In shock news, Tesco said it is to close its Tesco Direct non-food webstore, which sells clothing, homewares, furniture, electricals, toys, health & beauty and more, after conducting a review of the lossmaking business.
Intu is investing an additional £13m in Intu Watford to replace existing flooring, ceilings and lighting, and upgrade the car parks. The makeover is expected to be ready in time for the launch of the centre’s extension.
CVAs are ‘the new black’ in the UK this year but it seems that while House of Fraser is-on trend in this respect, it might struggle to get its CVA through as landlords prove uniquely resistant to its plans.
Luxury concept store The Shop at Bluebird has opened its much-anticipated new flagship location with a debut on London’s Floral Street, just down the road from the street’s most famous tenant, Paul Smith.
The Beales department stores chain is proving that smaller multi-category retailers can still do well, despite the woes being suffered by larger peers, as it talks to Palmers about a takeover of the two-store firm
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.