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

// Victoria Place in Woking, co-owned by Woking Borough Council and Moyallen Group, has announced the signing of Moss Bros and Skechers // Moss Bros will occupy a 2,742 sq ft boutique, stocking its full collection of clothing, footwear and accessories The post-pandemic store opening boom is continuing in the UK with the latest news being that  Moss Bros  and Skechers will open fashion flagships in Woking mall Victoria Place . Opening later this Spring, both stores will be located on the Henry Plaza, which is part of a £700 million redevelopment of Woking town centre. Moss Bros will occupy a 2,742 sq ft boutique, stocking its full collection of clothing, footwear and accessories – including its specialist collection of suits and recently launched casualwear range, as well as exclusive collaborations such as Moss Bros x Fred Sirieix. READ MORE: Moss Bros launches menswear subscription service Athletic footwear and clo...

Offline retail businesses at the very onset of the pandemic, began to face innumerable difficulties owing to the strict curbs imposed by the government. The one way retailers are leveraging, is to grow through the online medium, seeing the market size of it. According to a report, e-commerce is growing fast with the global sales […] from Indiaretailing.com https://ift.tt/otG8AwC via IFTTT

In conversation with Suvankar Sen, CEO, Senco Gold and Diamonds to know the insights of the business If you had to pen down your top 3 learnings from 2021 then what would that be? Being Agile Innovative Connected From your brand’s perspective, what changes did you bring in internally to build a ‘road to recovery […] from Indiaretailing.com https://ift.tt/DwdYAqu via IFTTT

// Foot Locker expects a drop in revenue for 2022 as it anticipates it will no longer be able to sell as many products from its top vendor, Nike // The adjustments reflect the accelerated shift by Nike to sell more of its clothes and footwear directly to consumers, Foot Locker said Foot Locker shares plummeted 34% on the back of its bleak full-year forecast that underlined the footwear retailer’s struggles as biggest supplier Nike Inc  ramps up selling directly to customers. The retailer said it expects like-for-like sales to fall 8% to 10% in its 2022 financial year. Nike will account for about 60% of total purchases in 2022, down from 70% in the past year and 75% in 2020, Foot Locker said. This change reflects Nike’s shift in strategy to focus on direct-to-consumer (DTC) sales. READ MORE:  Foot Locker launches its first womenswear brand Cozi Foot Locker completes acquisition of Atmos “We always thought that Foot Locker’s position as a ‘strategic partner’ woul...

// JD Sports Fashion appoints Kath Smith as its senior independent director and chair of the nominations committee // Smith was also previously interim chair of the remuneration committee but has has now stepped down from this role JD Sports has appointed Kath Smith as its senior independent director and chair of the nominations committee with immediate effect. Smith originally joined the JD Sports Fashion board in May 2019, “bringing substantial experience of working with world leading brands, particularly those in the sports sector”, including Gym King, The North Face , and Adidas . READ MORE: JD Sports lifts outlook while delaying annual results release JD Sports and Footasylum fined £5m for breaching CMA order after covert car park… Debenhams hires JD Sports director as CEO She was also previously interim chair of the remuneration committee but as she commences with her new role she has now stepped down from this position. The retailer said that Bert Hoyt will take...

Guess, a global fashion brand with a legacy of almost four decades in bringing trendsetting apparel and accessories is now expanding its retail presence with the opening of its fourth store in Orion Mall, Bangalore, an official statement highlighted. The statement also highlighted that the mall offers more than 50 global brands attracting shoppers from […] from Indiaretailing.com https://ift.tt/HYDat3p via IFTTT

// AB Foods said Primark sales for the 24 weeks to March 5 were expected to be well over 60% ahead of last year // AB Foods outlook for the full year was unchanged with “significant progress” expected in both adjusted operating profit and adjusted earnings per share Associated British Foods has reported that its first-half sales and adjusted operating profit are “strongly ahead” of the previous year and ahead of pre-COVID 19 levels, reflecting an improved performance from its Primark fashion business. Sales at value fashion giant Primark surged 60% year on year in its first half – when stores remained open, in contrast to Covid closures the previous year. The better outcome reflected all Primark stores remaining open and trading throughout the period except for short periods in Austria and The Netherlands. READ MORE:  First look: All 11 items from the Greggs and Primark range, including £16 trainers… As Primark sales slump, is it about time it sold online? Primar...

