Sears Holdings Corp said on Thursday it plans to shutter another 72 locations to stem losses in the face of deepening financial distress and reported a nearly 12 percent drop in quarterly comparable-store sales.
Shop Direct continued to make strides as the UK’s second largest online retailer in the third quarter, however regulatory costs linked to PPI claims has pushed the parent company of Very.co.uk into the red.
In another blow to the UK high street, Marks & Spencer has proposed more closures as part of its transformation strategy. Bayswater, Darlington, East Kilbride, Falkirk and Kettering will be amongst the towns affected.
The royal wedding underlines the economic potential of a sector that needs to embrace digital technologies and look for new markets and formats to face a fragmented landscape where millennials will reign supreme.