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Shoppers cut back in March, with data likely to increase pressure on Bank of England over interest ratesBusiness live – latest updatesRetail sales in Great Britain unexpectedly stalled in March as consumers cut back on spending because of the cost of living, according to new data.British retail sales volumes stagnated at 0% in March after an increase of 0.1% in February, according to the...

Julian Dunkerton decided against takeover offer and company will delist from London Stock ExchangeBusiness live – latest updatesSuperdry is to embark on a restructuring plan including rent reductions in stores and a fundraising, backed by its boss and co-founder Julian Dunkerton, and will quit the London Stock Exchange.Trading in the shares was halted on Tuesday morning after they fell 25% to just over 5p,...

Profits near £2.3bn for supermarket, which says it is ‘conscious things are still difficult for many customers’Business live – latest updatesTesco has said inflationary pressures in the UK grocery sector have “lessened substantially”, as it announced plans to make £500m in efficiency savings in the year ahead.As expected, the country’s biggest supermarket chain revealed pre-tax profits of almost £2.3bn, up 159% on the previous...

Mobile units will be deployed on high streets to identify wanted people – including repeat offendersThe government is investing more than £55m in expanding facial recognition systems – including vans that will scan crowded high streets – as part of a renewed crackdown on shoplifting.The scheme was announced alongside plans for tougher punishments for serial or abusive shoplifters in England and Wales, including being...

Jason Tarry poised to take over from Sharon White when she steps down in SeptemberBusiness live – latest updatesThe former boss of Tesco in the UK and Ireland is to replace Sharon White as the chair of the group that owns John Lewis and Waitrose as it turns to an experienced retailer to lead the next phase of its turnaround.Jason Tarry is poised to...

Company founded in China and promoted on social media is thought to be considering London listingShein, the online fast fashion retailer founded in China, has more than doubled its profits to more than $2bn (£1.6bn) as it awaits approval for a stock market listing in New York or London.The company, which is growing rapidly around the world by using social media to promote its...

Waitrose and Ocado win new shoppers while a quarter of households are feeling the squeezeBusiness live – latest updatesGrocery price inflation in Great Britain has slowed to 4.5%, its lowest level since February 2022, but one in four households are still struggling financially, retail researchers have found.The upmarket retailers Waitrose and Ocado were the only grocers to win new shoppers in the past three...

Shares hit new high as chain says consumer backdrop is improving and ‘feels like it is now entering a new era’Next said the prices it charges customers are falling this year, as the fashion and homeware retailer reported bumper profits and said the UK consumer backdrop was improving.Simon Wolfson, the group’s chief executive, said that after a positive year of sales and profit growth...

Supermarket chain ‘working hard’ to resolve problem that leaves it unable to fulfil most of Saturday ordersSainsbury’s has said it has experienced technical issues and is unable to fulfil the “vast majority” of its online grocery deliveries.In a post on X, the supermarket chain said: “We’re experiencing technical issues affecting some stores, our groceries online service and our ability to contact customers. Unfortunately, we...

Chain says ‘plan is working’ after 2% rise in sales helps transforms £234m loss in 2023 into £56m profitThe owner of John Lewis and Waitrose has returned to annual profit but will not pay its workers a bonus for the second year in a row.The John Lewis Partnership (JLP) said it made a £56m pre-tax profit in the year to 27 January, compared with...

High street retailer unveils padded shorts designed to give wearer a ‘curvy, contoured’ derriere“Does my bum look big in this?” When it comes to M&S’s bottom-shaping shorts, the desired answer is a definite yes.At a preview of its summer collection on Thursday, the high street retailer unveiled a pair of £15 shorts featuring padding designed to enhance the wearer’s buttocks. Continue reading...

Pharmacies, banks and pubs retreat from town and city centres knocked by failure of Wilko last yearAlmost 5,000 more chain stores were left empty last year – a rate of about 14 closures a day – as high streets were hurt by the failure of Wilko and the retreat of banks and pubs.Pharmacies were the biggest loser with 787 chain outlets disappearing – although...

