Latest news with #Hamleys
CNBC
8 hours ago
- Business
- CNBC
CNBC's UK Exchange newsletter: Britain was once known as a ‘nation of shopkeepers.' Now, not so much
England, Napoleon Bonaparte reputedly once said, is a nation of shopkeepers. These days, he might observe that it is more a nation of administrators, insolvency practitioners and restructuring advisors. Barely a day passes without news of another retailer going bust or closing dozens of stores. To take a handful of headlines from the last week: advisors have been appointed to salvage part of Claire's U.K., the British arm of the global accessories chain, which has 281 outlets nationwide; Hamleys, the world famous U.K. toy retailer, has closed 29 stores after shutting 40 in 2023; and Seraphine, the maternity retailer whose customers included the Princess of Wales, has stopped trading altogether. They are just the tip of the iceberg. Poundland, recently offloaded for just £1 by its Polish-listed former parent Pepco to the U.S. investment group Gordon Brothers, is widely expected to close dozens more stores on top of those already announced as its restructuring begins in earnest. Hobbycraft, the arts and crafts retailer, and the Original Factory Shop, a general retailer, are both closing scores of outlets following their acquisition by Modella Capital, the U.K. private equity firm currently in the process of buying the high street arm of WH Smith, the stationery retailer now best known for its outlets in airports around the world. Some of its branches are also likely to shut. The pain is being felt most acutely in fashion retail, reflecting increased competition from online competitors like ASOS and Shein. New Look, which has delighted generations of teenagers and 20-somethings for 55 years, is fighting for its life and earlier this year announced plans to shut 100 outlets, around a quarter of its total, when their leases expire. The even-older River Island — which dates back to 1948 and, in the swinging 1960s, rebranded itself Chelsea Girl as it rode the mini-skirt boom — has also called in advisors to help with a possible restructuring. It currently employs some 5,500 people across more than 250 stores. They follow a long line of well-known U.K. retailers to have closed their doors during the last decade or so — some still soldiering on as online-only brands — including Topshop, Dorothy Perkins, Ted Baker, Thorntons, Carpetright, Paperchase and Debenhams. Others, such as the Body Shop and Wilko, are under new owners, which tends to come with a vastly reduced store estate. The retail sector is not alone in suffering. Hospitality is also afflicted with even established names like Byron Burger, Chipotle, Frankie & Benny's and Papa John's closing sites across the U.K. The most recent casualty was Ping Pong, a popular dim sum chain, which closed for good last week after 20 years in business. There may also soon be closures at Côte, a brasserie chain which once had 100 outlets, whose private equity investors are now seeking new investment. In all, around 17,350 retail sites are expected to shut down this year, with the loss of almost 202,000 jobs, according to the Centre for Retail Research, a data provider. It estimates that, during 2024, some 13,479 stores closed, following 10,494 closures during 2023. To say the trend is accelerating is both accurate and worrying. There are several short-term reasons for this carnage and plenty of long-term ones. The most important of the former is the rise in employers' National Insurance Contributions (NICs), a payroll tax, introduced by Chancellor Rachel Reeves in April this year. However, more damaging than the increase in the rate — which rose from 13.8% to 15% — was a drop in the threshold at which it is paid from £9,100 to £5,000. That has increased the cost of employing people and, in particular, the part-time workers crucial to retail and hospitality. A number of employers have blamed it for both job losses and branch closures. Among them was Bob Wigley, co-owner of Margot, a popular restaurant in London's Covent Garden recently forced to close. Wigley, previously one of the City's best-known investment bankers, posted on LinkedIn that one of the restaurant's managers had told him: "We survived Covid but we can't survive Labour." The government told CNBC that its tax changes were "tough but necessary," and are needed to "protect working people's payslips from higher taxes," and invest in public services. The British Retail Consortium, the main industry body, has estimated that the hike in employers' NICs will cost the retail sector alone some £2.3 billion. Other near-term factors include the recent rise in the minimum wage from £11.44 ($15.38) an hour to £12.21. The age at which it kicks in was also reduced from 23 to 21 — making it more expensive to hire younger workers — while the rate for 18-20-year-olds rose from £9.60 an hour to £10. Wages have also been rising more broadly, following several years of above-average earnings growth across the economy, a result of the U.K.'s tight labor market and the rise in economic inactivity since the pandemic. But as unemployment — and with it, job insecurity — starts to rise, consumers are increasingly eating into their savings or becoming more frugal. The U.K.'s savings ratio, which spiked during the pandemic and remained high afterwards, is now falling for the first time this decade. As Clive Black, head of consumer research at the investment bank Shore Capital and one of the City's most renowned retail-watchers, put it in a recent client note: "U.K. consumers are low on