Breakfast briefing: Retail news on reviving the high street, Pandora and the Co-op

New digital alliance launches to revive British high streets

Savethehighstreet.org, a new digital organisation, will launch this evening to rejuvenate high streets across the UK, The Times reported.

The initiative, set up by organisations across the industry including the Future High Streets Forum, Interactive Media in Retail Group, Tech City UK, Google Digital Garage and Pocket High Street, as well as retailers, will empower local shopkeepers with the technology skills and tools to boost sales.

In an event in central London this evening, Savethehighstreet.org will release a 10-point “high street manifesto” for successful modern retailing.

The organisation said it hoped to sign up 125,000 businesses over the coming year and promised to offer advice on the best technology and strategies in the “era of the connected digital high street”.

This could include ideas on how small retailers can improve online sales as well as offering educational seminars.

Pandora posts revenue increase in second quarter after no “Brexit” impact

Danish jewellery retailer Pandora has recorded a 20% year-on-year rise in its second quarter revenues to DKr4.3bn (£493.2m), slightly missing average analyst estimates of DKr4.5bn (£516.5m), Financial Times reported.

Pandora's EBITDA surged 23% to DKr1.6bn (£184m) for the three months to the end of June.

However, chief executive Anders Friis insisted the results were “very good”. He said: “If you look at our expectations we are still on track to meet them."

Friis also said Pandora was unaffected by a Brexit vote in the second quarter except in terms of currency.

The retailer said it ran several scenarios on how a Brexit might take place and “no matter what we are looking at, we have a strong business in the UK”.

“We are still very comfortable with our guidance for the year,” Friis added.

Co-op says food retailers could benefit from late summer in August

UK food retailers could receive a £290m boost in August from a late summer heatwave after a wet June and mixed July dampening sales, The Telegraph reported.

When temperatures rise above 21°C, food sales also surge by 10%, according to an analysis by the Co-op.

With an average weekly spend at UK food retailers of £2.9bn, this could increase sales by £290m a week.

The grocer has also revealed that a 10°C rise in temperature can fuel a 300% jump in sales of barbecue meats, while sales of cold beers jump 135% on hot days.