In conversation with Shreyans Surana, Director, Style Baazar to know the insights of the business. If you had to pen down your top 3 learnings from  2021,  then what would that  be? Reinvent – Introspection on personnel cost, rental & marketing to built up cost effectiveness and cost reduction.. Reboot – Technology upgradation and automation (WMS/ARS/Vendor portal) for better stock management. Rebound –Adapting to the changing dynamic scenario due to […] from Indiaretailing.com https://ift.tt/SfHeOA5 via IFTTT

A Covid test price war is underway on the high street as retailers rush to add lateral flow kits to their inventory ahead of free government testing ending on 1 April. With Covid tests in high demand – nearly five million tests were reported in the weeks to 24 February, according to official government data, with many more going unreported – it is unsurprising why retailers want to be the place shoppers go to buy their Covid tests. Boots was first to enter the market, and revealed on Tuesday, the day after Boris Johnson announced the end of free testing, that it would start selling Covid-19 lateral flow tests the very next day. The high street stalwart may have been first to the market, however, it’s pricing of the tests left many consumers baulking. A single test costs £5.99 online, or £17 for a pack of four, while tests in stores will be available from early March, priced at £2.50 for a single test and £12 for a pack of five. Rival Superdrug was quick to undercut Boots and wi...

// The move comes as McColl’s raised £30 million from shareholders in a cash call just six months ago // The group carries around £170 million of debts Convenience retailer McColl’s is reportedly scrambling to secure new funding to prevent a collapse that could put around 16,000 jobs at risk. According to Sky News , the symbol group retailer had limited time to secure new funding, with millions of pounds of its bank debt being sold to hedge funds and few “obvious options to guarantee its future”. The move comes as McColl’s raised £30 million from shareholders in a cash call just six months ago, followed by the expansion of Morrisons Daily stores from 350 to 450 within a year in November. READ MORE:  Sainsbury’s poaches new fresh food boss from McColl’s If the retail group which carries around £170 million of debts, were to collapse, it will result in 16,000 employees, with 6,000 of them on a full-time equivalent basis. Asda owners, EG Group ‘s Mohsin and Zuber Issa an...

// According to customers, the Co-op was “expensive”, “always crowded” and had “long queues at checkout” The Co-op has been named the worst UK supermarket for the second year running, in the annual survey from consumer watchdog Which?. The convenience store was labelled UK’s least favourite supermarket after receiving a customer score of just 61%, with customers describing the  symbol group retailer  as “expensive”, “always crowded” and with “long queues at checkout”. Read the full story here.  Click here to sign up to Retail Gazette‘s free daily email newsletter The post Co-op named the ‘worst’ UK supermarket in Which? annual survey appeared first on Retail Gazette . from Retail Gazette https://ift.tt/b4aQYgX via IFTTT

// Farfetch sales and shares rise after strong progress in business // Annual gross merchandise value (GMV) rose 33% year-on-year to £3.1bn Farfetch has reported strong progress after witnessing record sales figures and a rise in shares. The online luxury retailer saw annual gross merchandise value (GMV) rise 33% year-on-year to £3.1 billion, and almost doubled compared to 2019 with a 98% surge. Revenue also increased 35% to £1.4 billion. READ MORE: Farfetch enters beauty market with Violet Grey acquisition In the fourth quarter, GMV and digital platform GMV each increased 22% YOY, reaching £970 million and £821 million, respectively. Q4 revenue also jumped 23% to £497 million. The business also saw a quarterly gross profit margin of 47.1%, up from 46.1% a year earlier, while the full-year figure rose to 46.1% from 45%. And the digital platform order contribution margin was 32.4%, although this was down from 35.1% in 2020’s fourth quarter. For the full year, that marg...

// Frasers Group acquires Studio in £26.8m deal // The acquisition protects the jobs of more than 1500 staff Mike Ashley’s Frasers Group has snapped up online retailer Studio out administration in a £26.8 million deal. The acquisition protects the jobs of more than 1500 staff. Studio collapsed into administration on Thursday and appointed Teneo to handle its collapse. READ MORE: Studio falls into administration, placing 1400 jobs at risk The online retailer had signalled last week that it was likely to fall into administration after its request for a short-term loan from its bank was rejected. Studio needed the loan while it sold through excess stock it was left with after shipping issues in the golden quarter caused delivery delays. Studio counted Frasers Group as its biggest shareholder, with a 28.9% stake. The administrators said the transaction was in the best interests of the company’s creditors as a whole. Frasers Group also agreed to act as guarantor in respect o...

