The UK retail euphoria around news that VAT-free shopping for tourists is returning and will include EU visitors has been tempered by suggestions it won’t happen until 2024. But retail is pushing for an earlier date.
Estée Lauder has a major fashion label license to add to its portfolio. It has announced a license deal with Balmain for “an innovative line of beauty products to speak to luxury consumers around the world”.
The Christmas season should usually be the busiest period of the year for physical retailers — especially now, after several years affected by Covid. But this year might not be the bonanza stores hope for.
Retail sales volumes fell at a “considerable rate” in September after posting strong growth in August. What’s more the decline in sales is expected to continue next month, albeit at a slower pace, according to the CBI.
An already bruised consumer confidence took a further hit in September, tumbling to a new low.. And with the Bank of England now suggesting the UK has tipped into recession, expect further dips to come.
In what has been called a ‘mini budget’, the UK government on Friday not only said that it would bring back VAT-free shopping for tourists to Britain but that it would be a better system than the one abolished in 2021.
M&S has set out a £15 million package to support its front-line workers in the cost-of-living crisis, introduced an additional autumn pay review for the first time, while extending wide-ranging wellbeing benefits.
It’s going to be the “world’s first luxury virtual reality shopping universe”, we’re told. And although the so-called Xydrobe universe doesn’t officially open until 2023, it has just started taking registrations.
With the key festive selling season looming, Dior has announced that it’s paying “tribute to the unbreakable ties it has woven with Harrods over nearly 70 years, and to Christian Dior’s love of Christmas celebrations”.