KPMG news and archive

Retail sales marginally increase in March despite shift in holidays

New figures by KPMG-British Retail Consortium (BRC) have shown a slight increase in UK retail sales for the month of March, despite a shift in date for Easter that distorts the year-on-year sales comparisons. With this in mind, retail sales for the month rose 1.1 percent YoY, against a growth of 3.5 percent in March 2024. This came below the...

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Designer Brands appoints John Atkinson to its board of directors

Designer Brands has appointed John Atkinson as a member of its board of directors, effective August 1, 2024. The company said Atkinson was also named a member of both the audit committee and the nominating and corporate governance committee. "John’s extensive expertise as a strategic financial counsellor will be fundamental to guiding our path...

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Dune Group founder appoints KPMG to attract business investors

The Dune Group’s founder and chairman, Daniel Rubin, has appointed KPMG to find new investors in the business. Rubin, who established the footwear and accessories brand 30 years ago, said in a statement: “Having spent 47 years in the footwear industry the time is right to realise the investment I have made in Dune. The business is strong with a...

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Study: 90 percent of consumers are “curious” about the metaverse

One innovation that brands, retailers and consumers can hardly ignore is the metaverse, a virtual reality space where users can interact with a computer-generated environment and each other. More and more brands and retailers have discovered the metaverse for themselves and are trying to attract their customers not only offline and online, but...

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Retail

UK spending falls in April, but fashion shines as demand for occasionwear returns

Consumers in the UK cut down on their spending last month as the cost of living rose, but fashion continued to outperform other categories as Brits geared up for summer social events, new data shows. Overall sales dropped by 0.3 percent year-over-year in April, the first decline in the past 15 months, according to the latest BRC-KPMG retail...

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Retail

UK retail sales growth slows in August, but formalwear performs well

UK retail sales began to slow in August as pent-up demand to shop post-lockdown started to fade, but fashion retailers reported a strong performance, especially in the formalwear segment, new data reveals. On a total basis, sales were up 3 percent last month against a growth of 3.9 percent in August last year, according to the latest BRC-KPMG...

Retail

400,000 jobs could be lost from English high streets post-Covid

Some 400,000 jobs could be lost across England’s high streets post-Covid as an acceleration of online shopping and new work-from-home habits are expected to drive down footfall, new research suggests. According to a report by KPMG, a drop in commuter flow in England could range from over a tenth to under a third of commuter footfall seen...

Retail

UK retail sales hit record low in 2020

UK retail sales hit a record 25-year low in 2020 during a year plagued by prolonged store closures. For the whole year, total sales fell 0.3 percent compared with 2019, a record low since records began in 1995, according to the latest BRC-KPMG retail sales monitor. That drop was driven by non-food items, as categories such as fashion were hit...

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Vanners bought out of administration

Sudbury-based textiles manufacturer, Silk Industries that trades as Vanners, has been bought out of administration by businessman Roger Gawn. Vanners, which develops and manufactures silk fabrics and products for the luxury menswear, fashion and furnishing markets, fell into administration on November 9, 2020. Silk Industries appointed James...

Retail

UK retail sales show signs of recovery in June

Retail sales have shown signs of recovery in June, with total sales up 3.4 percent compared to last year, the biggest year-on-year increase since May 2018, new data reveals. It is the first growth registered since the end of the UK’s lockdown and far above the three-month average decline of 6.4 percent, according to the latest BRC–KPMG retail...

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Intu warns shopping centres may close if administrators called in

Intu has warned that if crunch talks this week with lenders fail, it may fall into administration and be forced to close shopping centres. The UK shopping centre operator has been in talks with key stakeholders to reach a standstill agreement on terms of up to 18 months ahead of the revolving credit facility covenant waiver deadline of 26 June...

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Intu puts administrator KPMG on standby

UK shopping centre operator Intu has reportedly put accountancy firm KPMG on standby to act as administrator. KPMG will be handling an insolvency process if lenders refuse to grant Intu the 18-month standstill it has requested, Sky News reports. Intu employs around 2,000 people. The firm, which operates Manchester’s Trafford Centre and Lakeside...