Boots to shut 48 stores | UK Market Update

  • Jul 13, 2020 BST
  • Team Kalkine

BOOTS is closing 48 stores across the country in a huge restructuring, which will see 4,000 jobs lost. About seven percent of staff will be cut in the restructure,. The majority of job losses will come from the restructure its head office and store teams. Walgreens Boots Alliance said: "The adverse impact of COVID-19 on sales in the quarter was approximately $700 million to $750 million, with the majority of the impact related to the Retail Pharmacy International division. This reflected a dramatic reduction in footfall in Boots UK stores - down 85 percent in April - as consumers were advised to leave home only for food and medicine."

Cigarette sales have decreased by about 20m a month after plain packaging rules and tougher taxes were introduced three years ago, researchers have found. The number of cigarettes sold in the UK was falling by about 12m a month before the measures were introduced in May 2017, according to the TCRG, which is based at the University of Bath. After the legislation took effect, sales began dropping off much more steeply. Monthly sales were almost 3.29bn individual cigarettes in May 2015, but fell to 3.16bn in April 2018. The UK was the second country in the world to implement plain packaging laws, Australia was the first, despite suggestions from the tobacco industry that this would increase sales of smuggled cigarettes.

Shares in fashion retailer Quiz have plunged by more than a fifth after it said it had suspended a supplier over allegations a sub-contractor failed to meet National Living Wage rules. The company revealed it had launched an investigation but already understood, from an initial review, that a sub-contractor had been used by the supplier in question in "direct contravention of a previous instruction from Quiz." The announcement adds on tensions within the retail industry as competitor Boohoo is still struggling with concerns related to the working environment in its area of supply chain.

#UK #Fashion #COVID19 #Kalkine

 


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