Today’s news in brief-20/3/25
The UK retail sector has faced significant challenges over the past five years, with a quarter of a million jobs lost, according to the Office for National Statistics (ONS). The latest data reveals a decline to 2.84 million retail jobs, marking a reduction of 70,000 compared to the previous year. This downturn is attributed to rising costs, including increased employer National Insurance contributions and the National Living Wage, which have added £5 billion to retailer wage bills. Helen Dickinson of the British Retail Consortium (BRC) warns that further job cuts, particularly in part-time roles, could exacerbate the situation, impacting flexible work opportunities crucial for many individuals.
UK consumer confidence showed a slight improvement in March, rising to -35 from February’s -37, as reported by the BRC. This uptick is partly driven by Gen Z, who are expected to increase spending across all categories, while Gen X plans to cut back on non-essential items. Food and grocery spending expectations reached a new high, likely influenced by anticipated price rises. Dickinson emphasized the need for government intervention to bolster confidence and mitigate the impact of rising costs on retail prices and investment.
Wickes reported a decline in profits, with adjusted pre-tax profits falling to £43.6m for the year ending December 2024, down from £52m the previous year. The company attributed this to weaker demand for high-ticket items and inflationary pressures. However, Wickes saw growth in its retail category, driven by a 14% increase in TradePro sales and a rise in active members to 581,000. CEO David Wood expressed optimism for the coming year, citing positive sales growth in the first quarter of 2025.
Footasylum celebrated a record year, with pre-tax profits soaring by 188% to £17.2m. Total revenues increased by 9.4% to £349.5m, driven by a 3% rise in store sales and a 6% increase in online sales, which now account for 41% of total revenue. The company’s strategic initiatives, including partnerships with global brands like Nike and Adidas, have positioned it for sustained growth.
Luxury watch brand Panerai announced the appointment of Emmanuel Perrin as its new CEO, effective April 2025. Perrin, who brings 33 years of experience within Richemont, will succeed Jean-Marc Pontroué, who is stepping down after a 25-year career with the group. Perrin expressed enthusiasm for leading Panerai, emphasizing his commitment to building on the brand’s global presence and legacy.