confidence, fed up with broken Britain." Local councils have also pushed up parking charges and introduced so-called "low traffic neighborhoods," making high-street shopping tricky for those who rely on their cars, prompting many bigger operators —the likes of Next and Marks & Spencer — to shift to out-of-town retail parks. But there are also longer-term factors. Business rates — a tax dating back 400 years levied on the "rateable value" of most non-domestic properties such as shops, offices, pubs and warehouses — hit bricks-and-mortar retailers much harder than online retailers like Amazon, which is also blamed for sucking business away from the high street. In its election manifesto last year, the governing Labour Party promised to "level the playing field between the high street and online giants," but its solution — hitting larger properties more heavily to fund lower rates for smaller premises — has alarmed many in the sector, including supermarket multiples like Tesco, Sainsbury's and the Co-op. The government says its business rates system is designed to "protect the high street" and support investment. Regardless, the acceleration in store closures has raised fears that this is a structural downturn, rather than just cyclical. There is some evidence for this. In the past, when an established retailer was forced out of business, other operators stepped in to take its place. A good example is the U.K. arm of Woolworths, the much-loved variety store chain, whose 807 outlets closed — with the loss of 27,000 jobs — in late 2008 and early 2009 at the height of the financial crisis. New tenants were quickly found for many of these as rivals, such as B&M, stepped in to take the sites at a cheaper rent. Many of these, including the likes of Poundland, Poundstretcher and Original Factory Shop are now themselves struggling. However, more recently when a store has closed, it has remained closed, which, added to the exodus to retail parks, has left many high streets with a sense of decay. When a big retail destination closes or moves out, footfall is reduced. Accordingly, a typical British high street, which in the 1980s or 1990s boasted familiar names like Boots, Woolworths and Marks & Spencer, is more likely these days to be home to vape shops, American-style candy stores, tattoo parlors and charity shops (the latter of which benefit from significantly lower business rates). The sense that this is a structural change also reflects a shift in retail property ownership. The big U.K. commercial property players such as Land Securities and British Land, where they have exposure to the retail sector at all, will do so largely via retail parks or shopping centers. The typical high street landlord is more likely these days to be a "mom and pop" operator unable to offer tenants better terms when they run into difficulty. All of this sounds like a perfect storm, yet there is another, less frequently acknowledged factor at play: going into the 21st century, when Amazon began eating the lunch of the old bricks-and-mortar retailers, there were simply too many players. Many retailers will not countenance the idea, but perhaps what we have seen over the last quarter century is simply over-capacity being taken out of the Rachel Reeves faces mounting pressure Investors are looking for clues on how Reeves plans to fill a black hole in the budget as we approach the Autumn Budget, when next year's fiscal plans are announced. UK GDP underperforms on the month — what happens now? The U.K. economy unexpectedly shrank again in May and economists expect growth to slow in the rest of the year amid a weaker jobs market and ongoing economic uncertainty. JPMorgan CEO Jamie Dimon tells Europe 'you're losing' on competitiveness Jamie Dimon last week lamented Europe's lack of competitiveness in comparison to the U.S. and China. Listen in to see what he had to say, and how CNBC's anchors reacted to his an exodus of millionaires, businesses and workers, has London lost its spark? London has taken a bit of a battering lately. CNBC asked analysts whether the city is on downward trajectory, or just experiencing some bumps in the road. The UK's budget gap is widening and markets want to know Reeves' fix. Chancellor Rachel Reeves' Mansion House is a crucial opportunity to signal the steps she will take to inject growth back into the U.K. economy. UK economy contracts again in May, missing expectations for slight rebound. The U.K. economy unexpectedly shrank again in May, data showed Friday, failing to shake off the impact of U.S. tariffs and business uncertainty.U.K. stocks have been strong outperformers over the past week, with the FTSE 100 gaining 1.6%. The index notched a record intraday high above 9,000 points on Tuesday. London-listed companies have been boosted by the fact that the U.K. has already negotiated a trade deal with the White House, while business in the European Union remain mired in uncertainty — and under threat of 30% U.S. duties — heading into earnings season. Further support has come from a decline in sterling, which has dropped 1.5% against the U.S. dollar to $1.339 over the past week, as Bank of England Governor Andrew Bailey suggested the central bank would be more forceful with interest rate cuts if the labor market weakens. A weaker pound can be beneficial to FTSE 100 firms, a majority of which derive their revenue overseas. The gilt market has been relatively calm following its recent spell of volatility. The 10-year yield has eased to 4.62% from 4.63% over the past seven days, while the 2-year yield is down to 3.83% from 3.88%.
