Today’s news in brief-20/9/24

In August, UK retail sales saw a 1% increase, marking a continued recovery with a 2.5% year-on-year growth, the strongest since early 2022. While overall volumes remain slightly below pre-pandemic levels, supermarkets and clothing stores benefited from warmer weather and seasonal sales. Online spending remained steady, showing a 4.3% increase from last year. Lisa Hooker of PwC UK noted optimism for Christmas sales but cautioned on ongoing challenges, especially for household goods retailers.

UK consumer confidence plummeted to -20 in September, a significant decline affecting all measures including personal finances and economic outlook. Neil Bellamy from GfK highlighted concerns over future economic decisions impacting consumer sentiment despite stable inflation and potential interest rate cuts.

WHSmith plans to open 37 Toys“R”Us shop-in-shops across the UK, capitalising on the brand’s revival with stores set to open weekly in anticipation of Christmas shopping. Managing Director Sean Toal expressed excitement about expanding the brand’s reach and customer appeal.

Next warned it faces potential store closures following a legal setback in an equal pay case affecting over 3,500 employees. The retailer plans an appeal but warned of financial implications and possible closures if unsuccessful. Despite this, Next raised its profit forecast to nearly £1bn, reflecting strong sales performance.

Caroline Rush will step down as CEO of the British Fashion Council in June 2025 after 16 years of leadership. Under her tenure, the BFC expanded support for British designers and doubled revenues. The organisation begins the search for her successor as David Pemsel extends his term to facilitate a smooth transition.