Weekly Retail & Leisure News - 13 April, 2015
The Co-operative Group revealed profits of £124m
in 2014 last week compared with a loss of £255m in the previous year. It announced
that its food and funerals’ businesses had both performed "robustly",
notably its LFL sales in food were up 0.4%. The Co-op has begun a three-year
plan to steady the business after deep problems emerged in 2013 with its bank,
which it has since largely sold off. In the last year, the group has invested
in its real estate by adding 82 convenience stores and refurbishing more than
700 stores. Currently, it is the UK's fifth-largest food retailer with almost
2,800 stores and plans to add another 100 outlets this year.
Other British retailers to announce positive
results this week include; Boots, Agent Provocateur, John Lewis, Laura Ashley
and Waitrose. The owner of Boots reported a massive 33% rise in profits in its
first update since a £6bn merger between US retailer Walgreens which was
completed last year. The retail pharmacy international division, which manages
Boots in the UK, reported sales of $2bn in the second quarter, with annual LFL
sales up 2.9%.
It was also announced last
week that work will start in autumn 2015 on a £140m shopping and leisure complex
in Rushden Lakes, Northamptonshire, after The Crown Estate agreed to forward fund
the scheme. Alongside existing owner, LXB Retail Properties, The Crown Estate aims
to deliver a complex featuring a home and garden centre, shops, eight
restaurants, lakeside visitor centre and a boathouse by summer 2016.
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Director, Head of Retail Research (UK & EMEA)
+44 (0)20 3147 1155
Director, Head of UK Retail & Leisure
+44 (0)20 7318 7838
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