A shop unit that sat empty after one of Britain’s best-known high street names collapsed has a new tenant, and it says a good deal about where physical retail is heading.

Kim Kardashian’s shapewear and swimwear label Skims has opened its first standalone UK store on Regent Street, taking the 12,000 sq ft former Ted Baker flagship at 245-247 on a ten-year lease with landlord The Crown Estate.

The brand, valued at $4billion (£3billion) after a 2023 funding round, celebrated its grand opening today, with shoppers queuing for its bestselling styles. It marks Skims’ first international flagship and its first permanent standalone shop in the UK, having previously traded here only through pop-ups and concessions.

For UK business owners, the detail worth noting is not the celebrity. It is the commitment. A digitally native brand that could sell perfectly well online has signed a decade-long lease on one of the country’s most expensive retail streets, betting real money that a bricks-and-mortar presence still earns its keep.

That the unit was Ted Baker’s makes the point sharper. The British label fell into administration last year and closed its remaining UK stores, leaving prime space dark. Watching an American challenger fill it is a reminder that a struggling incumbent and a healthy high street are not the same thing. Location still commands a premium when the offer is right.

Jens Grede, Skims co-founder and chief executive, told The Times: “Launching a standalone Skims store on London’s Regent Street is a pivotal step in our global expansion.

“This iconic location allows us to forge a deeper, more personal connection with our UK customers, delivering the full Skims experience in a world-class retail destination with authenticity and vision at the heart of our brand.”

The company was founded seven years ago by Kardashian alongside British entrepreneur Emma Grede and her Swedish husband Jens Grede. Grede, who grew up in east London, has become one of the more instructive case studies for founders, having also co-founded Khloe Kardashian’s Good American and Kris Jenner’s Safely. Skims posted revenue of $750million (£570million) in 2023 and helped make Kardashian a Forbes billionaire in 2021.

The Regent Street site sits among a run of recent openings including Antler, Max&Co, Penhaligon’s, Michael Kors, Gant and Lululemon, part of a deliberate curation strategy by The Crown Estate, whose West End portfolio has been throwing off record profits. That clustering matters for smaller traders nearby: anchor names pull footfall that independents and cafes then convert.

Laura Thursfield, The Crown Estate’s retail leasing director, said the arrival “will enhance the diversity of the wider retail and leisure offering, boosting both footfall and commercial activity in the West End by driving different audiences towards the world-class destination that is Regent Street”.

Robert Norton, Skims chief commercial officer, called the opening “a landmark moment”, adding: “This milestone reflects our strategic focus on expanding into key global markets.”

Skims already stocks through Selfridges and Harrods, and earlier reported plans confirmed the Regent Street move back in May 2025. The lesson for UK retailers is not that everyone needs a flagship. It is that the best physical locations remain a scarce, valuable asset, and that the brands winning right now are treating stores as a growth channel rather than a cost to cut.

Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.

Advertisement

Dave Portnoy called for the firing of a USA Today columnist who compared WNBA star Caitlin Clark to the 1955 lynching of Emmett Till, arguing the writer belongs in an “insane asylum” for the piece.

Speaking on “Varney & Co.,” the Barstool Sports founder ripped into columnist Nancy Armour, declaring her comparison between Indiana Fever star Clark and the murder of Black teen Emmett Till the “craziest thing” he’s seen in more than two decades of sports media.

“We’ve got to put her in a straightjacket. You’ve got to find the nearest institution. You’ve gotta put this author away and throw away the key,” Portnoy said Friday. 

“Firing isn’t really far enough. You gotta put her in an insane asylum. You gotta lock her up. And people who say, ‘Hey, Dave, that’s too far’ — that’s nothing compared to what she just wrote,” he later added.

TRUMP ADMINISTRATION UNVEILS NEW TARIFFS ON 60 TRADING PARTNERS AS TEMPORARY DUTIES EXPIRE

Armour wrote that some of Clark’s supporters have interpreted her disputes with referees as a White woman who needs protection, then taken it out on other players on the court. Clark has been a frequent topic of discussion after facing physical play during games.

The author wrote that there is a “White nationalist element” to the dispute, and later added that, “it shouldn’t need reminding this country has an awful history of Black people being harmed, even killed, in the name of ‘defending’ white women.”

The writer then said the WNBA’s All-Star Game was being held in Chicago, where Emmett Till lived. Emmett Till was a 14-year-old Black boy who was abducted and lynched in Mississippi in 1955 after a White woman accused him of making advances toward her. The tragedy became a major catalyst for the modern civil rights movement.

