Latest news with #TravelIndustry
The Independent
7 days ago
- Business
- The Independent
WH Smith to complete sale of high street chain within weeks
WH Smith has said it remains track to complete the sale of its UK high street chain to Hobbycraft owner Modella Capital at the end of the month. The deal, which was agreed in March and values the high street chain at £76 million, will see the WH Smith name disappear from British high streets and be replaced by brand TGJones. All of the approximately 480 stores and 5,000 staff working for the high street businesses will move under Modella Capital's ownership as part of the deal. In an update ahead of the sale completing, WH Smith said its remaining travel division – which includes shops in airports, train stations and hospitals – had performed well with like-for-like sales up 5% in the quarter to May 31. It did not provide third-quarter figures for the high street arm due to the sale, but half year results in April showed the profits at the chain slumped by a quarter to just £20 million. In the UK, its travel arm delivered a 6% rise in like-for-like sales over the third quarter, with airport shops outperforming the rest of the estate, with a 7% rise. It said it recently opened its first Smith Family Kitchen coffee offering in an airport, as well as a new standalone bookshop. Across its North America travel chain, comparable store sales rose 2% but were up 7% on a total and constant currency basis. In the rest of the world, like-for-like sales were 7% higher and surged by 12% on a total and constant currency basis. The group said: 'While we are mindful of the broader economic and geopolitical uncertainty, the group is well positioned as we enter our peak summer trading period.' The sale of its high street arm comes after years of under-pressure sales and profits at the division, while WH Smith's travel business has grown to make up the bulk of its sales and profits, with more than 1,200 stores across 32 countries. Buyer Modella Capital specialises in investing in retailers. It has previously put money into chains including Paperchase and Tie Rack, while in August last year, it snapped up arts and crafts retailer Hobbycraft for an undisclosed sum.
Yahoo
31-05-2025
- Business
- Yahoo
European hotels sue Booking.com over pricing rules
Hotel associations from more than 25 European countries have initiated a large-scale legal case against online travel platform challenging its use of rate parity clauses that allegedly restricted competition and inflated commission fees. The coordinated lawsuit follows a recent ruling by the European Court of Justice (ECJ) that deemed such clauses unlawful under EU competition law. Since the early 2000s, enforced contractual terms known as rate parity clauses. These provisions prevented hotels from offering lower prices on their own websites or other distribution channels, effectively forcing them to maintain uniform pricing on the platform. Hotels argue this practice limited their autonomy, raised operational costs through higher commissions, and suppressed price competition. The ECJ ruling on 19 September 2024 confirmed that these clauses breached European competition regulations by restricting fair competition and disadvantaging smaller independent hotels. The court found that policies hindered pricing transparency and consumer choice, setting the stage for collective legal action. The lawsuit involves national hotel associations from Austria, Belgium, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, and Switzerland. This broad coalition reflects the extensive impact of the platform's pricing practices across the continent. A dedicated legal body has been established to coordinate the claims, with the Netherlands chosen as the jurisdiction for the centralised proceedings. Eligible hotels that paid commissions to between 2004 and 2024 can join the collective action by registering through a streamlined legal platform. The process aims to reduce litigation costs and facilitate compensation claims for overpaid commission fees plus accrued interest. This legal action highlights growing concerns over the market power of online travel agencies and digital platforms in the hospitality sector. By challenging restrictive pricing clauses, hotels seek to regain control over their pricing strategies and improve competitiveness. Industry representatives emphasise that fair competition among booking channels benefits both consumers and service providers by promoting transparency and innovation. The ECJ decision and subsequent lawsuit may influence other digital marketplaces employing similar pricing restrictions. Regulators across Europe are increasingly scrutinising platform practices to ensure compliance with competition laws and to foster a more balanced digital economy. As the European hospitality industry recovers from recent disruptions, the outcome of this case could set a significant precedent. It underscores the importance of protecting independent businesses against anti-competitive agreements and ensuring fair conditions in online hotel booking markets. "European hotels sue over pricing rules" was originally created and published by Hotel Management Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-05-2025
- Yahoo
Visit Indy hosts Irish travelers after Aer Lingus inaugural flight, showcasing the best of Indiana
Visit Indy hosts Irish travelers after Aer Lingus inaugural flight, showcasing the best of Indiana
Bloomberg
09-05-2025
- Business
- Bloomberg
Sternlicht Says Market's Recovery ‘Doesn't Really Feel Right'
Billionaire Barry Sternlicht said that the US economy will likely weaken even though the stock market has bounced back from President Donald Trump's major tariff announcement in early April. 'The markets have recovered, shockingly, to pre-Liberation Day highs, but that doesn't really feel right,' Sternlicht said Friday on an earnings call for Starwood Property Trust Inc., where he is chairman and chief executive officer. 'Things like travel are clearly off.'
Travel Daily News
08-05-2025
- Business
- Travel Daily News
Protect Group set to offer protection on $7 billion in bookings by end of 2025
Protect Group projects $7B in protected bookings by 2025, driven by tech-enabled, non-insurance refund solutions boosting conversions and ancillary revenues. LEEDS, UK – Protect Group, a leader in ancillary travel products, is on track to offer protection to $7 billion worth of travel and event bookings by the end of 2025, driven by rising global demand for innovative, tech-driven ancillary services. The company's Travel, Tours & OTAs vertical alone has recorded a 54% year-on-year growth in conversions, underlining the growing appetite for revenue-boosting upgrade options at checkout. From refundable bookings to flight delay compensation, the tech provider's unique, non-insurance-based model continues to resonate across the travel sector. By enabling partners to offer seamless refund upgrades without regulatory barriers, Protect Group is helping airlines, OTAs, and hospitality brands unlock new revenue streams, reduce overheads, and increase customer satisfaction. Jason Walsh, Chief Product & Marketing Officer at Protect Group, said: 'There's a clear shift happening in the industry. Travellers expect flexibility, and businesses need smart ways to deliver it. Our results show travel providers don't have to pick between customer experience and revenue growth. By building refund protection into the booking journey, we're helping our partners increase conversions, drive repeat business, and grow revenue without adding complexity.' At the core of the offering is Refund Protect, Protect Group's flagship product. This allows customers to upgrade their tickets for a full refund in unforeseen circumstances outside their control. The company's AI-driven Pulse platform delivers this, integrating directly with existing systems to deliver scalable and personalised customer experiences. Also gaining traction is Protect Plus, a growing portfolio of ancillary services that includes flight delay compensation, delayed baggage compensation, carbon offsetting, eSIM solutions, and lounge access. These services are built to match the expectations of today's travellers while delivering strong revenue opportunities for partners.