// John Lewis retiring Never Knowingly Undersold pledge // The department store has invested £500m into the business John Lewis has said it is retiring its Never Knowingly Undersold pledge after investing £500 million to offer “great value prices”. The investment comes as the department store learns that customers have changed how they shop. The Never Knowingly Undersold pledge is set to be retired this summer. READ MORE: Calls to force retailers to seek ethical agenda “go too far”, says John Lewis boss John Lewis said Never Knowingly Undersold is no longer enough to assure trust because it applies to fewer sales as shopping moves increasingly online, and isn’t applicable to online-only retailers. The retailer is replacing it with a new approach as the £500 million investment in value is 25% higher than the amount it spent on keeping prices affordable last year. “Customers are tightening their belts and we’re responding so John Lewis is more affordable for every customer,...

Tesco this week added products from sex toy specialist Lovehoney to 250 of its Extra stores.  It appears sex toys are in high demand right now. They were a popular purchase during lockdown and mainstream retailers have been trying to get in on the act. In the US, beauty giant Sephora started selling vibrators from two separate sex toy sellers, Maude and Dame, this month while department stores Nordstrom and Bloomingdale’s introduced vibrators to their offers last year.  For Tesco, this is the latest move to fine-tune its product offering as it focuses on higher growth areas. Earlier this month, the grocer confirmed to Retail Gazette that it was “phasing out” CDs and DVDs to focus on “ranges where we see the highest demand from customers”.  Homewares and outdoor products, which are still popular with shoppers who are spending more time at home in the aftermath of the pandemic, were its chosen replacements for CDs and DVDs. Tesco is not alone. Other grocers are const...

Clovia has forayed into new markets with the launch of 10 new stores in Tier-II and III markets in Moradabad, Faridabad, Sri Ganganagar, Haridwar, Dehradun and more cities, an official statement highlighted. The women’s wear brand has been one of the key players in the Indian direct-to-consumer space which has been scaling profitably on the […] from Indiaretailing.com https://ift.tt/k7K42mp via IFTTT

// Studio goes into administration after bank rejects request for loan // Administrators from Teneo have been appointed to handle its collapse Studio has reportedly collapsed into administration after its bank rejected its request for a loan, placing around 1400 jobs at risk. Administrators from Teneo have formally been drafted in to handle its collapse, The Times reported. The online retailer had signalled earlier this month that it was likely to fall into administration. READ MORE: Studio Retail: What went wrong? The company formerly known as Findel, suspended its shares last week after saying its request for a short-term £25 million working capital loan had been turned down by its bank HSBC. Studio counts Mike Ashley’s Frasers Group as its biggest shareholder, with a 28.9 per cent stake. The retailer had about 2.3 million customers and sells categories including homeware and electronics as well as clothing, but was impacted by supply chain problems. Studio had a mar...

// Nike to shut the first outlet store it opened in Ireland // The Nike Factory occupies a 7297sq ft space at the Killarney Outlet Centre Nike has reportedly revealed that it is closing the first outlet store it opened in Ireland after 23 years of trading. The Nike Factory, which occupies a 7297sq ft space at the Killarney Outlet Centre in Kerry, Ireland, was the anchor retailer for the store, Property Week reported. Other tenants at the centre include Claire’s Accessories, Tiger and fashion brand DV8. READ MORE: Nike to expand presence at London Designer Outlet The outlet centre, which is owned by Green Property, has been on the market since 2016. The 39-retail-unit site is on offer for £9.6 million, with CBRE handling the potential sale of the site. Nike currently operates three other factory outlet stores across Ireland in Kildare and Dublin, as well as in Banbridge in Northern Ireland. Click here to sign up to Retail Gazette‘s free daily email newsletter The post N...

The Direct to Consumer (D2C) model is taking off with a high speed. In recent years, brands have realized the merits of the self-owned and self-operated direct-to-consumer sales model. In line with the pandemic and accelerated growth of online channels, the model saw a fast acceleration and greater emphasis. One of the reports by Statista […] from Indiaretailing.com https://ift.tt/TsYaGZj via IFTTT

In conversation with Aastha Almast, Co-founder, The New Shop to know the insights of the business. If you had to pen down your top 3 learnings from 2021 then what would that be? Communicate quickly in concise form Omichannel is the future Every adversity can be an opportunity, if you decide to see it that […] from Indiaretailing.com https://ift.tt/JUc25nu via IFTTT

// Walgreens Boots Alliance has set 24 February as the deadline to receive bids for Boots // Private equity firms have lined up to make offers, which could value Boots at as much as £8 billion, however Morrisons owner CD&R is understood to have ruled out a bid Boots owner Walgreens Boots Alliance has set February 24 as the deadline to receive bids for the UK-headquartered health and beauty retailer . The retail giant expects offers to be tabled today and that Boots could fetch as much as £8 billion. However, Morrisons owner CD&R has opted not to make an offer for Boots, according to Reuters , as the CMA is still probing the supermarket’s takeover and has ruled out the private equity firm integrating other businesses with Morrisons. READ MORE: Which companies are in the running to take over Boots? The Boots auction, led by Goldman Sachs, has attracted some of the world’s leading private equity, including Asda owner TDR Capital, which would plan to integrate the pharm...