IBM CEO ADDRESSES WALL STREET TECH PANIC AFTER DELAYED ENTERPRISE SOFTWARE DEALS SURGE BACK

Dave Portnoy attends “Dave Portnoy in Conversation With Erika Ayers Badan: Cancel Me If You Can” at 92NY on June 29 in New York City. (Theo Wargo/Getty Images / Getty Images)

“I’ve been doing Barstool 24 years. I’m 49 years old. That’s the craziest thing I’ve ever seen in my life. The absolute craziest thing. To somehow equate the civil rights movement and Caitlin Clark arguing whether she got fouled or not,” Portnoy said. “It is pure insanity.” 

Portnoy called for the firing of not only Armour, but also other members of the editorial staff involved with the article.

CATHIE WOOD SAYS BATTERED SPACEX COULD BECOME ‘MOST IMPORTANT COMPANY IN GLOBAL HISTORY’

“I do think she should be fired. I think the editor who allowed this to be published should be fired,” he said, later adding that not every story should be anchored around racial disputes. 

“If you go looking for race under every single blank, every cover, you can make anything about race,” Portnoy said. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Armour apologized for making the connection in her article in a statement posted Thursday on social media: “In my recent column, I made an inartful comparison with the murder of Emmett Till. I intended to connect the issues the WNBA is currently facing with its All-Star Game being hosted in Till’s hometown of Chicago,” she said, adding, “I obviously did not provide enough context for that.”

Armour also noted that she stands by the assertion that perceived threats toward White women are weaponized against Black Americans but added that she sincerely regrets that her “lack of appropriate context is overshadowing that important conversation and the action that needs to be taken by the WNBA to address it directly — for the benefit of all players.”

British business owners hoping the summer would bring cheaper borrowing have been dealt a blow. Average UK mortgage rates have risen back to the level of a month ago, as renewed tensions in the Middle East feed through to lenders and, ultimately, to homeowners.

Lenders’ funding costs have increased as markets conclude that a prolonged conflict reduces the likelihood of interest rate cuts by central banks. The five biggest High Street banks are among a host of lenders that have raised rates on new fixed deals in recent days.

The trigger is oil. Prices hit $100 a barrel on Thursday for the first time since May, after fresh strikes and Houthi militia attacks on oil tankers in the Red Sea reignited fears over global energy supplies. Rates had been falling while a ceasefire between the US and Iran appeared to hold; that optimism has evaporated.

For SME owners, the pain lands twice. Many finance their firms against personal property, or carry residential and buy-to-let mortgages alongside commercial borrowing. The swap rates that drive fixed mortgage pricing also underpin asset finance, overdrafts and commercial loans, so a repricing rarely stops at the front door. It comes on top of an already-subdued market in which high borrowing costs have deterred buyers and dampened activity.

More than eight in 10 mortgage customers hold fixed-rate deals, whose interest does not change until the deal expires, usually after two or five years. The average rate on a new two-year fix is now 5.59 per cent, according to financial information service Moneyfacts. That is the highest since 19 June, though still below the April peak of 5.9 per cent. The five-year average stands at 5.61 per cent, a level last seen on 7 June. HSBC has said it will raise its rates on Monday.

The direction of travel matters well beyond this summer. Bank of England projections suggest just over five million homeowners should expect their monthly repayments to rise by the end of 2028, a reminder that the era of cheap money is not returning quickly. The renewed climb chimes with warnings that a geopolitical shock to energy prices has thrown further cuts into doubt, with the Bank already signalling that cuts are “off the table” for now.

“It will be incredibly frustrating for borrowers to see rates rise back up to where they were a month ago. The positive progress over recent weeks now feels all but lost, but what the market needs is a period of stability,” said Rachel Springall, finance expert at Moneyfacts. She said 100 deals had been pulled temporarily as lenders reconsidered their pricing.

Her advice for anyone facing a remortgage this year is to lock in a deal now with their existing lender ahead of time, while still asking a broker to check whether there is anything better elsewhere. “Brokers are an anchor during turbulent times as they can help borrowers keep abreast of changes and be there step by step when going through a mortgage application,” she said.

Brokers say the reversal shows how quickly sentiment can turn. “Any borrower hoping for rate cuts to become an ongoing trend will need to rethink,” said David Hollingworth, of L&C Mortgages. “Momentum has performed an about turn and now clearly shifted to fixed rates rising in the near term at least.”

