H&M slashes 1,500 jobs as shoppers pull back on fashion spending November 30, 2022 The world’s second largest fashion retailer has announced a wave of lay-offs as the apparel sector grapples with weakening demand from shoppers. The Swedish apparel giant said around 1,500 job cuts come as part of a plan set out earlier this autumn to save around 2bn Swedish crowns (£160m) each year. “We are in a [...]
Primark to invest £140m in new stores and upgrades creating 850 new jobs November 25, 2022 Primark is to invest £140m in new stores and the creation of 850 new jobs across the UK. The low-cost retailer will create at least four new outlets in the next two years, while upgrading and refurbishing existing stores, over a two year process. This comes as the the UK retail sector continues to struggle [...]
FTSE 100 hoisted by investors pouring into retailers ahead of Black Friday November 24, 2022 London’s FTSE 100 was bumped higher today by investors heading into retailers ahead of Black Friday today. The capital’s premier index inched 0.02 per cent higher to close at 7,466.60 points, while the domestically-focused mid-cap FTSE 250 index, which is more responsive to the health of the UK economy, jumped 0.2 per cent to 19,540.34 [...]
FTSE 100 closes higher despite yet more recession signals November 23, 2022 London’s FTSE 100 finished higher today despite yet more data signalling the UK is on a one ticket to recession. The capital’s premier index climbed 0.17 per cent to 7,465.24 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, jumped 0.4 per cent to 19,500.5 [...]
FTSE 100 weighed down by China Covid-19 jitters November 21, 2022 London’s FTSE 100 was today weighed down by the re-emergence of tough restrictions to tame Covid-19 in China over the weekend. The capital’s premier index edged 0.12 per cent lower to 7,376.85 points, while the domestically-focus mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0.68 per cent [...]
Primark website crashes on first day of click and collect trial November 14, 2022 Primark’s first foray into online shopping hit a hurdle on Monday morning as the high street name’s website crashed. The budget apparel seller has launched a trial in 25 stores in north-west England and north Wales, for children’s clothes to begin with. “We’re working hard to address this to ensure that everyone can access and [...]
Primark owner takes £1bn extra inflation hit amid ‘most challenging’ economy for many years November 8, 2022 Primark owner Associated British Foods (ABF) saw inflationary costs leap by £1bn this year alone, as it weathers “highly volatile” economic conditions and hopes to retain shoppers with its low prices. The chairman of the fashion and food business, Michael McLintock, said ABF had “encountered the most challenging economic conditions for many years with sharply [...]
Bank of England watchers eye Pill and Ramsden speeches November 6, 2022 Bank of England watchers are in for a bumper week as several top rate setters provide hints on the trajectory of UK monetary policy after last week they said the economy is on course for the longest recession on record. Despite the bleak projections by the Bank, London’s FTSE 100 fared well last week, climbing [...]
Greggs opens new café in Primark’s Oxford Street store October 26, 2022 Greggs has opened a new café on the top floor of Primark’s flagship Oxford Street store, following the launch of their collaboration earlier this year. The new 110-seater London café will offer a menu of all Greggs’ customer favourites following the success of the first ‘Tasty by Greggs’ eatery in Primark’s Birmingham shop in February. [...]
Deliveroo partners with Channel 4 for Gogglebox-style ad series October 4, 2022 Deliveroo has teamed up with Channel 4 to create a Gogglebox-style series on how their food delivery had ‘saved the day’. Working with ad agency The Outfit, the food delivery giant will create 10 contextual ads filmed in an observational documentary style, which will be shown around Channel 4 hits like Made in Chelsea and Grand [...]