Today’s news in brief-17/11/23

HMV is set to make a comeback at its historic Oxford Street location, reopening on November 24, four years after the flagship store closed. The store at 363 Oxford Street, the site of the first HMV store in 1921, will create over 70 new jobs. The refurbished flagship will serve as a hub for entertainment, offering a wide range of music, film, merchandise, and technology products. It will also feature a purpose-built performance floor for live events, hosting performances by renowned artists as well as local talent through HMV’s Live&Local program. Next is in consultation talks with the Union of Shop, Distributive and Allied Workers (Usdaw) about closing its Bradford warehouse, potentially jeopardising 780 jobs. The move is part of Next's plan to centralise online operations and enhance stock availability. The company aims to shut the Toftshaw Lane site by September 2024, citing cost-effectiveness and environmental impact as reasons for not pursuing roof repairs. Usdaw is prioritising securing the best deal for affected workers and supporting them in finding alternative employment. Amazon is set to sell cars online starting next year, initially focusing on Hyundai vehicles for US customers. This follows a two-year-old deal with Hyundai to expand the digital showroom. Additionally, Amazon's AI assistant, Alexa, will be integrated into Hyundai cars from 2025 onwards. Amazon's CEO, Andy Jassy, sees this move as part of a broader strategic partnership that aims to simplify the car-buying process and enhance in-car experiences with Alexa. Halfords has reportedly expressed interest in acquiring online sports retailer Wiggle, joining Frasers Group in bidding for the company, which recently entered administration. Next was also considered, although they deny any interest. With 450 employees, Wiggle continues to trade during the insolvency process. Halfords has already stepped in to honour warranties and products bought from Wiggle and Chain Reaction. The move reflects challenges faced by independent bike shops and online retailers in the cycling market. Frasers Group has inaugurated a multi-fascia store at Gateshead Metrocentre, incorporating Sports Direct, USC, Evans Cycles, and Game. The 50,000 sq.ft store offers specialised sections for running, football, and outdoor activities. It also features the 10th elevated and largest hybrid Everlast Gyms to date. Ger Wright, managing director Sport at Frasers Group, emphasises the dedication to expanding and investing in the store portfolio to become the leading sports retailer in the UK and EMEA. Retail sales volumes in the UK fell by 0.3% in October 2023 according to the Office for National Statistics (ONS), following a 1.1% drop in September. Automotive fuel sales saw a significant 2.0% decline, attributed to cautious consumer spending and adverse weather. Food stores also experienced a 0.3% decrease, driven by consumers prioritising essential items. Non-food stores, including clothing and household goods, reported a 0.2% decline. However, online retailing and other non-food stores saw positive growth, highlighting the ongoing impact of the pandemic on consumer behaviour.

Today’s news in brief-17/11/23

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