £200m loan // It previously warned it was set to breach the loan rules Card Factory has been given an extra month to negotiate with lenders to avoid breaching banking covenants on a £200 million loan. Bosses had warned the retailer was set to breach the loan rules by the end of the month following a plunge in sales during the Covid-19 pandemic. However, Card Factory said this morning that its lenders would provide a waiver to the expected breach until February 28 while talks continue. READ MORE:  Card Factory warns of £10m loss as store closures affect sales Card Factory hires ex-Clinton Cards boss as new CEO Paperchase: 27 stores axed & 250 job cuts as details of rescue deal revealed “We remain in constructive discussions with our banks, and have agreed a process to continue to explore a range of potential solutions, with scope for further extensions to the ...

// Boohoo confirms it is in exclusive talks to buy 3 fascias from Sir Philip Green’s Arcadia Group // It said it was negotiating with Sir Philip Green’s retail empire over the future of the Dorothy Perkins, Wallis & Burton brands // Comes less than a week after Boohoo agreed a £55m deal to buy the brand & website of Debenhams Boohoo has revealed that is now in exclusive talks to buy three fascias from Sir Philip Green’s Arcadia Group retail empire, as online fashion giants cap off a week of dominance over their brick-and-mortar rivals. In a short statement to investors this morning, Boohoo said it was negotiating with administrators of Arcadia over the future of the Dorothy Perkins, Wallis and Burton brands. A deal could see the online retail giant buy the three, excluding the HIIT brand sold at Burton, although the board stressed that so far these are only discussions and that no deal is guaranteed. READ MORE:  Arcadia collapsed under debts of £750m, Deloitte ...

The clothing industry and its supply chains were riddled with problems long before COVID-19 – but it took a global pandemic to push them to the forefront. Many companies are already changing the way they operate, and it is clear the ramifications will continue well into 2021 and beyond. Leonie Barrie, Apparel Analyst at GlobalData, a leading data and analytics company, highlights five key issues that are rewriting […] from Indiaretailing.com https://ift.tt/3ptGWKV via IFTTT

Following the news that the boohoo group has bought Debenhams out of administration, Emily Salter, Retail Analyst at GlobalData, a leading data and analytics company, offers her view on this news: “In a surprising turn of events that proves the speed of the significant changes that the retail sector is undergoing, the Boohoo Group has acquired […] from Indiaretailing.com https://ift.tt/3pvtqGG via IFTTT

E-commerce will play an important role in the government’s vision of ‘Atmanirbhar Bharat’ (self-reliant India) as more homegrown brands scale up and go global, leveraging digital infrastructure, a top Amazon India executive said on Wednesday. Amit Agarwal, global senior vice president and country head Amazon India, said e-commerce is at nascent stages in India given that it is hardly even […] from Indiaretailing.com https://ift.tt/3r10aIf via IFTTT

2020 was undoubtedly a tough year for the charity sector, especially its army of high street shops which had to endure lockdown and other Covid restrictions. This was on top of the many cancelled fundraising events that charities often rely on for income. As current full-scale lockdown continues in all four UK countries, the Vision Foundation has found a way to focus on modernising its online retail offer in an effort to raise funds and still be there for the community. The charity, which supports blind and partially sighted people in London, decided it relaunch its eBay shop last October – just as the second wave of the pandemic really started to escalate. Vision Foundation’s director of retail operations, Phil Beaven spoke to Retail Gazette on the importance of modernising operations and why funds were so desperately needed during these uncertain times. “Since [October], we’ve been able to continue to drive much needed revenue for the Vision Foundation and list items for sale w...

We’re bringing together some of the most brilliant minds in retail and digital marketing from across the globe to share cutting-edge insights, predict trends, and provide useful content to help your business prosper now and in the future. But that’s not all. We’ll also be serving up hands-on masterclass sessions designed to pass along best practices, tips, and tricks. Whether you are new to user-generated content or a pro, the Bazaarvoice World Summit will have something for you. Join us as we dive into ways for you to drive revenue, scale your brand, build a loyal customer base, gather actionable insights, and more. Cost of attendance: Zero. Zilch. Nada. Nothing! What are you waiting for? == Agenda Highlights Drive revenue: Driving commerce with visual and social content, and what’s next. Scale your brand: Showing up to win, in all the right places, at all the right times. Build loyalty: Building and fueling brand loyalty — pre, during, and post-product launch. Gain actiona...

