Britain’s retail recovery has been given a boost with news of a new discount retail chain that plans to open 50 stores across the country, creating 2,000 jobs. Called JTF Central, it expects to debut in Hull.
The grave state of physical retail, and fashion retail in particular, surfaced Wednesday as a report showed over 11,000 UK stores disappeared last year. Darker still, a further 18,000 stores could close this year.
Manchester-based Boohoo Group is seeking to expand its office presence in London following recent acquisitions of the online business of London-based Debenhams and Arcadia labels Dorothy Perkins, Wallis and Burton.
Boohoo has concluded a deal to buy the remaining Arcadia brands that hadn’t been take over by ASOS and City Chic. It’s paying £25.2m to acquire the three “British heritage brands” out of administration.
As Boohoo expands by acquisition and battles its way back from supplier scandals, the company has told its UK suppliers that they need to bring all of the work they do for it in-house by early next month.