There is further evidence of a cutback in consumer spending today after electrical goods group Dixons Retail posted a drop in sales. The group, which is Europe’s no.2 electricals retailer, said like-for-like sales were 7% lower in the three months to 23 July compared with a year ago, which included a 10% fall in the [...]
The British Retail Consortium (BRC) has today reported weak retail sales for August. According to the BRC, like-for-like sales (which exclude the impact of sales at new stores) fell 0.6% last month on an annual basis. Overall sales rose 1.5%, however, this was much lower than the 2.8% rise noted in August 2010. Commenting, Stephen [...]
UK retail sales volumes fell in August, at the fastest pace for over a year, the Confederation of British Industry (CBI) reports. In a new quarterly survey, 46% of retailers said they had experienced falling sales in the two weeks to mid-August (compared with a year earlier) and the level of negativity registered over prospects [...]
Department store Debenhams appears to have bucked the trend on the High Street after reporting a rise in half-year profits. The retailer, which has 167 stores in the UK and Ireland, said pre-tax profits for the six month period to 26 February totalled £125.3 million - up from £114.5 million in the same period a [...]
An interim report published by the Independent Commission on Banking (ICB) has said more competition is required in retail banking. The ICB, which was established in June 2010, has until September 2011 to make its recommendations about the banking industry to the Government and one of its suggestions is for banking giant Lloyds to sell-off [...]
A new report has revealed the British High Street is suffering after shop vacancies rose to a record high in 2010. According to the Local Data Company, the number of vacant shops in Britain increased to 14.5% at the end of last year, up from 12% at the end of 2009 and compares with 5% [...]
Christmas shopping could be hit with the expected return of heavy snowfall over the next few days, according to a report today. A survey by market research company, GfK NOP, found that almost one third of Christmas shopping in Britain is done in the two weeks prior to Christmas. Should the bad weather return, retailers [...]
The John Lewis Partnership, which is regarded as a barometer of British retailing, has announced that sales growth struggled last week as the cold snap meant shoppers stayed at home. The renowned employee-owned department store said “the snow has impacted both footfall and sales in shops where the weather has been particularly poor.” However, the [...]
The John Lewis Partnership, which is regarded as a barometer of British retailing, said sales rose sharply last week as Christmas shoppers took to the High Street. The renowned employee-owned department store said sales at its 28 department stores grew 11.5% to £77 million in the week to 13 November, compared with the same period [...]
BDO, the accountancy firm, has today provided an optimistic report about the prospects for the UK High Street. Spending cuts and tax hikes has led many experts to suggest that consumers will rein in their spending, having a severe impact on retailers. However, BDO suggests that sales will grow by 3% over Christmas as shoppers [...]
The Office for National Statistics (ONS) has today reported a fall in UK retail sales for the month of August - the first decline since January. According to analysts, the fall is a sign of things to come on the UK high street as Government spending cuts and economic uncertainty are set to hit consumers’ [...]
Metro Bank, which aims to make banking a “fun retail experience” opens in Holborn, central London today. The bank is Britain’s first new high street lender for more than a century and it has pledged to return to “core banking values”. The bank said it will employ more cashiers than the existing “big four” banks, [...]
Earlier this month, the Office for National Statistics (ONS) revealed a strong performance on the High Street for the month of May – boosted by the sales of televisions in the build-up to the World Cup tournament. However, England’s early exit from the World Cup coincided with a heatwave and according to retail analysts, sales [...]
City Watchdog, the Financial Services Authority (FSA), has criticised the UK’s largest High Street banks for the poor way they handled their customers’ complaints. Five of the banks, who have not been identified, have agreed to make “significant” changes to the way it handles complaints. However, two of the banks are being investigated further and [...]
The British Retail Consortium (BRC) has today revealed the High Street continued its recovery in March with UK retail sales rising at their fastest rate in almost four years. According to the BRC, the rise was boosted by Easter shopping as consumers stocked up on chocolate, food and drink for the Easter weekend. The BRC [...]
US billionaire investor, Wilbur Ross, has invested £100 million in Sir Richard Branson’s Virgin Money in order to help it in its quest to bid for Royal Bank of Scotland’s (RBS) High Street branch network, believed to be worth up to £2 billion ($3 billion). RBS, which is 84% state-owned, was ordered by European Union [...]
