Retailers shut 20 stores a day in 2012

Major retailers have been closing stores at an average of more than 600 a month over the past year, according to new research. That's ten times faster than in 2011. Latest Stories from Management Today City centres across the UK are becoming ghost towns as high street retailers close yet more outlets due to falling... Continue Reading →

GCC consumers spending $2m a day at McDonald’s

Yousif Abdulghani, Managing Director, McDonald's Middle East and Africa. Consumers in the GCC are spending US$2m a day eating at fast food giant McDonald’s, as the company experiences record growth in the region. According to Yousif Abdulghani, managing director at McDonald’s Middle East Development Company, which oversees its Middle East and Africa franchises, the six... Continue Reading →

Centra sales reach €1.435 billion

Centra achieved growth of 1.6% in 2012. The retail chain owned by Musgrave opened 18 new stores last year and increased its 'food-to-go' sales by almost €5 million Feb 25 2013 Centra has announced that it recorded retail sales of €1.435 billion in 2012. The brand believes the performance underpins Centra's position as Ireland's number... Continue Reading →

Waitrose to launch drive-through click & collect

Waitrose is to launch a drive-through 'click & collect' service as part of a multimillion pound investment. The first drive-through will open at Waitrose Cheltenham in March, followed by services in branches in Southend, Salisbury, Wolverhampton and Lincoln. The new service will enable shoppers who order groceries online to pick them up from a collection... Continue Reading →

Qatar in second Champs-Elysées buy

Qatar Investment Authority (QIA), the sovereign wealth fund that bought London’s Harrods department store in 2010 for US$2.22bn, has snapped up a second luxury property unit on Paris’s Champs-Elysées boulevard, according to reports in Europe. French private equity fund LBO France has sold a luxury housing complex on the Parisian shopping avenue and QIA is... Continue Reading →

Truworths posts 19% rise in profit

FASHION retailer Truworths on Wednesday reported a 19% rise in first-half profit but said it expected the credit environment to deteriorate owing to rising levels of consumer indebtedness. "This is likely to affect both the group’s delinquency and active account growth, as we will continue to apply strict credit granting and risk policies," CEO Michael... Continue Reading →

Iconix Brand Group Acquires Lee Cooper

Iconix Brand Group, which acquired the Lee Cooper denim brand, beat Wall Street’s expectations for the fourth quarter by 3 cents, even though net income fell by 3.9 percent. Iconix acquired Lee Cooper for $72 million in cash, buying the denim brand from Sun Capital Partners affiliate Sun European Partners. The Lee Cooper brand, which... Continue Reading →

Shoprite aims to keep top retailer spot

SHOPRITE will fight hard to maintain its "number one" position amid persisting intense price competition among South Africa’s major chains and pressures such as electricity and fuel price escalations, CEO Whitey Basson said on Tuesday. "Although we don’t foresee buoyant trading conditions, we expect to at least maintain the performance of the first half," he... Continue Reading →

Aurora Fashions considers selling Coast

Aurora Fashion is considering a spin off of its formalwear fashion brand Coast in preparation for a potential sale, it is understood. Coast, which has 41 standalone stores and over 150 concessions in the UK and a strong overseas presence, would follow womens fashion retailer Karen Millen which separated from the rest of the group... Continue Reading →

Shop vacancy figures expose UK retail woes

BRITAIN’S battered retail sector gained no respite this week as the latest research showed vacancy rates remained stubbornly above 14 per cent last year as retailers continue to shut up shop across the country. The Local Data Company’s (LDC) latest report published today shows vacancy levels fell slightly from 14.3 per cent to 14.2 per... Continue Reading →

Dragons’ Den star Peter Jones buys Jessops brand

PricewaterhouseCoopers, the administrators to Jessops, said that Mr Jones is among a “number of buyers” to have purchased assets from the retailer, including its remaining stock and intellectual property. Rob Hunt, joint administrator, said: “We can confirm that we have sold the brand and certain other assets to a number of buyers including entrepreneur Peter... Continue Reading →

Ebay to create 450 jobs in Louth

Online marketplace Ebay is to create 450 jobs in Ireland, it announced today. The jobs will be located at an operations centre in Dundalk, Co Louth. The total number currently employed by Ebay and its payments division Paypal in Ireland is 2,300. The latest jobs boost combined with a recent Paypal announcement will bring the... Continue Reading →

Woolworths posts impressive profit

Johannesburg - Retailer Woolworths Holdings [JSE:WHL] reported a 21% rise in first-half profit chiefly as a result of contributions from its recent acquisition in Australia. Woolworths, which sells food and clothes, said headline earnings per share totalled 164.2 cents in the six months to end-December compared with 135.7 a year earlier. The results were boosted... Continue Reading →

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