For business owners already juggling tight margins and rising costs, the message is a familiar one: plan for borrowing to stay dear, and do not bank on the cavalry of rate cuts arriving on schedule.

Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.

Shares of Apple climbed Friday morning after investment bank Robert W. Baird raised its price target on the stock and maintained an “Outperform” rating, adding to a strong month for the tech giant heading into its next earnings report.

Apple shares traded at $329.98 as of 10:53 a.m. Eastern time, up $8.32, or 2.59%, on the day. The gain builds on a rally that has pushed Apple shares up roughly 20% since the start of the year, putting the company on pace for one of its strongest annual performances in recent history.

A fresh price target increase

Robert W. Baird raised its price objective on Apple from $310 to $330 in a research note issued Friday, maintaining its “Outperform” rating on the stock, according to MarketBeat. The upgrade adds to a series of increasingly bullish price targets issued by Wall Street analysts in recent weeks. Citi raised its own target on Apple to $365 earlier this month, citing record quarterly Services revenue of $31 billion, according to 24/7 Wall St. Despite those upward revisions, Wall Street’s average consensus price target has continued to lag behind where the stock currently trades, a dynamic that has persisted throughout much of Apple’s recent rally.

A record-setting month

Apple’s stock has been on an extraordinary run in recent weeks. Shares touched a fresh intraday record above $325 earlier this month, marking the company’s 15th intraday record of 2026 and lifting its market value to nearly $5 trillion, according to 24/7 Wall St. The company added more than half a trillion dollars in market value during July alone, a period in which Apple led the Dow Jones Industrial Average among its 30 component stocks.

That performance has come alongside strong gains from other Dow leaders this year, including Goldman Sachs, up roughly 30% year-to-date following record quarterly earnings, and Chevron, up about 19% amid a broader recovery in crude oil prices. Apple’s rally has also occurred alongside continued strength in mega-cap technology stocks more broadly, including Nvidia, which has climbed 13% this year on sustained demand tied to artificial intelligence infrastructure.

What’s driving investor optimism

Much of the recent enthusiasm around Apple has centered on reports of an ambitious new product roadmap. According to Nikkei Asia, Apple is preparing to launch at least five new iPhone models in the first half of 2027, including a premium-priced foldable device reportedly expected to be named the “iPhone Ultra.” Apple has reportedly asked suppliers to prepare for production of roughly 10 million foldable iPhone units, an increase from an earlier target of seven to eight million units, according to Yahoo Finance, a sign the company is confident in stronger-than-initially-expected demand for the new device category.

Market intelligence firm IDC has estimated the foldable iPhone Ultra could carry a price tag of roughly $2,500, potentially reaching as high as $3,000 with additional storage. In response to the reports, Morgan Stanley analysts said Apple has a path toward shipping more than 250 million iPhones in fiscal year 2027, should the new foldable lineup and expanded AI features drive stronger-than-expected consumer demand.

Progress on AI features in China

Apple shares also gained earlier this month after the company secured regulatory approval to launch Apple Intelligence features in China through a partnership integrating Alibaba’s Qwen AI model into its devices there, according to Yahoo Finance. That approval addresses a market where Apple has faced regulatory hurdles in rolling out its AI-powered software features, and the news contributed to a single-session stock jump of more than 4% at the time.

A premium valuation heading into earnings

Apple’s rally has pushed the stock to a trailing 12-month price-to-earnings ratio of roughly 39.67, a premium valuation that 24/7 Wall St. noted raises the bar for how much further the stock can climb without a corresponding acceleration in earnings growth. Apple is scheduled to report its fiscal third-quarter 2026 results on July 30, a report widely viewed as the next major test of whether the company’s recent rally can be sustained.

Analyst estimates compiled by Zacks project Apple will report earnings per share of $1.88 for the upcoming quarter, representing nearly a 20% increase from the same period a year earlier, alongside projected net sales of approximately $108.79 billion, up close to 16% year-over-year. For the full fiscal year, consensus estimates call for earnings of $8.76 per share on revenue of roughly $479.03 billion, reflecting year-over-year growth of more than 17% and 15%, respectively.

A stock that has rewarded long-term investors

Apple’s performance over the past several years has proven especially lucrative for longtime shareholders. According to Yahoo Finance, an investor who purchased $1,000 worth of Apple stock five years ago would today be holding an investment worth more than $2,200, reflecting the stock’s sustained appreciation even through periods of broader market volatility.

