Retail News UK

Consumer confidence has fallen nine points since last October, according to figures from the British Retail Consortium and Nielsen.

The consumer confidence survey for Britain - which is published every six months - fell from 74 points in October to 65, which is the lowest figure since the survey began in 2004. The index stood at 79 this time last year and peaked at 101 in spring 2006.

John Lewis is to open standalone homewares and electricals stores in a bid to gain greater coverage of the UK market.

The department store chain will invest £6m into the new strategy and the first shop will open in Poole in October. The retailer said there are approximately 30 locations across the UK in underserved markets where it could operate the new format shops.

Next has benefitted from a late Easter and warm weather with a better than expected first quarter.

Total retail sales were up 1.1 per cent in the 14 weeks to May 2 with like for likes down 2.3 per cent, well ahead of Next's estimates of between -6 and -9 per cent.

Sales for its Directory business were up 1.6 per cent.

Tesco is re-opening some of its stores in the southern border counties in Ireland with marked down stock reflecting sterling prices to try and curb customers crossing the border to buy their groceries.

Department store chain John Lewis has reported a mixed week with sales down 5.1 per cent.

John Lewis said the good weather made the start of the week slow, with both Sunday and Monday showing decreases. The retailer said trade improved through the week but was still challenging, building towards Thursday and Friday where it was up against last year.

Electricals group DSGi has unveiled plans for a £310.6m rights issue and share placing.

Cash raised will be used to fund the retailer's renewal and transformation plan, strengthen its capital base and underpin its finances "to provide comfort to the group's suppliers and their credit insurers".

Retail collapses soared in the first quarter as companies fell victim to falling consumer confidence and a deteriorating financing environment.

On average, more than seven retailers hit the wall a day in the three months to March. The number of insolvencies jumped 24 per cent on the previous quarter, according to PricewaterhouseCoopers research.

Sports fashion retailer Sports Direct has revealed that its sales performance has improved at the expense of margins.

The retailer, owned by controversial tycoon Mike Ashley, said that it remained confident of achieving underlying EBITDA of £135m, as previously outlined in its interim management statement on February 18.

Game's underlying pre-tax profit rocketed 67 per cent to £126.2m in the 53 weeks to January 31.

Department store group John Lewis has reported its strongest week of the year to date, with sales down just 1.5 per cent.