Retailers in trouble as 51 per cent of punters cut back on clothes shopping July 31, 2023 Retail and hospitality industries continue to be bruised by the UK’s cost of living crisis as 59 per cent of people have cut their spending on eating out and a further 51 per cent have cut spending on clothing. As Brits continue to watch their pennies amid high inflation, figures from Oxera show that in [...]
Retailer insolvencies jump to higher level than pandemic as brands buckle under economic pressure July 3, 2023 A squeeze on shoppers’ finances has increased the number of retailers being plunged into hot water, new research shows, as the cost of living crisis continues to decimate businesses. As inflation sits at a sticky 8.7 per cent, the number of retailers entering insolvency jumped 56 per cent in the past year, according to figures [...]
Retailers hit with fresh blow as nearly 50 per cent of Brits think the high street is ‘no longer relevant’ May 29, 2023 Nearly half of Brits believe that high streets are no longer relevant, with new data showing that the public is craving a change to their local high street in order to continue visiting it. The data, published by IT company Accenture, comes as retail experts have forecasted that up to 18,000 stores could vanish off [...]
Begbies Traynor: Jump in businesses going bust lifts firm’s profit guidance May 22, 2023 Begbies Traynor expects its annual sales and profits to trade ahead of market expectations thanks to a surge in the number of businesses going insolvent.
Only five UK retailers issued profit warnings in first leg of 2023, but experts warn of challenges April 24, 2023 Only five UK retailers raised concerns about their profits in the first leg of 2023. However, the sector has warned that challenges remain for shops and the high street. According to data by accountancy firm EY, the number of profit warnings issued by retailers fell by 44 per cent in quarter one compared to the [...]
Tesco hit by inflation and supermarket war with Aldi and Lidl as profit down almost seven per cent April 13, 2023 Tesco, Britain’s biggest supermarket, was hit hard by consumers tightening their belts during the cost of living crisis, as it reported its operating profit was down almost seven per cent on last year. The London-listed chain said its profit was £2,6bn for the year to the end of February which was down 6.9 per cent [...]
Retail: Employment figures slump to new lows with 150,000 jobs predicted to go by end of the year March 14, 2023 Retailers were cautious about hiring extra workers in the run up to Christmas, the British Retail Consortium (BRC) has claimed after ONS figures show that the number of roles were down 14,000 year on year in the last leg of 2022. “Low consumer confidence and falling sales volumes meant many retailers were more cautious in [...]
Begbies Traynor boosted by collapse of Paperchase and host of insolvencies February 27, 2023 Restructuring specialist Begbies Traynor Group says its finances have been boosted by the collapse of Paperchase earlier this year. Begbies Traynor was appointed as administrator after the struggling stationery chain failed to secure any buyers. The retailer’s 106 branches could face closure after Tesco agreed to buy the brand but not its stores or workforce. [...]
Tesco ‘considering sale’ of Tesco Bank, according to reports February 20, 2023 Tesco is considering selling Tesco Bank, according to Sky News which has reported that the supermarket giant has started a review process for its banking arm. The review is at a very early stage, according to insiders, and may not lead to a formal sale process. A partial sale or joint venture may also be [...]
Tesco buys Paperchase brand but over 800 jobs remain at risk January 31, 2023 Tesco has purchased the brand and intellectual property of Paperchase, the supermarket has confirmed, after the embattled stationary company collapsed into administration this morning. However, it has not acquired the chain’s 106 physical stores across the UK and Ireland, leaving 820 jobs at risk. The supermarket will now sell its products in its UK stores. [...]