Author: Scott Dylan

Castore is expanding its presence with a new store in Derby, strategically located in Derbion shopping centre.The store marks an addition to Castore’s existing network of over 30 outlets, including 16 in the UK.This initiative aligns with the company’s strategy to increase its international footprint.The new retail space will be situated adjacent to Footlocker, enhancing its visibility among shoppers.Scheduled to open on 22 August, this move is anticipated to attract shoppers in the East Midlands.Castore, a Manchester-based sportswear company, is making strategic moves to expand its retail footprint by opening a new store in Derby. The store, located on the…

UK salary growth saw a notable deceleration in July.This moderation hints at potential interest rate cuts by the Bank of England.Recent research from KPMG and the Recruitment and Employment Confederation (REC) revealed a slowdown in salary growth for both permanent and part-time staff in July. The permanent staff salary index fell to 56.5 from 57.1 in June, while the temporary salary index dropped to 50.9 from 53.7. Such trends suggest a modest decline compared to the preceding month.Shoesmith added, “The interest rate cut is a welcome measure, and employers will need continued support to maintain confidence.” By aligning pay with…

VF Corporation is making efforts to recover from recent financial setbacks, reporting a significant operating loss for the quarter ending 29 June.The company’s revenue declined 9% year-on-year, despite some increases in direct-to-consumer sales.A major drop in Vans revenue, alongside declines at Timberland and Dickies, contributed to the overall financial downturn.VF Corp announced a strategic move by selling Supreme to EssilorLuxottica, aiming to improve its financial standing.CEO Bracken Darrell expressed confidence in achieving cost savings and returning to growth.VF Corporation has recorded an operating loss of $239.9 million (£188.9 million) for the quarter ending 29 June, a stark increase from the…

The British Business Bank recently reported a £122 million loss, attributed to short-term market downturns and valuation declines. Key insights from their announcement highlight the bank’s future plans, the economic context, and stakeholder perspectives.Chief Executive Louis Taylor attributes the loss to short-term falls in the book valuation of long-term investments.Despite the downturn, Taylor expressed optimism about the future of venture capital valuations.British Business Bank reported previous losses but is focused on long-term growth opportunities.The bank discussed new investment vehicles and reforms aimed at increasing its independence and impact.The British Business Bank has reported a £122 million loss for the past…

The Labour government’s goal of raising economic growth to 2.5% may be unachievable without a substantial increase in annual investment, according to an independent think tank.An independent think tank, NIESR, warns that Labour needs to increase annual investment by £50 billion to meet its economic growth targets.Economists advise that changing debt definitions might create fiscal space but emphasise the need for clear fiscal policy.Critics argue that the current fiscal rules have stifled public investment, thereby impacting productivity and economic growth.Despite recent government steps, experts forecast sluggish underlying growth and a rise in inflation in the near term.The National Institute of…

Frasers Group renews its lease agreements with Croydon’s primary shopping centres, consolidating its presence in the area.Croydon’s Centrale and Whitgift shopping centres gain new retailers, driving local retail growth.Unibail-Rodamco-Westfield signs three fashion retailers and other diverse businesses.Kate Orwin emphasises Croydon’s retail appeal and diverse offerings.Confidence in Croydon’s retail sector remains strong, blending global brands and local independents.Frasers Group, known for its strong retail presence, has renewed its lease agreements for Sports Direct and House of Fraser with Croydon’s central shopping locations, Centrale and Whitgift. This strategic move signifies a commitment to maintaining a strong foothold in the vibrant retail environment…

Airbnb shares have plummeted by 12%, reflecting the company’s struggle with a weakening demand in the United States and a notable decline in profits for the second quarter.In the second quarter, Airbnb reported a profit of $555 million, down from $650 million in the same period last year. The San Francisco-based company anticipates third-quarter revenue to be between $3.67 billion and $3.73 billion, falling short of Wall Street’s estimate of $3.84 billion, according to data from the London Stock Exchange Group. This shortfall is evidenced by the noticeable decline in domestic travel within the United States since the beginning of…

The Royal Mint has inaugurated a groundbreaking facility in south Wales, designed to extract gold from electronic waste. The operation is poised to process up to 4,000 tonnes of circuit boards annually, sourced from devices such as phones, laptops, and TVs, with a view to supporting sustainable jewellery production.This state-of-the-art installation, under development since March 2022, signifies a pivotal evolution in electronic waste management within the United Kingdom. Leveraging over 1,100 years of expertise in coin production, the Royal Mint plans to utilise the reclaimed gold in its exclusive 886 jewellery range. This high-end collection, unveiled in 2022, includes rings,…

In the first half of 2024, Puma experienced a sales decline of 2.1%, attributed to adverse currency effects and global economic challenges. This downturn led to a more conservative financial projection for the year.Puma’s net income plummeted by 25% year-on-year, amounting to €129.3 million for the initial six months, marking a significant downturn.Despite a challenging market, the company’s operating result (EBIT) for the second quarter showed a slight increase of 1.6%, reaching €117 million.Puma has adjusted its full-year EBIT forecast to between €620 million and €670 million from a previous high of €700 million.Puma’s executive team remains optimistic of a…

Lord Rose has been appointed the first patron of the Fashion Retail Academy, enhancing its industry connections.Lord Rose began his career at Marks & Spencer in 1972 as a management trainee and has held numerous prestigious roles since.The Academy, established by major retailers, has successfully trained over 13,000 students for the fashion retail industry.Lord Rose’s appointment aligns with the Academy’s mission to inspire the next generation of fashion professionals.The Academy’s new campus at Electra House on Moorgate is set to open in September.Lord Stuart Rose has been appointed as the inaugural patron of the Fashion Retail Academy, a move expected…