Department store numbers have plummeted in England over the last decade. And it looks like they'll continue to fall as House of Fraser prepares to shut a number of stores and as Debenhams also plans closures.
CVAs are ‘the new black’ in the UK this year but it seems that while House of Fraser is-on trend in this respect, it might struggle to get its CVA through as landlords prove uniquely resistant to its plans.
The new owner of Belstaff has been named Britain’s richest man in the latest Sunday Times Rich List. Self-made businessman Jim Ratcliffe is chairman/CEO of chemicals company Ineos, which acquired Belstaff last autumn.
LK Bennett surprised the retail sector when it named Darren Topp, ex-boss of failed BHS, as its CEO, but now it seems that Topp is leaving and Erica Vilkauls, who recently ran the failed East chain, is on board.
UK and Spanish fashion retailers may be struggling but landlord Intu managed to report higher profits for 2017. Yet rental growth slowed in a tough market where store spaces are becoming less profitable for retailers.
Topshop owner Arcadia has given its suppliers notice that it expects a 2% discount on orders, citing the tough retail environment and higher costs, and leading analysts to question how weak current trading might be.
Poland’s LPP has scored a hit with the UK debut of its Reserved chain in London it said as it unveiled strong Q3 numbers. It has returned to profit and plans further expansion, with its Sinsay brand also growing fast.