Jobs slashed across the High Street
John Lewis Partnership, Arcadia Group and Harrods are the latest to reveal significant job cuts in response to the Coronavirus crisis. John Lewis did not disclose exactly how many staff will be made redundant, but a 'rightsizing' strategy will include a reduction in the number of stores across its estate and could also include the smaller of its two head office buildings in London.
85,000 businesses launch online shops during lockdown
COVID-19 has sparked a retail transformation in the UK, with more than 85,000 businesses launching online stores or joining online marketplaces in the last four months, according to new research from Growth Intelligence. With more than 750,000 businesses forced to close their doors under lockdown restrictions, businesses in nearly every sector have accelerated their digital transformation to meet growing demand for online shopping.
Lululemon buys AR home fitness firm for $500m
Lululemon has acquired home fitness company MIRROR for $500 million. The augmented reality technology give access to weekly live classes and thousands of on-demand workouts, as well as immersive one-on-one personal training.
Sainsbury’s reports 87% online revenue surge
Sainsbury’s total sales rose by 8.5 per cent year-on-year for the three months ending 27 June, with a 87 per cent surge in online revenue. However, the supermarket chain warned that profits could fall by more than £500 million due to the impact of the Coronavirus, although this would be “broadly offset by business rates relief and stronger grocery sales”.
TM Lewin files for administration
TM Lewin will permanently shut its entire store estate, as it struggles to pay rent and other costs for its stores.The Telegraph reported that the menswear retailer's administration will result in around 600 job losses.
John Lewis partners Wipro for new tech function
The John Lewis Partnership has partnered with Wipro to provide infrastructure services. This represents a significant step in the creation of the partnership’s new Technology and Change function, which will better support its business strategy and let it respond more quickly to the digital expectations of customers.
Strongest ever online growth for store retailers as High Street re-opens
With COVID-19’s long-term impact on consumer behaviour still unclear, the week that High Street stores reopened saw online retail sales surge by 41.3 per cent year-on-year and 1.8 per cent week-on-week. This marks the second strongest year-on-year growth since lockdown measures were put in place, according to the latest IMRG Capgemini Online Retail Index, which tracks the online sales performance of over 200 retailers.
Consumers ‘will bear the cost of no deal’
Shop prices fell by 1.6 per cent in June, compared to a decrease of 2.4 per cent in May, according to the latest British Retail Consortium (BRC) and Nielsen statistics. Non-food prices fell by 3.4 per cent in June, compared to a decline of 4.6 per cent in May, while food inflation was steady at 1.5 per cent in June, the same rate of increase as in May.
Pets At Home upgrades retail infrastructure with Aptos
Pets At Home has selected the Aptos ONE platform to power its retail operations and customer engagement strategies. Founded in 1991, the pet product retailer now has more than 450 stores and an e-commerce website.
Scurri raises €1.5m to back expansion plans
Scurri has announced a further €1.5 million investment to support its continued growth. A group of existing investors, including Act Venture Capital, Episode 1, Pa Nolan, and J Meade Corporate Finance advising the majority of angel investors, backed the company to total funding of €8.5 million to date.
Reopening is ‘no magic bullet’ for retail footfall
UK footfall decreased 53.4 per cent year-on-year during the second week of reopening in England and Northern Ireland – compared to a decrease of 81.6 per cent year-on-year for the month of May. The latest British Retail Consortium (BRC) and ShopperTrak figures showed that footfall on the High Street declined by 58.1 per cent year-on-year – compared to a decrease of 77.8 per cent year-on-year during May.