The volume of Black Friday payment transactions in Britain as of 10 a.m. was up 12.5% versus last year, initial data showed on Friday, bringing some cheer to UK retailers in need of a tonic after a troubled year.
When a report headline says “Retail sales cease their decline in November”, it might not seem like the most exciting news in the world. But in volatile times such as these, it came as a relief to the UK retail sector.
Teen apparel retailer Abercrombie & Fitch trimmed its annual sales growth forecast on Tuesday, blaming political issues from Brexit to the Hong Kong protests for keeping customers away from its stores outside the US.
With harsh lessons learnt from past Black Fridays, British retailers are stretching promotions over several weeks, aiming to smooth out consumer demand and reduce the pressure on supply and distribution networks.
Mintel expects a "respectable" sales increase for UK stores in December, despite the ongoing shopping shift to Black Friday. And while electricals will be a big focus, fashion and beauty are also key for festive spend.
British business this month suffered its deepest downturn since mid-2016 as the approach of a national election exacerbated uncertainty about Brexit, according to a survey which augured badly for the economy.
UK fashion retailers see Brexit as a huge challenge for their businesses in the year ahead and almost half of small and medium-sized firms (SMEs) feel unprepared for whatever the outcome of the Brexit process will be.
The Hong Kong-based apparel, footwear and brand management company announced on Thursday that it has made significant progress in reducing its net loss as it continues to push forward with aggressive restructuring.