Author: Scott Dylan

In July, UK retail footfall experienced a notable decrease, affected by election-linked uncertainties.The British Retail Consortium reported a 3.3% yearly drop in overall UK footfall for July.High street, retail parks, and shopping centres all saw reductions in visitor numbers during this period.Election activities contributed to the twelfth consecutive month of falling footfall figures.Retailers are responding to the end of election events with strategic investment plans.The latest data from the British Retail Consortium (BRC) has revealed a concerning decline in footfall across UK retail spaces, recording a 3.3% decrease in July compared to the same month the previous year. This downward…

The recent financial developments at Harland & Wolff have sparked significant concerns regarding the future of Royal Navy warship construction.Harland & Wolff has chosen to focus on its core operations across four shipyards, abandoning its ferry service plans.The company’s financial instability casts doubt on its ability to fulfil a £1.6 billion Ministry of Defence contract.Malcolm Groat, the chairman, expressed gratitude towards their lenders for continued support during this challenging period.The Labour government’s decision not to support a taxpayer-funded bailout has further complicated the situation.Harland & Wolff, known for building the Titanic, has announced a strategic shift to concentrate on its…

Intel has announced plans to cut 15,000 jobs as part of a significant cost-cutting strategy. This decision comes amid fierce competition in the AI chip market, pushing the company to reassess its priorities.The move is expected to be completed by the end of 2024 and aims to reduce operating expenses significantly. Investor concerns have already led to a substantial drop in Intel’s share value, highlighting the critical nature of this restructuring.Major Workforce ReductionIntel recently revealed a plan to terminate 15,000 jobs, representing about 15% of its total workforce. This decision is part of a broader strategy to cut operating expenses…

Guild Esports, a prominent name in the competitive gaming world and backed by David Beckham, is currently navigating severe financial distress.The company has only £25,000 remaining in its accounts.Guild’s share price has dramatically dropped to ¼p, valuing the company at a mere £1.3 million.Since its IPO in 2020, the company’s shares have plummeted by 98%, having originally been valued at around £40 million.Despite the financial struggles, Guild is exploring options, including securing additional funding and potentially merging with a larger entity.Guild Esports, which engages in video game tournaments for popular titles like Fortnite and Tekken, has issued a stark warning…

The Drapers Inner Circle Summit welcomes Peter Ruis, a key figure in retail.Ruis, from the John Lewis Partnership, will discuss the business’s transformation.The event, held at London’s Ham Yard Hotel, hosts several prominent speakers.Ruis aims to focus on John Lewis’s in-house brands and multi-brand ambitions.Attendees will gain insights on retail strategies and brand enhancement.The Drapers Inner Circle Summit will see the participation of Peter Ruis, the executive director at the John Lewis Partnership, who will be a part of the distinguished speaker line-up. This event is set to occur on 16 October at the Ham Yard Hotel in London and…

The Bank of England has made a significant move, lowering interest rates from 5.25% to 5%, marking the first cut since the Covid-19 pandemic in March 2020.A majority decision by the BoE’s rate-setting committee resulted in the rate being cut to influence lending rates.The decision is expected to positively impact the retail sector and the economy, as welcomed by Bira.Independent retailers see this as a crucial step to boosting consumer confidence and spending.Despite ongoing inflationary pressures, the rate cut offers potential relief and investment opportunities.The Bank of England has notably lowered the interest rates from 5.25% to 5% for the…

Len Goodman, a pivotal figure in footwear manufacturing, passed away at 93, leaving a legacy in the shoe industry.Founding London Lane Shoes in the 1960s, Goodman established himself as a significant influence in UK shoe manufacturing.His business thrived by supplying major retailers, including the British Shoe Corporation, showcasing his strategic acumen.Goodman’s leadership and technical prowess earned him the admiration of his peers and family, notably mentoring nephew Daniel Rubin.As UK manufacturing competitiveness waned in the 1980s, Goodman closed his factory, symbolising the end of an era.Len Goodman, a venerable figure in the shoe industry, passed away at the age of…

In a pivotal move aimed at alleviating the financial burden on households, the Bank of England’s Monetary Policy Committee (MPC) has decided to cut the base interest rate to 5%, the first reduction since 2020. This decision, resulting from a narrowly split vote of 5-4 among MPC members, reduces the rate from a 16-year high of 5.25%.The Governor of the Bank of England, Andrew Bailey, aligned with the majority, supporting the reduction, which provides a significant relief amidst the ongoing cost of living crisis in the UK. The interest rates had been on an upward trajectory since December 2021, rising…

A recent report by The Prince’s Trust has highlighted a growing ‘digital skills crisis’ that significantly impacts young people in the United Kingdom. According to the study, 37% of young individuals are apprehensive about their digital competencies when seeking gainful employment. Furthermore, 41% are uncertain about which digital skills to pursue for future career opportunities.The report, entitled Decoding The Digital Skills Gap, reveals that inadequate exposure and restricted access to digital skills training are considerable obstacles preventing many young individuals from entering technology-related fields. This lack of digital confidence is particularly acute among those already disadvantaged, such as individuals not…

Fashion Revolution’s 2024 Transparency Index reveals a lack of UK brands in top 10.German brand Puma leads with 75%, showcasing high transparency in fashion.Superdry ranks highest among UK brands, but falls short with a 38% score.The average transparency score sits at 18%, indicating a global challenge.32 brands, including notable names, scored 0% in transparency.The latest Transparency Index published by Fashion Revolution highlights a notable absence of UK brands in the top tiers of the ranking. The index aims to measure transparency in the fashion sector, focusing on public disclosure of relevant information by major global brands. Leading the 2024 list…