LONDON — British retailers have been open for three months and footfall is on the rise, but it’s clear businesses are moving at vastly different speeds as they try to recover from the impact of three national lockdowns and a dearth of international tourists due to ongoing travel restrictions.
“Regent Street and the United Kingdom hold a special significance to Fast Retailing,” said the company’s chairman, president and chief executive officer Tadashi Yanai. “Regent Street was one of the first Uniqlo stores we opened outside our home market, Japan, back in 2001. During these past 20 years, we have raised our profile as a global apparel retailer, and in the U.K. market alone we now boast several stores.”There are 15 Uniqlo stores in the U.K., 13 of which are in London.
John Lewis Partnership, which operates the John Lewis department stores and Waitrose supermarkets, hasn’t been moving as fast. During lockdown a year ago the company shut stores and laid off workers, and now there are more job cuts to come. The proposed restructuring is part of a five-year plan to reduce costs by 300 million pounds a year by 2022. The company said it is investing around 800 million pounds this year to fund future growth.
Deloitte sold plus-size brand Evans to City Chic in late December, and said the sale raised total proceeds of more than 500 million pounds for creditors. Harris said “the liquidation of the Arcadia companies is a large and complex undertaking, and our team will draw on its collective experience to maximize returns for creditors, including HMRC. Over the coming months our aim is to repay as much as possible of the group’s outstanding unpaid VAT liability.”
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