Author: Scott Dylan

Total UK footfall declined by 3.3% in July, influenced by election uncertainties.High street footfall fell by 2.7% year on year, contrasting a -3.1% fall in June.Retail park footfall decreased slightly by 0.8% compared to -0.4% in June.Shopping centres saw a larger decrease with a 3.9% decline from the previous year.England reported the most significant drop among UK nations, at 3.4% year on year.Total UK footfall saw a decrease of 3.3% in July year on year, a trend closely associated with the uncertainties surrounding the UK election. Consumers seemingly refrained from shopping due to the political climate influencing their spending habits.…

Amazon’s revenue increased by 10% to $148bn year on year in Q2 2024.The rise in revenue is fuelled primarily by North American sales.Operating income in North America surged with a 59% increase.Amazon Web Services reported a significant 19% growth in sales.Expected growth in the next quarter demonstrates continued strength.Amazon’s revenue surged by 10% in the second quarter of 2024, reaching a substantial $148 billion (£116.2 billion). This increase was largely driven by robust sales in its North American segment. The company’s strong performance in this region was a key factor in its overall revenue growth, showcasing the market’s significance to…

Virgin Money reported a decline in lending during the third quarter of 2024, aligning with strategic restructuring as it prepares for integration with Nationwide Building Society.The bank’s focus on unsecured lending growth, alongside stabilised arrears, highlights a shift in financial dynamics amid ongoing strategic developments.Strategic Performance in Q3Virgin Money experienced a slight decline in customer lending during the third quarter of 2024, marking a 0.9% reduction compared to the first half of the year, totalling £72.04 billion. This contraction was primarily driven by reductions in mortgage lending, which fell by 1.1%, amounting to £56.01 billion. Business lending also decreased by…

Cardiff Bay’s Scott Harbour is set for a significant transformation as plans to convert a vacant office block into 101 modern apartments receive approval. Rightacres, a leading developer, is spearheading this project, reflecting a growing trend of repurposing unused commercial spaces.This redevelopment will not only include the creation of residential units but also incorporate various amenities such as a gym and commercial areas, contributing to Cardiff Bay’s continuous evolution.Approval and Development PlansThe Scott Harbour project has received the necessary approval to move forward. This initiative, led by the developer Rightacres, will see the transformation of an unused office block into…

Peter Ruis, executive director at the John Lewis Partnership, is set to join the speaker line-up at the Drapers Inner Circle Summit, scheduled for 18 October.Attendees will gain insights into the transformation plans for John Lewis’s in-house fashion brands and its multi-brand platform ambitions.Ruis, an experienced leader in the retail industry, originally rejoined John Lewis as executive director in January.Under Ruis’s direction, John Lewis has introduced 100 new fashion brands and achieved a 3% sales growth in their men’s and women’s own brand categories.Other notable speakers at the event include Rixo co-founder Henrietta McCloskey and Sweaty Betty CEO Melissa Mullen.The…

The Bank of England has reduced interest rates from 5.25% to 5%, marking the first cut since March 2020.The decision was enacted following a narrow vote within the Bank’s rate-setting committee.This move is anticipated to impact lending rates across high street banks.The British Independent Retailers Association views this change positively.The rate reduction is expected to stimulate consumer confidence and spending.The Bank of England has undertaken a significant move by decreasing the interest rates from 5.25% to 5%. This adjustment marks the first reduction since the Covid-19 pandemic in March 2020, showcasing a cautious approach towards fostering economic recovery.The rate-setting committee’s…

Len Goodman, the founder of London Lane Shoes, has passed away at the age of 93, leaving behind a significant legacy in the footwear industry.Goodman established London Lane Shoes in the 1960s, positioning it as a key player in women’s fashion shoe manufacturing in the UK.The company initially flourished, supplying major retailers like the British Shoe Corporation, before Goodman sold it to Clarks.After buying back the business in 1972, Goodman navigated challenges until its closure in 1988 when UK manufacturing faced global competition.Daniel Rubin, founder of The Dune Group and Goodman’s nephew, credits Goodman as an inspirational mentor who emphasised…

The UK has unveiled a new online platform aimed at supporting black entrepreneurs across the nation. This initiative promises to offer valuable resources and networking opportunities to help business owners flourish.Developed through a collaboration between the Black Business Network and Lloyds Bank, this platform addresses the unique challenges faced by black entrepreneurs. It aims to provide tools that can help level the playing field, facilitating access to funding, mentorship, and much-needed networking opportunities.The Black Entrepreneurial Ecosystem Network (Beecon) marks a significant advancement in support for black British entrepreneurs. This initiative, developed by the Black Business Network (BBN) in partnership with…

Exeter Chiefs and Devon-based Troy have announced the renewal of their sponsorship agreement for the upcoming 2024-2025 season.The partnership, which includes support for both the men’s and women’s teams, reflects a commitment to shared values and community engagement.Partnership Renewal with TroyThe Exeter Chiefs rugby club has confirmed the continuation of its sponsorship arrangement with Troy, a notable tool supplies business located in Devon, for the 2024-2025 season. This marks five years of collaboration, demonstrating the strength and mutual benefits of the partnership. The sponsorship involves both the men’s and women’s teams, showcasing Troy’s commitment to supporting gender equality in sports.Significance…

Alo Yoga, a US-based athleisure brand, launched a new flagship store today on London’s Regent Street.This new location spans 10,000 sq ft and is part of Alo Yoga’s ongoing UK expansion.The store offers a full range of activewear, loungewear, and accessories for both men and women.Besides retail, the space aims to foster community connections and promote a mindful lifestyle.Two more Alo Yoga stores are set to open in London later this year as part of their growth strategy.Today marked the opening of Alo Yoga’s latest flagship store in the heart of London on the iconic Regent Street. This expansive 10,000…