Analyst sentiment remains mostly positive

Beyond Friday’s Baird upgrade, other analysts have flagged Apple’s upcoming earnings report as a key opportunity to reinforce the bullish case building around the stock. Bank of America analysts have specifically urged investors to “watch the margins” heading into the report, according to CNN, suggesting the bank expects Apple to beat consensus estimates for the quarter. Separately, Apple has continued attracting attention from institutional investors and asset managers positioning ahead of the earnings release, even as some smaller shareholders have modestly trimmed their positions in recent weeks.

With Apple’s earnings report just days away, Friday’s price target increase from Baird adds to a growing chorus of Wall Street optimism heading into the release. Investors will be watching closely for updates on iPhone sales momentum, progress on the company’s AI features rollout in China, and any additional detail on the upcoming foldable iPhone lineup, all factors that are likely to shape whether Apple’s stock can continue building on its record-setting run through the remainder of the year.

A top City investment bank has delivered a blunt verdict on Sir Keir Starmer and Rachel Reeves: for all the talk of national renewal, they left the economy no better off than they found it. For Britain’s small firms, the bill is landing as higher energy costs and fresh barriers to hiring and building.

In a research note published on Friday, Panmure Liberum said the former Prime Minister and Chancellor’s missteps on energy and housing meant it was “difficult to conclude” that the economy had improved in the two years since the general election.

“Progress in pockets of the economy have been stifled by new barriers to construction and employment leaving the UK, in our view, no better off than it was in July 2024,” chief economist Simon French wrote. He blamed a “new UK disease of prioritising luxury beliefs over hard-nosed competitiveness” for casting a shadow over the pair’s economic legacy.

The verdict cuts against the story both told on their way out. In a resignation speech defending his record, Starmer said he had left “this country in better shape than I found it” and that the “economy is stronger”. At last week’s Mansion House dinner, Reeves told City executives she had “restored economic credibility” and put the public finances on a firmer footing, echoing her earlier claim that the economy is not broken, just stuck.

For business owners, the detail matters more than the rhetoric. Housebuilding and energy were meant to be the twin engines of recovery. Labour’s manifesto promised to make Britain a “clean energy superpower” and cut household bills by £300 a year, alongside a pledge to build 1.5m homes over the parliament, a target that has since drifted out of reach.

French argued the refusal to open the North Sea to new drilling had deterred private investment and rationed an important source of power. “There remains little chance of a revival in economic growth whilst this approach creates a wider chilling approach on the deployment of capital into energy assets and auctions lock in higher energy costs for a further generation,” he wrote.

That is a pointed warning for energy-intensive SMEs, from manufacturers to hospitality operators, who have spent years absorbing bills they cannot easily pass on. Higher costs “locked in” for a generation is not the backdrop most owners planned their investment around.

On housing, French said the government had taken “a backwards step on private housing volumes as luxury beliefs swamp the positive rhetoric”, a blow to the builders, tradespeople and suppliers whose order books depend on shovels in the ground. He was warmer on infrastructure, crediting “more encouraging progress” on speeding up major projects.

The numbers tell a familiar story. Over the two years, the economy grew at roughly 1.2 per cent a year, broadly in line with the average since the 2008 financial crisis. GDP per capita, which accounts for population size, grew slightly faster than that post-crisis trend, helped in part by Starmer’s success in bringing immigration numbers down.

None of which will comfort owners who were promised a decade of renewal and, on Panmure Liberum’s reading, got two years of standing still. The wider growth picture has hardly helped. The message for the next administration is unsparing: competitiveness, not luxury beliefs, is what moves the dial for the firms that actually create the growth.

Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.

Economic growth cannot be delivered by any one institution acting alone

The Senedd election is now behind us, the UK has a new Prime Minister, and a fresh chapter in Welsh public policy is beginning.

With new administrations taking shape and priorities being set, there is a renewed opportunity to focus on what matters most: delivering sustainable economic growth for Wales.

I would like to welcome the appointments of Andy Burnham as Prime Minister and Stephen Kinnock as Secretary of State for Wales.

Their success will matter enormously to businesses, communities and families across our nation. While politics will always involve differing viewpoints, economic prosperity is best achieved when governments, businesses and civic institutions work constructively together towards shared objectives.

Our chief executive, Alan Vallance, has already congratulated the Prime Minister on his appointment and set out ICAEW’s commitment to working constructively with the new government.

