Retail news round-up: MPs demand extra pay from Green, Harris Tweed range help Sainsbury's sale and Selfridges plans to create world's largest handbag hall.
MPs demand extra compensation from Sir Philip Green
A senior regulator disclosed that ex-BHS workers who have retired since the collapse have lost around 10% of their retirement income, Daily Mail reported.
This caused MPs to demand more pay from Green along with request already made to explore seizing his assets.
Pension regulator boss Lesley Titcomb accepted it is powerless to seize assets from Green. However, it can utilise powers to issue an order to pay up.
Titcomb told that the pension scheme will pay in full to most of the members who have retired. But ex-staff who have retired since the collapse received a cut of 10% to their retirement income.
Labour committee chairman MP Frank Field raised concerns that such situation would create ‘two tiers’ of BHS pensioners. Titcomb said it would be easier in a ‘simpler situation’ where Green offered a sum of money upfront to bail out the pension scheme.
Sainsbury’s sales increase owing to Harris Tweed range
J. Sainsbury’s menswear sales have increased 13% over the last six months owing to the introduction of range of Harris Tweed menswear, Herald Scotland reported.
The formalwear sales surged 40% over last year by recent launch of a range of Harris Tweed jackets, wool-rich suits and blazers.
Sainsbury’s Argos commercial director James Brown said: “The menswear clothing market is an exciting area of growth. Our Harris Tweed jackets are a great example of how we’re innovating to ensure we’re offering our customers – male and female – a choice of high-quality products at great prices.”
Selfridges discloses plans to create largest handbag hall
Selfridges reveals plan to build largest ‘handbag hall’ in Oxford Street store, The Guardian reported.
As part of a £300m refurbishment of its flagship London store, the store is set to create 61,000 sq ft of space that will stock more than 70,000 bags, luggage and scarves.
The store will open in three phases which will be designed by architect David Chipperfield.
Selfridges said the plan was created around the ambition of its US founder Harry Gordon Selfridge to create a unified block within the Oxford Street, Orchard Street, Wigmore Street and Duke Street quadrant.
The new hall will feature brands ranging from Charlotte Olympia, Sophie Hulme and 3.1 Phillip Lim, including Hermès, Chanel and Céline. The cost will range from £30 for an Anya Hindmarch embossed leather sticker, to handbags and clutches priced at an eye-watering £20,000-plus.