Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Finance

Britain's Next says worst of structural shift to online is over

Published by Global Banking and Finance Review

Posted on March 27, 2025

Featured image for article about Finance

LONDON (Reuters) - The worst of the structural shift in Britain's retail sector from physical stores to online is over, the boss of clothing retailer Next said on Thursday.

Next CEO Simon Wolfson said the group plans to increase its physical trading space in Britain by 0.4% in its year to January 2026 - its first increase in over five years.

The new space will consist of ten new stores and the re-site of six stores to new locations. Also two homewares stores will be converted to fashion stores.

"The fact that we've gone back to opening new space, albeit in a modest way, is a reflection that we think the worst of that move online is over," Wolfson told reporters at a media briefing after Next reported annual results.

Next is still forecasting a 0.3% decline in store sales in 2025/26, more than offset by a 4.3% rise in UK online sales. Total UK sales are forecast to be up 2.3%.

Trade body, the British Retail Consortium, reported this month that the proportion of non-food items bought online increased to 36.4% in February from 35.8% in February 2024.

(Reporting by James Davey; editing by Sarah Young)