RTÉ News
21 hours ago
- Entertainment
- RTÉ News
Lego, Barbie and Rubik's Cube among top toys of all time
Lego classic bricks, the Barbie doll and the Rubik's Cube have been named among the top toys of all time by British retailer Hamleys. The boardgame Monopoly, the Tamagotchi virtual pet, which Hamleys described as a "symbol of 90s tech toy obsession", and the Action Man doll also make the top ten, as does the Teletubby doll, the Furby, the Frozen singing doll and Nintendo Game Boy. The toy store said it compiled its "hero" 100 list with the help of top buyers to mark its 265th birthday, and included toys that had cultural impact, enduring popularity and historical significance. It described Lego - first released in 1958 - as "timeless, creative, and a global phenomenon", noting it had gone on to span toys, films and theme parks. It said more than one billion Barbie dolls had been sold across the world since its first release in 1959, making it a "pop culture icon" across the decades. More than 500 million Rubik's Cubes had been sold since 1974, making it the world's best-selling puzzle toy. However, Hamleys said "eternal classics" such as the hula hoop, spinning tops and marbles were still bought around the world today, despite them being among the first toys sold by the store when William Hamley opened its doors in 1760. Victoria Kay, head buyer at Hamleys, said: "Once you start looking at this, it turns rapidly into a nostalgia-fest - even for toys from four or five years ago. "My personal favourites are Sindy doll - I was always a Sindy girl as she was a cool British icon. I also adored Glo Worm, even though I was maybe a bit old for it and Simon felt like properly, cutting edge, advanced technology when it came out - it was literally the soundtrack of Christmas in the 80s." Senior Hamleys buyer Karen Dennett said she particularly remembered toys where stocks were under severe pressure due to unforeseen demand and unusually had to be restricted to one per customer. She said: "It was mayhem at times with toys like the singing Frozen 'Let it Go' doll - we were getting them rush air freighted in to try to satisfy demand. "I remember me and my brother both getting a Rubik's Cube for Christmas. He solved it super quick, but I was nowhere near solving it, so I remember peeling the coloured stickers off to allow me to look like I had managed it." Ms Kay said it was difficult to determine what made a toy popular. "You can never underestimate the power of togetherness created around some of the big sellers. "Those toys that bring people of all ages together - get families around a table talking, playing, challenging, maybe even cheating. Monopoly would be nothing without the competitive family battles that emerge," she said. Ms Kay added: "We also mustn't forget that simplicity is often key - the joy of cuddling a doll or storytelling with an action figure or a superfast Hot Wheels car. "Combined with a good dose of jeopardy and you have something truly memorable - think Operation or Kerplunk, Jenga or Buckaroo - they are so simple. "I used to panic trying to balance the boot in Mousetrap and be terrified of the noise Operation would make when I got it wrong or just burst with panicky laughter when the Jenga tower finally wobbled and collapsed. Toys like that will last forever."
BBC News
a day ago
- Entertainment
- BBC News
What is YOUR favourite toy or game?