// Paperchase’s rescue deal details confirmed: 1000 jobs saved but 37 stores to shut down // Prior to its administration, Paperchase had 127 stores // It is still not clear how many jobs will but cut as a result of store closures, although it could be as many as 500 Details of Paperchase’s rescue have been revealed after it secured a pre-pack deal to save 1000 jobs after it tumbled into administration. It comes after Paperchase hired administrators from PwC earlier this month, after it saw sales slide on the back of significantly lower footfall amid coronavirus restrictions. After speculation earlier this week, the stationery and greeting cards retailer today confirmed that 37 of its 127 stores would shut their doors permanently as part of the rescue deal. READ MORE: 1000 jobs saved as Paperchase rescued in pre-pack deal However, it is still not yet clear what the exact number of job losses will be from these store closures. At the start of the year, reports suggested Pa...

// Debenhams’ empty stores could remain on high streets for years // The department store chain was sold to Boohoo for £55m // Boohoo will shutter Debenhams’ stores and retain its online channel The former Debenhams stores on the UK’s high streets are likely to remain as empty units for years, experts have reportedly warned. Following the £55 million sale of the Debenhams brand to online retailer Boohoo, the department store chain is set to shutter stores while retaining its website. Experts have said stores in prime locations had potential for conversion, Property Week reported. READ MORE: Boohoo, Debenhams and the changing face of UK retail Debenhams co-CEO Steven Cook resigns amid winding down orders The Boohoo deal means the remaining 118 stores of Debenhams, which went into liquidation less than two months ago, would permanently shut down, effectively making at least 10,000 staff out of work. Boohoo Group, which owns PrettyLittleThing, Nasty Gal, M...

// Thomas Pink said it will “be back soon” after closing its website and social media channels // In December, parent company LVMH was seeking bidders for the brand // It was removed from the luxury group’s “Fashion and Leather Goods” website page Thomas Pink has said it will return after closing down its website and social media channels. The fashion retailer, which is owned by LVMH, shut down its website and social media pages in December. It was also removed from the luxury group’s “Fashion and Leather Goods” website page, which houses all of its brands. READ MORE: Thomas Pink shutters London flagship store LVMH sales drop but remains in “excellent position” for 2021 In December, LVMH was reportedly seeking bidders for the brand, The Evening Standard reported. Thomas Pink has since posted on its website: “Don’t fret—we’ll be back soon. We’re excited to announce that we’re returning to our roots with the same team that has helped build Thomas Pink Shirtmak...

// Screwfix reaches £2bn in annual sales for the first time // The hardware retailer opened 30 stores in 2020, creating over 500 new jobs // Screwfix opened its first store 15 years ago, and had only hit the £1bn mark 5 years ago Screwfix has hit the £2 billion milestone in annual sales for the first time – 15 years after it opened its first shop and despite the pandemic wreaking havoc on the high street. The milestone was achieved for the year to January 2021, during which Screwfix also opened 30 new stores – taking its total number of stores across the UK and Ireland to 725. The news comes after the fourth quarter trading update of parent company Kingfisher, published earlier this month, included a forecast that Screwfix would hit £2 billion in sales for the financial year. READ MORE: B&Q & Screwfix owner Kingfisher enjoys surging Christmas sales B&Q owner Kingfisher to return £130m in business rates relief Screwfix has enjoyed the benefits of being class...

GameStop’s three largest shareholders have now made more than $2 billion as its stocks continued to skyrocket throughout the week. Since Tuesday video game retailer GameStop’s stock has jumped nearly 140 per cent as it was caught in the middle of battle between Wall Street short sellers and independent traders. The stock price surge, manufactured by an army of amateur day traders in a bid to scupper Wall Street bets against the company, has seen its largest shareholder Ryan Cohen’s net worth explode. Cohen, who owns a 13 per cent stake in the company, has seen his net worth increase an average of $90 million a day over the past two weeks as stock surged more than 1550 per cent, the equivalent of $4 million an hour. READ MORE:   GameStop stock jumps 92% overnight as it becomes centre of multi-billion dollar Wall Street battle His stake is now worth around $1.3 billion. Meanwhile former Credit Acceptance Corp chief executive Donald Foss has seen his five per cent stake grow to...