Up-to-date coverage of the latest events in UK retail.
Burberry to shutter one in 10 stores in ultra luxury bid
Burberry is set to close 10% of its global store estate as it tries to become more upmarket.
The brand would not identify which 38 stores would close but said that five in Brazil and Spain had already been closed. It will now focus on premium flagships as part of a plan, led by chief executive Marco Gobbetti, to turn Burberry into an ultra-luxury brand in the same league as the likes of Gucci and Dior, which can command higher prices and therefore profit margins.
Sports Direct sells head office properties for £120m
Sports Direct is to conduct a £120m sale and leaseback deal on premises at its Shirebrook HQ.
Sports Direct, controlled by tycoon Mike Ashley, said that its subsidiary Sportsdirect.com Retail Limited was in in advanced negotiations to dispose of the freehold properties at Shirebrook.
The retailer intends to take a 15-year lease on the property, which it said it would continue to operate as a distribution centre, offices and retail.
The cash raised will be used “towards the working capital of the company and its group operations”, Sports Direct said.