Year: 2026

The British Retail Consortium (BRC) has issued a stark warning about proposed reforms to Guaranteed Hours systems, suggesting they could lead to a £6.5 billion increase in employment costs for retailers. Chief Executive Helen Dickinson voiced concerns that the potential benefits for employees may not justify the financial burden on businesses already struggling with rising payroll expenses. With youth unemployment on the rise, Dickinson highlighted the troubling timing of these reforms, arguing they could further limit job opportunities for young workers. The BRC is urging the government to focus on addressing insecure work in a manner that preserves the flexibility vital to the retail sector.

Lakeside shopping centre is set to bolster its jewellery and watch offerings with significant investments from leading retailers. Beaverbrooks is committing £650,000 to expand its store, while Ernest Jones will unveil a new concept store this summer. Additionally, Browns Jewellers and Diamonds Factory are joining the fray, enhancing Lakeside’s reputation as a premier shopping destination for high-end jewellery among its 8.5 million-strong catchment area. With modern retail spaces and curated collections on the horizon, Lakeside aims to attract even more shoppers in search of luxury.

Shinola has unveiled its latest Detrola watch collection, showcasing vibrant designs and playful triangle patterns that mark a bold departure from traditional timepieces. The new range features two striking models, available for £455, boasting eye-catching dials and an exhibition case back that reveals intricate quartz movement components. Additionally, the brand has introduced pilot watch-inspired styles, priced at £545, blending classic aesthetics with modern flair. The collection reflects a growing trend in the watch industry towards innovative designs and customisable options, underscoring Shinola’s commitment to contemporary craftsmanship.

Joel Chabanne has been appointed as the new managing director of Maurice Lacroix, stepping into the role after Stéphane Waser’s notable 12-year tenure. Under Waser, the brand experienced a remarkable turnaround from near bankruptcy to a leader in the affordable luxury watch sector. Despite ongoing challenges in the luxury market, Chabanne brings a wealth of experience from his previous positions at DKSH and Cartier, with his immediate focus on continuity and strategic innovations set by his predecessor.

Collective Horology, born from a childhood friendship, is carving a niche in the watch industry by focusing on relationships over mere sales. Co-founders Asher Rapkin and Gabe Reilly transitioned from creating collaborative watches at Facebook to establishing a full-time business that champions independent watchmaking. Emphasizing customer connections, the duo hosts events to educate and engage collectors, aiming to shift perceptions in the luxury watch market. Their goal is clear: to foster a community where the art of watchmaking is celebrated, not just as a transaction, but as a shared passion.

Gold prices have potentially solidified a crucial support level, buoyed by strong Chinese investor demand as they approach $4,175 per ounce. This marks a significant moment, as gold revisits its 50-day moving average for the first time in nearly three months. Additionally, improving relations between the US and Iraq could further elevate prices. Should gold sustain a breakthrough past this critical threshold, it may signal a bullish trend, with eyes set on the mid-June peak near $4,400. As market dynamics evolve, gold’s recovery path looks promising, despite potential short-term fluctuations.

Chopard’s UK arm has reported a 7% decline in sales, with revenue dropping from £27.1 million to £25.2 million over the past year. Operating losses deepened to £198,661, as the luxury brand grapples with widening financial challenges. The number of its boutiques in the UK has also decreased, reflecting a strategic shift amid a competitive market. Despite these setbacks, Chopard continues to thrive globally with a diverse portfolio that heavily emphasizes high jewellery and premium watches.

Fears Watch Company has opened a bespoke in-house workshop in Bristol, designed to enhance efficiency and craftsmanship for the historic British watchmaker. Scheduled to begin assembly in late 2026 with a single watchmaker, this development aligns with the brand’s commitment to quality as it celebrates its 10th anniversary under the revival of Nicholas Bowman-Scargill. As part of a growing trend among British watchmakers to prioritize in-house manufacturing, Fears aims to deepen its connection to traditional watchmaking while preserving the legacy of its 180 years of history.

UK retail sales showed a 1.3% year-on-year increase in July, with clothing sales rising as shoppers sought affordable summer essentials. However, non-food sales dipped by 0.7%, reflecting changing shopping habits and the ongoing pressures of higher living costs. While consumer confidence has improved slightly, budget sensitivity remains prevalent, and retailers are urged to address rising operational challenges. The British Retail Consortium warns that household finances are still strained, complicating the retail landscape as the year progresses.

Harvey Nichols, the prestigious UK department store, faces potential collapse without a rescue deal as it seeks a buyer amidst financial turmoil. Owner Dickson Poon has put the iconic brand on the market, highlighting the urgent need for significant restructuring to ensure future survival. Sports Direct founder Mike Ashley is currently positioned as a frontrunner for acquisition, describing the retailer as being in a “death spiral.” Despite challenges, experts suggest the Knightsbridge flagship may remain under new ownership, although the outlook for other locations appears grim as the industry grapples with shifting market demands.