// Nisa is to revamp its Local format to make it more sustainability focused and will add refill stations into stores // The symbol group, which is owned by The Co-op, will also make more of Co-op products in its stores Nisa is to relaunch its Local format with a bigger focus on sustainability and will add in-store refill stations. The stations will have a prominent position in stores, although Nisa head of format Darren May said store owners could opt to remove them if they were not appropriate in their particular shop. May told The Grocer : “We’re reinventing the Nisa Local format and its proposition to drive the modern-day consumer.” The symbol group is the latest retailer to adopt refill stations in store with Asda, Sainsbury’s and M&S also integrating the concept into selected stores. Nisa, which is owned by The Co-op, plans to better promote The Co-op’s own label in its stores. For example, wine bays in store will be merchandised to showcase Co-op award-winning win...

// Tesco has expanded its partnership with on-demand grocery firm to its Manchester Stretford Extra store // The move follows Tesco’s launch with Gorillas at its Thornton Heath and Lewisham stores in London last October Tesco has extended its partnership with on-demand grocery firm Gorillas to Manchester. Customers living close to the supermarket’s Stretford Extra store in Manchester are able to order the supermarket’s products on the Gorillas app and receive their order “within minutes”, according to The Grocer. Gorillas operates by establishing dark stores in the back of superstores from which they deliver goods on e-bikes. Tesco first partnered with the firm for rapid delivery trials in its Thornton Heath and Lewisham branches in October last year. It is the first regional launch of the “co-located partnership”, following Thornton Heath and Lewisham in London, which began offering rapid deliveries in October last year. READ MORE: The rapid delivery trials: who will come ...

// DFS will stock a range of Eve Sleep mattresses, including eve’s Original and Premium Hybrid models, as well as a range of eve bedframes // Initially the agreement will cover the dfs.co.uk website, but there are plans to extend the partnership to the DFS showroom estate later in the year Shares in the mattress brand Eve Sleep jumped 54.29% to 2.7p after it announced it had teamed up with furniture retailer DFS in a new retail partnership. The move will initially see Eve Sleep products being sold online on dfs.co.uk from March 3, which receives an average 2.7 million unique visitors per month before then being extended to DFS showrooms later in the year. DFS will stock a range of Eve mattresses, including the Original and Premium Hybrid models. READ MORE:  DFS launches 100% vegan range approved by PETA Eve Sleep sales rise in 2021, targets breakeven this year In a statement, Eve said retail partnerships are a tried and tested pillar of its omnichannel strategy as i...

Bikaji Foods International said it has filed its draft red herring prospectus (DRHP) for an initial public offering (IPO) with the market regulator Sebi. As per the market sources, the company is likely to raise Rs 1,000 crores, an official statement highlighted.  The issue with a face value of Re 1 per equity share is […] from Indiaretailing.com https://ift.tt/e3txVZl via IFTTT

// Ted Baker sales rise during the festive season despite the impact of the Omicron variant // Sales rose by 35% year-on-year from November 7 2021 to January 29 2022 Ted Baker has reported a rise in overall and full-price sales despite the effects of the Omicron variant during the festive season. The fashion retailer said sales rose by 35% year-on-year in the 12 week period from November 7 2021 to January 29 2022, which marked an 18% improvement on the previous quarter. Ted Baker found that sales in the fourth quarter were running at 10% below pre-pandemic levels before Omicron warnings, and 42% below after. READ MORE: Ted Baker appoints marketing and digital boss The retailer also reported a better trading margin after its move to full price sales. It is now considering expanding and has signed a franchise agreement in the UK which will see three new stores opening each year for the next three years. It has also extended its licences in the US including bedding and h...