Toys have been bringing joy to children all over the world for can provide hours of fun and entertainment and are a way to bring people have you ever asked yourself which ones are the best?Well, toy seller Hamleys has put together its very own list of the top 100 toys of all time. It was created to mark the retailer's 265th anniversary. Read on to find out more about some of the toys being celebrated. Lego Did you know the modern Lego brick, known for its bright colours and the tubes and studs that allow the pieces to be connected together, was first released back in 1958?The Lego brick was created in Denmark by Godtfred Kirk took over from his father, Ole Kirk Kristiansen, who founded the Lego Group in 1932. Lego has gone on to be hugely successful, with millions of sets sold each year. The brand has even expanded out to Legoland parks, with 10 locations around the world. Hula hoops, spinning tops and marbles Have you ever played with hula hoops, marbles or spinning tops?These old-school toys may make you think of your grandparents, but despite being around for a very long time, they're still enjoyed by lots of children today. The popularity of toys like this largely comes down to how simple they are to play with. They can be used in lots of different ways, and different countries have their own unique games and rules for them. Rubik's Cube Have you ever tried to solve a Rubik's Cube?It was invented in 1974 by a Hungarian architecture professor called Ernő went on to use the cube to teach his students about three-dimensional originally named it the Magic Cube, and this was later changed to the Rubik's Cube in 1980. Over 500 million of them have been sold worldwide, making it the best-selling puzzle toy. Barbie Around one billion Barbie dolls are believed to have been sold around the world since it was first released in world-famous doll was created by American inventor Ruth Handler, and 350,000 were sold in the first year alone. But it wasn't plain sailing for the inventor. She experienced some pushback from people who weren't happy about the idea of a more grown-up looking doll. They thought women wouldn't want to buy it, but that didn't turn out to be the case. Millions of Barbies are sold every year, with many of the newer releases focusing on diversity and inclusivity. Monopoly Monopoly is one of the most popular board games in history. Did you know that it started out as the Landlord's Game all the way back in 1904?It was designed and patented by an American stenographer and feminist called Lizzie Magie, although its creation is often linked to a man called Charles Darrow. He released his own version of the game under the name Monopoly, which first sold in 1935. Over 250 million Monopoly games have been sold since its release. Tamagotchi Have you ever seen one of these before?It's called a Tamagotchi and was first released in Japan in was launched worldwide the following year. Tamagotchis are virtual pets people can look after. The pocket-sized, egg-shaped devices became hugely popular during the late 90s, with lots of school kids playing with them together. The toy has made a comeback in recent years, largely thanks to Gen Z. Furby The Furby first burst onto the toy scene in the late 90s, and quickly became a hit, with over 40 million sold within the first three years of them launching. The toy was created by inventors Dave Hampton and Caleb Chung. The first Furby had infrared eyes which allowed them to communicate with each were popular, as people loved being able to interact with the robotic even made appearances in TV shows like The Simpsons. Nintendo Game Boy The Nintendo Switch is hugely popular today, but many years before its invention, another handheld games console was the sought-after toy. The Nintendo Game Boy was first released in Japan in 1989 and came to Europe the following year. The tiny console changed the world of video gaming forever, allowing people to play games like Tetris, Super Mario and Pokémon on the go. We want to know - what is your favourite toy or game and why? You can let us know in the comments below.
Yahoo
a day ago
- Entertainment
- Yahoo
Hamleys names Lego, Barbie and Rubik's Cube among top toys of all time
Lego classic bricks, the Barbie doll and the Rubik's Cube have been named among the top toys of all time by retailer Hamleys. The boardgame Monopoly, the Tamagotchi virtual pet, which Hamleys described as a 'symbol of 90s tech toy obsession', and the Action Man doll also make the top 10, as does the Teletubby doll, the Furby, the Frozen singing doll and Nintendo Game Boy. The toy store said it compiled its 'hero' 100 list with the help of top buyers to mark its 265th birthday, and included toys that had cultural impact, enduring popularity and historical significance. It described Lego – first released in 1958 – as 'timeless, creative, and a global phenomenon', noting it had gone on to span toys, films and theme parks. It said more than one billion Barbie dolls had been sold across the world since its first release in 1959, making it a 'pop culture icon' across the decades. More than 500 million Rubik's Cubes had been sold since 1974, making it the world's best-selling puzzle toy. However Hamleys said 'eternal classics' such as the hula hoop, spinning tops and marbles were still bought around the world today, despite them being among the first toys sold by the store when William Hamley opened its doors in 1760. Victoria Kay, head buyer at Hamleys, said: 'Once you start looking at this, it turns rapidly into a nostalgia-fest – even for toys from four or five years ago. 