Retail round up - The Sunday papers
Euro 'will be dead in five years', Threshers owed £24.7m to the taxman when it collapsed, Bumper pay day for former Carphone Warehouse director, George Davies looks to leave Bluewater and Regent Street flagship fashion stores, Chairman to give Habitat new look, Monsoon founder pockets, £14m, Rents soar on Mayfairs Mount Street, Hornby goes for gold with 2012 Olympics toys...
The Sunday Telegraph
The euro will have broken up before the end of this Parliamentary term, according to the bulk of economists taking part in a wide-ranging economic survey for The Sunday Telegraph. The single currency is in its death throes and may not survive in its current membership for a week, let alone the next five years, according to a selection of responses to the survey – the first major wide-ranging litmus test of economic opinion in the City since the election. The findings underline suspicions that the new Chancellor, George Osborne, will have to firefight a full-blown crisis in Britain's biggest trading partner in his first years in office. Full article here.
First Quench Retailing, owner of the Threshers off-licence chain, crashed into administration last autumn owing HM Revenue & Customs £24.7m in unpaid VAT, excise duty and National Insurance arrears, new documents reveal. Documents filed at Companies House also reveal that KPMG, the retailer's administrator, has clocked up costs of £9.5m for its work on First Quench's administration. This breaks down as 26,335 hours of work at £361.51 an hour. KPMG said it had taken fees of £7.2m and expenses of £86,500 to date.The document also shows that unsecured creditors to First Quench will receive only 1.4p in the pound following the 1,430-store retailer's collapse. Full article here.
One of the former board directors of Carphone Warehouse has landed a multi-million pound payout after selling his encryption technology business.Brendan Forster, Carphone Warehouse's first IT director, is the majority shareholder in Stonewood Group, which on Friday was sold to US-listed ViaSat for £14m.Stonewood specialises in the design, manufacture and delivery of data encryption products and services.
George Davies, the clothing entrepreneur behind Next, George at Asda and Per Una, is looking to exit two of his flagship GIVe stores just eight months after his highly-anticipated new chain opened. GIVe outlets on London's Regent Street and in the Bluewater shopping centre in Kent are being discreetly marketed to other retailers so that Mr Davies can vacate the shops.The move is a blow to Mr Davies, who opened six stand-alone GIVe stores and 16 department store concessions on the same day last October. The launch was one of the most ambitious UK retail launches in recent history.
The Sunday Times
The former boss of New Look, the fashion retailer, has been parachuted into Habitat to lead a turnround of the loss-making furniture chain. Phil Wrigley has been appointed executive chairman by Hilco, the restructuring company that took over Habitat last December.Wrigley said: “It is a fascinating business with huge potential. I will work with the management team to see where we can add further value.” Founded by Sir Terence Conran, Habitat was famous for bringing high-end design to the masses. It has suffered during the recession as shoppers have shied away from big-ticket items such as furniture, and has also lost out to cut-price rivals. Full article here.
The nation’s love affair with maxi dresses and bohemian style has paid off for Peter Simon, founder of Monsoon, the fashion retailer. Simon, 60, shared a recession- defying dividend of £14m with his family last year, according to documents filed at Companies House. It was Monsoon’s first dividend payment in five years. Simon founded the company in 1972 on a market stall in London’s Notting Hill selling Indian-inspired dresses. Earlier this year it reported an eightfold increase in profits, from £3.96m in 2008 to £32.96m in the year to last August 29.cMonsoon plans to open 140 stores in the next 12 months. It already has more than 1,000 outlets — 425 of which are in the UK. Full article here.
The pulling power of luxury brands has pushed up the cost of renting the best retail space in one Mayfair street by a recession-defying 330 per cent Before July 2006, Mount Street, London W1, was home to a number of arts and antiques dealers and was considered more of a through route from Berkeley Square to Park Lane than a destination in itself. Then came the designer clothes store Marc Jacobs, with the letting of 24/25 Mount Street. Since then, rents for the best space — the first 20ft from the store entrance — have risen from £90 a sq ft to £300 as other designer retailers have clamoured to benefit from the “Jacobs effect”. Full article here.
Hornby, the home of its eponymous model railways, Airfix kits, Corgi die-cast models and Scalextric racing sets, is hoping for buoyant sales of products linked to the Toy Story 3 film and the 2012 Olympics. The toy-maker has agreed a number of licences to make merchandise linked to the movie and will introduce a range based on the London Games, including model taxis. For the year to 31 March, Hornby's pre-tax profits dipped to £5.2m from £6.1m a year ago.
Networking spaces going fast at the Retail Loyalty Conference 2010
Vodat International, Aldata, Sterling Commerce, Trillium Software, RedRoute, richrelevance, Kurt Salmon Associates, EDI, Carlson Marketing.. are just some of the companies who will be networking with retailers at the UK's largest retail specific loyalty CRM event.
If you have a product or service in Customer Loyalty, CRM, Marketing, Insight, Brand, MultiChannel then you need to be at the Retail Customer Loyalty Conference on June 22nd.
Retailers are already registered from: Sainsbury's, B&Q plc, Ryman Stationery Ltd, Marks and Spencer, Dwell Retail Ltd, Blackwell, Best Buy International, Orvis Company Incorporated, John Lewis, BBC Shop, Smartbox, Office Depot, Play.com, DSGi, Lloydspharmacy, House of Bath, Boots, Dominos Pizza, New Look, Harvey Nichols, Shoe Zone Ltd., Oasis, Carpetright, Mamas & Papas, Harrods, npower, Musgrave Retail Partners GB, Matalan, parcels2go, Alexon International, loveyourphotos, JD Williams & Co Ltd, McElhinneys, Hoopers, Wynsors World Of Shoes, Karen Millen, BBC Worldwide, Shop Direct Group, Freemans Grattan Holdings, Dairy Crest, Matches Fashions, Ann Summers, The White Company, Carphone Warehouse, Outsize Manshops BV, Calvin Klein, Fortnum & Mason plc, Monsoon Accessorize, World Design & Trade Co Ltd, HMV…
If you would like to take part in the UK's largest retail specific loyalty event, be networking with senior retailers, generating new sales leads and taking part in the interactive Q&A sessions then contact Ian Sprange firstname.lastname@example.org 01737 647101
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