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London Mayor Sadiq Khan has announced a £150 million proposal to pedestrianise Oxford Street, aiming to revitalize the iconic shopping area. The initiative seeks to enhance foot traffic and economic activity while addressing pollution concerns. Approval from the London Assembly and local government is required for the project to proceed.
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The UK retail sector continues to struggle, with nearly 7,000 shops closing in the first half of 2024. Despite a slight increase in new openings, the overall trend indicates persistent challenges for retailers, particularly in high streets and shopping centers. Meanwhile, some regions, like Scotland, show signs of stabilization.
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Frasers Group has proposed a £83 million takeover bid for Mulberry, valuing shares at 130p each. Mulberry's board rejected the offer, citing its potential for future growth and support from its majority shareholder, Challice. The luxury brand is currently facing financial difficulties, including a £34 million pre-tax loss last year.