'My personal favourites are Sindy doll – I was always a Sindy girl as she was a cool British icon. I also adored Glo Worm, even though I was maybe a bit old for it and Simon felt like properly, cutting edge, advanced technology when it came out – it was literally the soundtrack of Christmas in the 80s.' Senior Hamleys buyer Karen Dennett said she particularly remembered toys where stocks were under severe pressure due to unforeseen demand and unusually had to be restricted to one per customer. She said: 'It was mayhem at times with toys like the Frozen Singing 'Let it Go' Doll – we were getting them rush air freighted in to try to satisfy demand. 'I remember me and my brother both getting a Rubik's Cube for Christmas. He solved it super quick, but I was nowhere near solving it, so I remember peeling the coloured stickers off to allow me to look like I had managed it.' Ms Kay said it was difficult to determine what made a toy popular, but said: 'You can never underestimate the power of togetherness created around some of the big-sellers – those toys that bring people of all ages together – get families around a table talking, playing, challenging, maybe even cheating. Monopoly would be nothing without the competitive family battles that emerge. 'We also mustn't forget that simplicity is often key – the joy of cuddling a doll or storytelling with an action figure or a superfast Hot Wheel car. 'Combined with a good dose of jeopardy and you have something truly memorable – think Operation or Kerplunk, Jenga or Buckaroo – they are so simple. 'I used to panic trying to balance the boot in Mousetrap and be terrified of the noise Operation would make when I got it wrong or just burst with panicky laughter when the Jenga tower finally wobbled and collapsed. Toys like that will last forever.'
Irish Examiner
a day ago
- Entertainment
- Irish Examiner
From Lego to Rubik's Cube: Hamleys releases list of 100 top toys of all time
Lego classic bricks, the Barbie doll and the Rubik's Cube have been named among the top toys of all time by retailer Hamleys. The board game Monopoly, the Tamagotchi virtual pet, which Hamleys described as a 'symbol of 90s tech toy obsession', and the Action Man doll also make the top 10, as does the Teletubby doll, the Furby, the Frozen singing doll and Nintendo Game Boy. The toy store said it compiled its 'hero' 100 list with the help of top buyers to mark its 265th birthday, and included toys that had cultural impact, enduring popularity and historical significance. It described Lego – first released in 1958 – as 'timeless, creative, and a global phenomenon', noting it had gone on to span toys, films and theme parks. A Rubik's Cube (Alamy/PA) It said more than one billion Barbie dolls had been sold across the world since its first release in 1959, making it a 'pop culture icon' across the decades. More than 500 million Rubik's Cubes had been sold since 1974, making it the world's best-selling puzzle toy. However Hamleys said 'eternal classics' such as the hula hoop, spinning tops and marbles were still bought around the world today, despite them being among the first toys sold by the store when William Hamley opened its doors in 1760. Victoria Kay, head buyer at Hamleys, said: 'Once you start looking at this, it turns rapidly into a nostalgia-fest – even for toys from four or five years ago. 'My personal favourites are Sindy doll – I was always a Sindy girl as she was a cool British icon. I also adored Glo Worm, even though I was maybe a bit old for it and Simon felt like properly, cutting-edge, advanced technology when it came out – it was literally the soundtrack of Christmas in the 80s.' Senior Hamleys buyer Karen Dennett said she particularly remembered toys where stocks were under severe pressure due to unforeseen demand and had to be restricted to one per customer. She said: 'It was mayhem at times with toys like the Frozen Singing 'Let it Go' Doll – we were getting them rush air freighted in to try to satisfy demand. 'I remember me and my brother both getting a Rubik's Cube for Christmas. He solved it super quick, but I was nowhere near solving it, so I remember peeling the coloured stickers off to allow me to look like I had managed it.' Ms Kay said it was difficult to determine what made a toy popular, but said: 'You can never underestimate the power of togetherness created around some of the big-sellers – those toys that bring people of all ages together – get families around a table talking, playing, challenging, maybe even cheating. Monopoly would be nothing without the competitive family battles that emerge. 'We also mustn't forget that simplicity is often key – the joy of cuddling a doll or storytelling with an action figure or a superfast Hot Wheel car. 'Combined with a good dose of jeopardy and you have something truly memorable – think Operation or Kerplunk, Jenga or Buckaroo – they are so simple. 'I used to panic trying to balance the boot in Mousetrap and be terrified of the noise Operation would make when I got it wrong or just burst with panicky laughter when the Jenga tower finally wobbled and collapsed. Toys like that will last forever.'
