Retail news round-up: Sports Direct increases its bet on Debenhams, retail sales in Scotland decline, Bunnings to launch transactional website in UK
Sports Direct increases its stake in Debenhams
Sports Direct has increased its stake in Debenhams by taking its interest in the store to more than 11%, The Times reported.
The sports retailer has a put-option deal with Goldman Sachs, relating to a 10.5% position in Debenhams.
The put option is a bet that Debenhams’s share price will rally, giving the owner the right to sell the shares at a prearranged fixed price.
Scottish retail sales decline
Retail sales in Scotland dropped 1.9% in February compared with the same month in 2016, The Belfast Telegraph reported.
According to the Scottish Retail Consortium (SRC), food sales have increased but non-food categories such as clothing, footwear and household appliances have declined.
Bunnings plans online store in UK
Bunnings is planning to launch a transactional website within 18 months for customers in the UK, The Australian reported.
Bunnings UK managing director Peter Davis said to compete in the £38bn British hardware market, the retailer needed to offer its customers the ability to buy online.