// Monsoon Accessorize returns to profit in the year to December 31 2021 // The fashion retailer is seeking to expand its presence in the UK and internationally Monsoon Accessorize has revealed a return to profit after its turnaround plans helped boost the retailer following its administration in 2020. The fashion retailer said it is now looking to expand its presence in the UK and internationally, as well as launch third-party brands. Monsoon Accessorize recorded sales of £196 million in the year to December 31 2021, when EBITDA came in at £17.4 million. READ MORE: Monsoon Accessorize Trust continues to support communities in Afghanistan By the end of December, the business was also debt-free with net cash of £15 million. Monsoon Accessorize was bought out of administration in June 2020 by founder Peter Simon, in a pre-pack deal that saved the retailer’s 2300 UK employees and retained a high street store presence. Between April 2020 and August 2021, Monsoon Accessori...

// Screwfix opens sixth distribution centre in Cheshire as part of expansion plans // The new 370,000sq ft site will be ready for use by May Screwfix has opened its sixth distribution centre in Cheshire to support the growing demand. The new 370,000sq ft site will be ready for use by May and will service stores in the north and west of the UK and the Republic of Ireland. It is expected to create 400 jobs in the area. READ MORE: Screwfix increases target after opening 70 stores in 2021 The opening comes after a 2020/21 year in which Screwfix saw sales reach more than £2 billion and opened more than 38 new shops, taking its store network above 750 in the UK and Republic of Ireland. “We are delighted to be working with Wincanton in opening a sixth distribution centre in Daresbury and the creation of 400 jobs in the north-west,” Screwfix supply chain and logistics director, Dan Monaghan said. “The new site will ensure we have the logistics infrastructure to support our store ...

// John Lewis boss Sharon White says efforts to force companies to pursue a wider social purpose “go too far” // White rejected calls for a change in legislation that would mean companies have to press on with environment and society interests John Lewis chairwoman Dame Sharon White has said that the efforts to force companies to pursue a wider social purpose “go too far”. White rejected calls for a change in legislation that would mean companies have to press on with environment and society interests, as well as delivering returns for shareholders. She questioned the think tank Resolution Foundation as to whether some have argued for companies “changing their fiduciary duty to extend not only to shareholders but to workers and to society?” READ MORE: John Lewis logistics firm Clipper agrees £940m takeover from US rival GXO White’s comments came after John Lewis Partnership was named as a “supporter” of the Better Business Act campaign, which is fighting for the Compani...

WoodenStreet.com recently announced to inaugurated 3 one-of-a-kind experience stores at prime locations such as Indira Nagar, Sadashiv Nagar & Whitefield in Bengaluru, an official statement highlighted. With an investment of $1M, the furniture brand has added these 3 stores to its pre-existing 50 stores, strengthening its already strong presence across the country. The brand is […] from Indiaretailing.com https://ift.tt/GBth8FQ via IFTTT

In conversation with Puru Gupta, Co-founder & CEO, True Elements to know the insights of the business If you had to pen down your top 3 learnings from 2021 then what would that be? Each crisis also holds biggest Possibilities Empathy is the most critical skill set that needs to be built and reiterated Life […] from Indiaretailing.com https://ift.tt/b6pEZ3D via IFTTT

// New Look will open its first ever clearance store this week at The Boulevard outlet centre in Northern Ireland // The move into outlet comes as New Look boss Nigel Oddy looks to improve its full-price sales following its CVA in 2020 which allowed it to move to turnover-based rents at its 400 stores Fashion retailer New Look will open its first ever clearance store this week. The store will open on Friday in Northern Ireland’s The Boulevard centre, an outlet retail scheme situated just off the A1 road that links Belfast to Dublin. The 2,406 sq ft store is New Look’s first venture into clearance retail and will sell womenswear, footwear and accessories. New Look’s move into outlet stores comes as the retailer pushes ahead with turnaround efforts following its company voluntary arrangement in 2020 that allowed it to move to turnover-based rents at its more than 400 stores. New Look boss Nigel Oddy’s strategy is focused on driving profitability through full-price sales. The ope...

// Footfall dropped 32% on Friday 18 February with the arrival of Storm Eunice, and then by 12.6% on Saturday, according to data by Springboard // The largest drops in footfall occurred in Wales, the South West , the South East and the North New figures have revealed that last week’s storms had a big impact on retail footfall which declined by 3.8% from the week before. The data from retail specialist Springboard shows that there were drops in all three destination types, with high street footfall down 7.2% and shopping centre and retail park visits down 0.5% and 0.1% respectively. Over the five days from Sunday, footfall rose by an average of 5.5% with a huge uplift of 18.1% on Monday as the school half-term break commenced. READ MORE:  UK footfall improves but London continues to lag well behind pre-Covid rates West End footfall reaches 79% of pre-pandemic levels as Plan B restrictions ease In contrast, footfall on Friday declined from the previous week by 32% and t...