Consumer spending dropped in April, according to Visa’s UK Consumer Spending Index, with a 2% dip year-on-year, matching the decline seen in March, while the fashion sector saw its steepest fall for six months.
Footfall to UK stores was slow during April, despite the weather improving as the month wore on. The drop of 3.3% was a “significant decline” compared to the 1.6% hike in April 2017 when Easter flattered the figures.
South Africa's retailer Steinhoff said on Thursday that an investigation by auditors PwC has found that the overstatement of its profits may result in additional material impairments, sending its shares plummeting.
A day after U.S. retail giant Walmart struck its largest deal with an investment in Indian online marketplace Flipkart, a right-wing Hindu group that fears small traders will suffer staged a protest in New Delhi.
Department store chain House of Fraser’s new majority owner has a major challenge ahead as it battles to bring the retailer back to health with Thursday seeing HoF posting a shock almost-£44 million loss for 2017.
As the 17,000 staff who work at House of Fraser stores digest news of its likely new ownership and soon-to-happen CVA, analysts have said the new investment from C.Banner could spur a recovery at the retail chain.
House Fraser has a new owner, China's C. Banner, but despite the change, the company will still launch a CVA and plans to close some poorly performing stores as it works to reach "channel-agnostic" shoppers.
Sainsbury's has announced that it will buy Asda with the latter's owner Walmart taking a big stake in the combined firm. And both chains will continue, which means the Tu Clothing and George lines will carry on too.