Retail News UK

One of Tesco's rising stars announced his resignation yesterday, in the same week that Sir Terry Leahy stepped down and international chief Philip Clarke was named his successor.

Fresh foods chief Colin Holmes, who has been with the company for 22 years, will leave at the end of July. Holmes has long been touted as a potential chief executive, and is thought to have been being groomed to take the top job.

US lingerie giant Victoria's Secret is understood to be on the verge of signing its first UK store on London's New Bond Street.

Sir Terry Leahy is to retire from Tesco in March 2011.

Leahy, aged 55, will retire after 14 years as chief executive and international director Philip Clarke will take over.

Men's high street brand Blue Inc has opened its first store in Northern Ireland and expects to create over 100 jobs in the next 18 months.

Karren Brady, vice chair of West Ham United football club, is to join the board of Arcadia, it has been reported.

Two of Europe's largest fashion retailers Inditex and H&M have taken their first steps into new growth markets this week; with Inditex opening its first store in India and H&M announcing its first opening  in Turkey.

Asda has suffered its fifth consecutive monthly market share drop and growth behind the market at 2.5% according to Kantar Worldpanel.

The owners of Peacocks Group are considering appointing advisers to examine the value retailers’ options as it mulls a possible sale, it is understood.

Marks & Spencer opened its first Hong Kong standalone food store today after a successful trial of its Food to Go range in four shops there.

Value retailer Poundland has been bought by US private equity house Warburg Pincus.