Up-to-date coverage of the latest events in UK retail.
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17:12 Watches of Switzerland reports like-for-like spike
Watches of Switzerland has racked up a 10.4% rise in like-for-like sales, with global revenues reaching £197m in its second quarter.
Watches of Switzerland opened its first American flagship in SoHo, New York this November, and the company hopes to open two new stores in New York and New Jersey by the end of next year.
Watches of Switzerland chief executive Brian Duffy said: “Our excellent sales growth - both in-store and online - and increasing customer conversion and average selling price is testament to our proven strategy.”
7:47 Christmas footfall to be lowest since credit crunch
UK high streets are set for their quietest Christmas since the recession, according to forecasts, with footfall expected to decline 4.2% year-on-year, after falling 3.5% in 2017.
Low consumer confidence brought about by Brexit, greater online competition and customers increasingly opting to gift experiences such as gig tickets over products will combine to drive festive footfall down once more, according to retail footfall monitoring group Springboard.
7:25: Amazon Go to open in London’s West End
The store opening is being led by Amazon’s US team, according to The Sunday Telegraph, which first reported the news.
Amazon is thought to have been searching for sites between 3,000 and 5,000 sq ft for several months.
7:15 Debenhams bosses miss out on bonuses
Debenhams bosses have missed out on their bonuses after the department store chain reported its largest losses in its 240-year history.
The retailer had set a taregt of £85m profits to pay a 10% salary bonus to executives. However Debenhams reported profits of £33.2m, with writedowns taking reported loss to £491.5m. It also missed customer satisfaction targets.
Chief executive Sergio Bucher earned £972,000 in takehome pay, including a housing allowance of £113,000 for his first two years of employment.
