Including GAME’s UK sales dip and Sainsbury’s athleisure expansion.
The Source rounds up some of the key retail stories of the week.
Video games retailer GAME has said that group sales for the 53 week period to July 30 are forecast to decline 4% to £815 million (compared with £866.6 million the previous year). While sales in its Spanish business increased 12.4%, UK sales dropped 10.8%, meaning a 5% decline on a group-wide basis. The challenging UK trading environment meant that GAME issued a profit warning following the Christmas trading period.
Sainsbury’s is expanding its Tu ‘athleisure’ line to 170 stores, with the 44 line offering also available online. The range initially launched in May, but the retailer is now aiming to significantly grow market share and also capitalise on the Rio 2016 Olympics. It will also add gymwear lines in September.
John Lewis saw sales grow 3.4% in the week to July 30, standing at £76.62 million. Warmer weather benefitted the outdoor living category, with sales up 41.5%, while electrical and home technology sales grew 10.5% and fashion sales increased 7.9%.
Elsewhere, John Lewis has confirmed that its £165 million development in Victoria Gate, Leeds will open on Thursday October 20.
Next saw its sales rise 1.8% in the second quarter, although full price sales for the year to date dipped slightly by 0.8% on the previous year. The fashion retailer also estimated that cost prices in 2017/2018 would rise by less than 5% on like for like products following the falling value of the pound.
Tesco has launched a pop-up wine bar in London’s Wardour Street to boost awareness of its Finest brand. The store – which will be open for two weeks – stocks 48 different wines from the premium own label range.
Fashion retailer New Look is to open menswear stores in China and France within the next year. The chain has said that it wants to open 25 menswear outlets across the UK, China and France in the next five years.
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