E-tailer Very Group has reported a buoyant set of figures for its festive period with the seven weeks to Christmas seeing group revenue up 15.3% year-on-year. It surpassed £500 million for the period for the first time.
Consumer spending fell 2.3% year-on-year in December as areas moving into higher tiers, and reimposed lockdowns, dented the kind of activity usually seen in the festive season. But online was a bright spot.
The Hut Group continued to outperform in the fourth quarter with the company saying on Tuesday that it saw revenue growth of 51% year-on-year, much better than the range of 40% to 45% that it had predicted earlier.
We know it’s been a wildly unpredictable retail rollercoaster ride during a Covid Christmas trading period. So, as a bellwether of UK commercial property, how has British Land performed since its last update in November?
It’s no surprise that UK footfall has fallen as England’s third lockdown kicks in. But it’s perhaps more shocking that the smallest fall is in London and the South East where Covid infection rates are highest.
Online retailers have boomed during the pandemic and that means warehouse expansion has been significant. The latest name to announce new capacity is Asos that plans to invest £90m in radically expanding its UK space.
Malls giant Unibail-Rodamco-Westfield has made big changes to its structure with a larger management board and a new group organisation “to bolster its agility in responding to challenges and prepare for the future”.
December may have been all about on-off lockdowns or semi-lockdowns in the UK but a key sales tracker on Friday showed that online sales didn’t do as well as they might have done in those circumstances.
Boots has been a drain on its parent company Walgreens Boots Alliance for a while and although WBA said on Thursday that the group’s Q1 trading was better than expected, the UK operation continued to struggle.