The British Retail Consortium (BRC) has today revealed the High Street recovered in February after a dismal January, which saw shoppers avoid the stores due to the heavy snowfall. According to the BRC, like-for-like sales were up 2.2% on the year but analysts issued caution since the figures compare with poor trading in February 2009. [...]
Research by the British Property Federation Retail Summit has revealed that the some British towns are turning into ghost towns as shoppers continue to avoid the High Street, in favour of online shopping. A recent study by the Centre for Retail Research (CRR) and shopping comparison website Kelkoo, found that UK shoppers spent more online [...]
The Centre for Retail Research (CRR), in a study commissioned by shopping comparison website Kelkoo, found that UK shoppers spent more online than anywhere else in Europe in 2009. The research showed that UK consumers spent £38 billion online last year (the equivalent of €1,240 (£1,070) per shopper) and accounted for almost a third of [...]
Supermarket giant Morrisons has beat its rivals by announcing strong Christmas trading results. The Bradford-based retailer said like-for-like sales in the six weeks to January 3 rose by 6.5%. Meanwhile, total sales grew 11.2% as the supermarket attracted a record number of customers and the strong festive performance resulted in Morrisons increasing its market share [...]
European equities markets were higher Tuesday as banks came back from big declines on Monday, helped by a statement from Societe Generale’s (Euronext: GLE) CEO that his bank is healthy. The FTSE 100 was up 0.87 percent to 5,174.25 in London, while the FTSE 250 added 0.27 percent to 10,011, with banks the best performers [...]
Rics: Housing market remains in the doldrums
The Royal Institution of Chartered Surveyors (Rics) has today reported that the UK housing market remained weak in August with house prices falling further. According to the Institution, homeowners remain reluctant to put their properties up for sale, while buyers continue to struggle to secure a mortgage and remain uncertain about the economic climate. The [...]
CML: Mortgage lending edges higher in July
The Council of Mortgage Lenders (CML) has reported the number of loans for house purchase rose in July. According to the Council, there were 48,400 loans advanced for house purchase in the month – up by 1,000 from June’s figure but almost 7,000 lower when compared with July 2010. Commenting on today’s figures, Paul Smee, [...]
UK inflation edges higher in August
The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) rose to annual rate of 4.5% last month from July’s rate of 4.4%. However, the figure was in line with analysts’ expectations. Higher inflation continues to be led by rising food costs but the main reason behind last month’s rise was a 5.1% [...]
Fresnillo down on silver prices
European equities markets were lower Monday on the possibility that Greece could default soon and on speculation that Moody’s Investors Service could cut its rating on several big banks with holdings tied to Greece. The FTSE 100 was down 1.63 percent to 5,129.62 in London, while the FTSE 250 dropped 1.65 percent to 9,983.75 as [...]
IFS warns of tough times for UK households
A report by the Institute for Fiscal Studies (IFS) has warned that households will be squeezed for the next decade as they suffer from the harsh spending cuts introduced by the Government. It said households are suffering one of the worst attacks on their finances since the Second World War and that the impact of [...]
ICB final report recommends ring-fencing
The Independent Commission on Banking’s (ICB) final report has been published today and is recommending that UK banks should ring-fence their retail banking operations. According to the report, ring-fencing would protect banks from riskier investment banking divisions and would “make it easier and less costly to resolve banks that get into trouble”. The ICB, which [...]
Tullow Oil leads 100 in London
European equities markets were significantly lower Friday on an increased possibility that Greece could default on its debt as soon as this weekend, raising the concern level over the European region’s debt problems and ratcheting up worries that the economic recovery is faltering. Additionally, markets reacted to the resignation of European Central Bank board member [...]
SMMT: UK car sales rise in August
The Society of Motor Manufacturers and Traders (SMMT) have revealed UK car sales saw their first rise in 14 months in August. According to the trade body, car sales rose by 7.3% in August compared with the same month in 2010, with sales of smaller cars rising by more than 30%. The Ford Fiesta remained [...]
Factory gate inflation higher than expected in August
The Office for National Statistics (ONS) has today revealed UK producer output prices held steady in August – remaining at the highest annual rate since October 2008. According to the ONS, output prices (factory gate) annual inflation for all manufactured products held steady at July’s upwardly revised reading of 6.1% in August. The figures were [...]
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