Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments
N Brown digital move pays off as sales thaw December 10, 2014 N BROWN yesterday said sales had picked up towards the end of the third quarter after warm autumn weather had forced the retailer to cut its full-year profit forecast in October. The company, which targets older and plus-sized shoppers with brands such as Jacamo and Simply Be, said it returned to growth in October and [...]
Met HQ sold for £370m to Abu Dhabi investor December 9, 2014 New Scotland Yard, the home of the Metropolitan Police, has been sold to a group of Abu Dhabi investors for £370m, in a dramatic shake-up of the Met’s estate. The Abu Dhabi Financial Group paid £120m more than the asking price for the 1.7-acre site in Victoria, which it plans to turn into a luxury [...]
Tesco in further turmoil after profits tumble December 9, 2014 Investors fled for cover yesterday as Tesco warned on profits for the fourth time in five months, raising fears in the City that the ailing supermarket could become a takeover target. Analysts at investment bank Espirito Santo compared Tesco’s demise to that of Sears in 2004, when the US retailer – once the [...]
Asos sales slow as strong pound dampens international growth December 9, 2014 Online fashion retailer Asos suffered a slowdown in sales in the first quarter of the year, after the strong pound dented its international business. The company said its total retail sales rose eight per cent to £246m in the three months to 30 November, down from a 15 per cent rise the previous quarter. [...]
Mothercare poaches Rexam’s finance chief Richard Smothers December 9, 2014 MOTHERCARE yesterday announced it had secured a new chief financial officer after poaching Richard Smothers from the same role at packaging group Rexam. The baby goods retailer said that Smothers would join the firm on 23 March after stepping down at Rexam. He will replace Matt Smith, who is leaving next month to become chief [...]
Shoppers face longer delivery times from M&S December 8, 2014 MARKS & Spencer’s online customers are set to be disappointed this Christmas shopping season, as they face longer waiting times for online deliveries. Standard deliveries will now take up to two weeks, according to the retailer’s website, as opposed to the normal five-day waiting period. The delay follows the shopping bonanza Black Friday, on 28 [...]
Madison supports Qatari bid for Canary Wharf owner Songbird December 8, 2014 Madison International Realty has become the second shareholder in Songbird Estates to break ranks with the company and back Qatar Investment Authority’s (QIA) £2.6bn offer for the Canary Wharf owner. QIA and Brookfield Property Partners went hostile last week in their attempt to take control of Songbird after taking their higher offer of 350p per [...]
Harvey Nichols to open new store in Qatari capital Doha December 8, 2014 Harvey Nichols is stepping up its presence overseas by opening a new store in Doha, the capital city of Qatar. The luxury department store group has struck a licence agreement with Saleh Al Hamad Al Mana Group to open an outlet in Doha Festival City, one of the country’s biggest malls. The 80,000 square feet [...]
Black Friday UK 2014: Retailers return to black after a frenzied day of spending December 8, 2014 The shopping frenzy created by Black Friday last week helped push retail sales back into growth in November as shoppers flocked online and into stores to snap up a bargain. Like-for-like retail sales rose by 0.9 per cent compared with November last year, when they increased by 0.6 per cent. This was also an improvement [...]
Canadian pension fund Ivanhoe Cambridge buys Deloitte’s London HQ Stonecutter Court for £112m December 8, 2014 Canada's second-largest pension fund has bought Deloitte’s City offices from Hines Global Reit for £112m as it looks to step up its exposure to the London office property market. Ivanhoe Cambridge, the real estate arm of Canada’s Caisse de depot et placement du Quebec, said yesterday it has bought Stonecutter Court near Holborn. [...]