Bidder says multiple attempts to engage with high street group’s board were rejectedThe US investment group Elliott has ended its bid to buy Currys after previous offers were rejected by the electrical goods retailer.Elliott, which owns Waterstones, told the markets on Monday that it had made multiple attempts to engage with the Currys board but all had been rebuffed. Continue reading...

New owner Frasers Group decides it is unwilling to fund turnaroundThe luxury clothing retailer Matchesfashion is to enter administration after its new owner, Mike Ashley’s Frasers Group, said it was not willing to fund a turnaround.Matches was acquired by Frasers just three months ago for £52m in cash from private equity firm Apax Partners but the business has “consistently missed its business plan targets”...

National Farmers’ Federation council member says the food sector should not be ‘held to ransom’ by Coles and WoolworthsGet our morning and afternoon news emails, free app or daily news podcastSome fruit and vegetable growers have not received price increases from the major supermarkets in 15 years, and farmers are being pressured to fund recent price promotions, a Senate inquiry has heard.Speaking at the...

Costs are escalating amid delays, according to British Chambers of Commerce research that shows UK exporters have also been hitMore than half of UK retailers and exporters have been affected by the disruption to Red Sea trade from Houthi rebel attacks on cargo ships, research by a leading business lobby group suggests.The price of shipping a container from Asia to Europe has gone up...

Rise of 3.4% in January is biggest monthly increase since April 2021 as shoppers return to storesBusiness live – latest updatesRetailers in Great Britain enjoyed the strongest rebound in monthly sales in almost three years in January as people returned to the shops after a slump in Christmas shopping.Sales rose by 3.4% last month, the biggest monthly rise since April 2021, as all retail...

Rappers entered breakfast market with Snoop Cereal in 2023, and allege conspiracy between manufacturer Post Consumer Brands and supermarket chain Walmart to ‘choke’ startup brandRappers Snoop Dogg and Master P are suing US supermarket chain Walmart and food manufacturer Post Consumer Brands, claiming that the two companies conspired to sabotage the success of the pair’s new breakfast cereal enterprise.Snoop Cereal launched last summer, with...

Decision comes as grocery retailer reports 1,000 incidents a day in 2023, with shopworkers suffering physical assaultsThe Co-op is installing in its supermarkets more than 200 secure till kiosks, locked cabinets for bottles of spirits and AI technology to monitor self-checkouts after a 44% surge in retail crime last year to about 1,000 incidents a day.The grocery retailer, which has more than 2,400 stores...

Struggling fashion retailer looking at options including job cuts after reporting slide in salesBusiness live – latest updatesSuperdry has confirmed it is considering a significant round of cost-cutting as the struggling fashion retailer contends with slumping sales.The British brand is drawing up plans for potential store closures and job cuts after it reported last week that sales dropped by nearly a quarter in the...

Giles David to replace Shaun Wills, with losses widening at troubled fashion brandSuperdry has parted ways with its fourth finance boss in five years as losses widened at the troubled UK fashion brand.The company said Shaun Wills, who has been the finance director for three years, is leaving the business and being replaced next week by the interim finance boss Giles David. Continue reading...

Bootmaker says global sales fell by 18% with cash-strapped consumers refusing to splash out at ChristmasDr Martens said revenue dropped by nearly a fifth in the final three months of 2023, as sales in the US continued to plunge and inflation-weary consumers continued to rein in spending.The British bootmaker said in a trading update on Thursday that sales fell by 18% in its third...

Petition demands online retailer stop immediate sale of bags and compensation for damages incurredBusiness live – latest updatesUniqlo is suing the Chinese online retailer Shein over the sale of items it claims copy its popular banana-shaped ‘it’ bag, the “round mini”.The petition demands that Shein immediately stops the sale of “the imitation products” and pays compensation for damages incurred as a result of their...

GDP rises by 0.3% in November after October decline, with car leasing and video games fuelling bouncebackBusiness live – latest updatesThe UK economy returned to growth in November after a recovery in consumer spending driven by Black Friday sales, with shoppers hunting for bargains as the key Christmas shopping season got under way.Gross domestic product rose by 0.3% on the month, after a decline...