Intu seeks a further £1bn to restructure
Intu is aiming to raise £1 billion worth of new equity next month in order to fix its balance sheet. The Sunday Times reported that the shopping centre operator, which owns Manchester’s Trafford Centre and Lakeside in Essex among many others, was planning the fundraising to accompany its full-year results at the end of February.
Beales collapses into administration
Beales, one of the UK High Street’s oldest department store chains has collapsed into administration, putting 1,300 jobs at risk. According to Sky News, the struggling retailer appointed KPMG to supervise the administration process after a formal sales process, which ended today, failed to find a buyer.
Retail SMEs fear cyber attack and tech skills drought
Fears over cyber security and the digital skills shift have topped the list of technology concerns for UK retail small and medium-sized enterprises (SMEs), according to a new report. A survey of technology decision-makers in SMEs with 50 to 500 employees by OGL Computer across a range of industries found that the top worries centred around cyber security attacks (65 per cent), keeping pace with competitors (59 per cent) and a lack of technology-savvy workers (41 per cent).
G-Star RAW uses Yext to drive click rate
G-Star RAW has collaborated with Yext to update the information across more than 150 online channels, including Google, Amazon Alexa and Facebook. By enhancing its online discoverability, the Dutch denim brand has driven over 1.5 million clicks to its listings, while experiencing a year-over-year growth rate in clicks of 16 per cent since launch in December 2016.
Retail sales slumped in run up to Christmas: ONS
Retail sales were down one per cent in the crucial Christmas trading period compared to the previous quarter- marking the steepest decline since March 2017, according to the latest data from the Office of National Statistics (ONS). All sectors except household goods stores and fuel saw a decline in the quantity bought between the third and fourth quarters of 2019, driven mainly by a one per cent drop in sales at non-food stores.
Online sales at Quiz down 15 per cent
Revenues at fashion retailer Quiz fell 9.3 per cent over the festive trading period despite strong Black Friday sales, driven by a 14.8 per cent slump in online sales.The fast fashion retailer, popular with Gen Z shoppers, said the “disappointing” results for the seven weeks to 4 January reflected falling sales across in-store and online channels.
Arcadia ‘planning a dozen new closures’
Sir Philip Green’s Arcadia group is preparing to close at least a dozen stores in the latest round of cost-cutting for the retail empire that owns Topshop, Topman and Dorothy Perkins. According to the Guardian, disappointing trade for the Christmas period has led the company to forge ahead with closing twelve sites including its store in Westfield Stratford shopping centre.
Molton Brown boosts conversions with social commerce
Molton Brown has seen a threefold uplift in conversions after introducing onsite social commerce technology. The bath and body fragrance brand also saw the average order value of customers who engaged with the site’s social commerce elements increase by 38 per cent.
Consumer spending down amid e-commerce growth
The amount spent by UK households fell 1.2 per cent on an annual basis in December despite Cyber Monday and festive trade driving up e-commerce sales, according to data from Visa. According to Visa’s UK Consumer Spending Index, compiled by IHS Markit, there was a softer fall in household expenditure in December ( down 1.2 per cent) than the 2 per cent drop seen in November.
HMV saves 5 stores, could close further 3
HMV has struck deals with landlords on five stores which had previously been under threat of closure, while the future of three further stores could face the axe by the end of January. The embattled music retailer announced that branches in Glasgow Braehead, Edinburgh Ocean Terminal, Reading, Sheffield Meadowhall and Grimsby will remain open after deals were struck with landlords.
Boohoo boosts guidance on bumper results
Boohoo has boosted its full year guidance after it posted record trading figures for the final quarter of 2019.The e-commerce fashion platform reported group revenue across its brands including PrettyLittleThing and NastyGal of £473.7 million for the four months to 31 December, up 44 per cent, as online spending accelerated ahead of the festive period.