Arcadia to close 200 stores
Arcadia, which includes high street fashion chains BHS, Topshop, Dorothy Perkins, Miss Selfridge, Evans, Burton and Topman, could close more than 200 stores in the coming three years as Sir Phillip Green looks to reshape the portfolio.
Primark profits soar 35%
Primark reported an “outstanding” performance for the past year. Operating profits rose 35%, but its owner Associate British Foods, warned that future margins will be squeezed by the soaring costs of cotton and transport.
Boots hopes PM’s China trip will signal big business
Alliance Boots and drinks group Diageo are among a number of big British businesses hoping to announce major corporate deals in China on the back of Prime Minister David Cameron’s high-profile business trip to the region.
From The Financial Times
Asos extends online platform
Asos.com is to launch a web-platform to allow independent traders and fashion boutiques sell alongside its online store. It has also launched a social networking platform to aggregate rival shopping sites to help consumers navigate online shopping.
Tesco to buy rival’s Asian stores
Tesco is set to buy some of French supermarket group Carrefour’s networks in Malaysia, Singapore and Thailand as part of a $1bn deal.
Music stores on the rise
The number of stores selling music is to reach a record number (6,600) despite the demise of specialist music retailer Zavvi and Woolworths. The Entertainment Retailers Association says that 180 BHS stores and 1,166 Tesco Express stores have added music to their ranges.
Non-food sales suffer in October
Sales of non-food items fell 0.2% in October, according to the latest figures from the British Retail Consortium. Food sales were 2.4% up during the period.
From The Times
High street to see 3% increase for Christmas
High street sales are set to rise by 3% as shoppers have a final fling before Christmas and before the VAT rate increases, according to a report by accountancy firm BDO.
From The Independent