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Retail rebounds as shops shrug off growth fears

21 November | 02:01 AM | City A.M. | News

SALES on the high street saw a rebound in October after a sharp September dip. Retail sales volumes were 0.8 per cent higher in October than in September, according to figures published yesterday by the Office for National Statistics. “Given recent concerns that the UK economy has been losing momentum and the importance of consumer spending, October’s healthy rebound in retail sales is particularly welcome and reassuring news,” said economist Howard Archer of market analysts IHS.

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Nike Opens First Store for Women as Lululemon Readies First Men's Store

Nike today opened its first women's-only store—in Newport Beach, Calif.—a week ahead of lululemon athletica opening its first men's-only store—on the opposite coast, in New York—on Black Friday. The move makes sense given that Nike expects its women's business to grow to $7 billion annually by 2017, from about $5 billion currently.Its second women’s-only store will follow quickly, opening on Nov. 29—but not in the U.S. but in Shanghai, China, the only two women's stores it has announced so far.


Dyson commits £1.5bn in global invention quest

INVENTOR James Dyson has today ann­ounced that his eponymous company, known for its revolutionary versions of household objects from electric fans to vacuum cleaners, is making a £1.5bn investment in future technology, at home and abroad. Dyson aims to launch 100 new products worldwide in the next four years. he financial commitment includes a £1bn R&D investment, a £250m campus in Malmesbury, Wiltshire, a £50m investment in British universities and a £200m manufacturing expansion in south east Asia.

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Amazon signs deal for 470,000 square feet in Manhattan

Amazon has signed a deal to lease 470,000 square feet in Manhattan for 17 years, a real estate trust confirmed today. Rumors are that the location will serve as the retail giant's first brick-and-mortar location, which will include a small warehouse for same-day delivery in New York. Amazon says it will use the space as corporate office space and sublease the retail portion. "We have leased this building primarily as corporate office space and we intend to sublease to other tenants the ground floor retail space."

My Tube: For a Fashionably Festive Season
For a Fashionably Festive Season
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Christie’s Offers $400 Million of Art, Wine and Handbags

Christie’s International Plc is offering about HK$3 billion ($387 million) worth of art, antiques, Romanee-Conti wine, jewelry and Hermes handbags in Hong Kong. While buyers from mainland China still dominate Hong Kong sales, Christie’s is casting a wider net in search of affluent collectors from elsewhere in Asia with the modern and contemporary art offerings from Nov. 22 to 26. “Chinese buyers are more low key these days, with China’s official austerity a factor,” said Jehan Chu, a Hong Kong-based art adviser who runs Vermillion Art Collections.

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Gap cuts profit forecast as demand slows for Old Navy brand

Apparel retailer Gap Inc cut its full-year earnings forecast as sales at the Gap brand continued to fall and demand for the cheaper Old Navy clothing slowed. The company's shares fell 4.4 percent in extended trading. Comparable-store sales fell 5 percent at Gap in the third quarter ended Nov. 1 while sales were flat at Banana Republic. Comparable sales growth at Old Navy stores slowed to 1 percent from 4 percent in the preceding quarter.

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Former JJB Sports boss convicted of taking £1m in backhanders

Chris Ronnie faces up to five years in jail after being found guilty on three counts of fraud and two of furnishing false information Chris Ronnie, the former boss of JJB Sports, has been found guilty of accepting more than £1m in backhanders from suppliers. The 52-year-old faces up to 10 years in jail after he was convicted of taking three cash payments from suppliers to the retail chain – which was once Britain’s biggest sportswear retailer but collapsed into administration in 2012. Some of the cash was used to buy property in Florida.

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