Just how tough UK retail’s pandemic mauling has been — especially for fashion — came into stark focus on July 30. More than one in seven stores are now vacant on UK high streets, retail parks and in shopping centres.
Boohoo Group has signed a partnership deal with Alshaya Group to build on the presence of Debenhams in the Middle East and also take other brands in its portfolio to the region via stores rather than just online.
One of the the ‘Big Four’ UK supermarket chains, Morrisons, has received an unsolicited bid approach valuing it at £5.5bn. But it has rejected the offer, despite it being above its closing share price as of Friday.
Boohoo’s trading update on Tuesday showed that the pureplay e-tailer continued to prosper in Q1, even after UK physical stores reopened in April, although there were challenges in some markets and margins were squeezed.
Debenhams may have closed all of its stores, but a new one could open under the Debenhams name. Now owned by Boohoo, the Debenhams brand is the subject of talks regarding the opening of one small shop outside of London.