Ikea has entered into an agreement to purchase 214 Oxford Street for £385m. The Grade II listed building was formerly home to the flagship store of the Sir Philip Green’s Arcadia empire, Topshop, measuring 100,000 sq ft. Ikea said last year it had drawn up a list of 40 major cities around...
Morrisons has seen its pre-tax profit before exceptionals fall by 37% to £105 million in the first half of its financial year after the supermarket faced a number of challenges relating to Covid-19 costs and supply chain disruption. In the six months to 1 August, total revenue rose by 3.7% to...
The Federation of Independent Retailers has warned that some local stores could be forced out of business due to the combination of a rise in National Insurance contributions and the national minimum wage. The increase in the national minimum wage is set to be announced by the government this autumn and...
Poundstretcher has bounced back in the space of just one year since being forced to enter a CVA in 2020. The family-owned retailer made pre-tax profits of £30 million in the 12 months to March thanks to renegotiating onerous leases, closing loss-making stores and making around 250 redundancies. In 2020, with the...
B&M Bargains has revealed UK profit margins are now expected to be higher than first thought while revenues have been broadly in line with market expectations. The news sent shares up nearly 5% within minutes of the announcement, with bosses saying pre-tax profits for the six months to September 25 are...
Tesco has asked the Government to let it use the Apprenticeship Levy to teach people how to drive, among other changes to the system. The supermarket said that another 8,000 apprenticeships could be added if the Government makes changes to the scheme. It called for up to £1 in every £10...
The VF Corporation has announced that Veronica Wu has informed the company of her intension to step down from its board of directors with immediate effect. In a statement, VF said Wu’s decision was not the result of any disagreement regarding its operations, policies or practices. Wu launched venture capital company Hone...
The Bluewater shopping destination has welcomed Crep Collection Club and Vanilla to its retail line-up. Situated adjacent to Jo Malone on the centre’s Upper Guild Hall, the 1,042 square foot Crep Collection Club flagship is the brand’s first physical store following two years of trading online. It will stock a premium...
Dunelm has posted a 45% increase in full year pre-tax profit to £157.8 million following investment in its digital capabilities during the coronavirus pandemic. In the 52 weeks to 26 June, sales surged by 26% to £1.33 billion despite the retailer’s stores being closed to customers for more than a third...
It has been reported by the BBC that August saw the lowest figure for proposed job cuts for seven years, despite the imminent end of the government's furlough scheme. Figures published by the Insolvency Service show that British employers planned 12,687 job cuts in August, a fall of 11% since July. The...
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