That spirit of partnership is one that we strongly support here in Wales. ICAEW stands ready to work with ministers at both Westminster and in the Senedd to help shape policies that support enterprise, improve productivity and drive sustainable economic growth.

At ICAEW, our members operate in every sector of the Welsh economy. They advise businesses large and small, support investment decisions, help organisations navigate periods of uncertainty and play a critical role in driving productivity and growth. From that vantage point, one message is consistently clear: collaboration delivers better outcomes than confrontation.

That lesson feels particularly relevant today. The latest ICAEW business confidence monitor published last week shows that business confidence in Wales has fallen sharply, reflecting wider challenges facing firms across the UK.

Confidence declined in ten of the eleven nations and regions surveyed, with geopolitical instability, rising costs and continued uncertainty weighing heavily on business sentiment. In Wales, labour costs remain a significant concern for many employers, although encouragingly businesses expect domestic sales growth to strengthen over the coming year.

Those findings tell an important story. Welsh businesses are realistic about the headwinds they face, but they have not lost their underlying optimism. They continue to invest, innovate and look for opportunities to grow.

The role of government must be to create the conditions that allow that confidence to be translated into higher investment, greater productivity and more well-paid jobs.

That is why constructive engagement between Westminster, the Senedd and the business community is so important.

Economic growth cannot be delivered by any one institution acting alone. It requires a shared commitment to improving competitiveness, encouraging entrepreneurship, supporting skills and creating an environment where businesses can thrive.

In that regard, I have been encouraged by the way Plaid Cymru has approached government in its opening months. The party has hit the ground running and made visible progress against its 100-day plan. Regardless of political affiliation, businesses value momentum, clarity and a willingness to engage. Those early signals matter because they help create confidence that government is focused on delivery.

I would therefore urge the new UK Government to work constructively with Plaid Cymru in Wales wherever common ground can be found. The Welsh economy will benefit most when political leaders focus on practical solutions rather than institutional disagreements.

Businesses are less concerned about which level of government receives the credit and more concerned that decisions are made, barriers are removed and investment opportunities are unlocked.

One particularly welcome development has been the positive discussion around a new development agency for Wales. If implemented effectively, such an organisation has the potential to become a powerful catalyst for investment, regeneration and business growth across the country.

Wales has enormous strengths: a highly skilled workforce, world-class universities, growing innovation clusters and a strong entrepreneurial culture. The challenge has often been ensuring those strengths are connected to the right support and sources of capital.

This is where collaboration will be critical. Working in partnership with the Development Bank of Wales, a new development agency could help create a clearer and more coordinated support ecosystem for businesses.

Whether supporting Welsh firms looking to scale, attracting inward investment, or helping companies relocate and establish operations in Wales, the focus must be on ensuring businesses can access the advice, finance and networks they need to succeed.

Productivity must also remain at the centre of the conversation. Raising productivity is not simply an economic statistic; it is fundamental to improving living standards, increasing wages and strengthening public services.

Too often, debates about growth focus solely on headline investment figures. Important though those are, long-term prosperity depends on helping businesses become more productive through innovation, digital adoption, skills development and better access to capital.

Chartered accountants have an important role to play here. ICAEW members work directly with businesses to improve performance, support investment decisions and identify opportunities for growth. They understand both the challenges facing employers and the practical measures that can help overcome them.

That is why I have been pleased to begin engaging with Adam Price as our Cabinet Secretary for Enterprise, Connectivity and Energy and other stakeholders as discussions around Wales’ economic future develop.

ICAEW is committed to bringing evidence, expertise and practical insight to these conversations. Our objective is not to advocate for a particular political perspective, but to ensure that the voices of our members and the businesses they support are heard.

The latest business confidence nonitor reminds us that challenges remain. Confidence has weakened, costs continue to rise and global uncertainty has not disappeared. Yet the survey also highlights resilience and a continued belief among Welsh businesses that growth opportunities exist, particularly through stronger domestic sales. The task now is to turn that potential into reality.

For Wales to succeed, government and business must work hand in hand. Westminster and Cardiff Bay must collaborate where possible. Investment agencies, financial institutions and the private sector must align around shared objectives. And policymakers must remain focused on the practical steps that improve productivity, encourage enterprise and create the conditions for sustainable growth.

If we can achieve that, Wales will be well placed not only to weather current economic challenges but to build a stronger, more competitive and more prosperous future. As ever, ICAEW Wales stands ready to play its part in helping shape that discussion and supporting the decisions that will drive growth across our nation.

• Robert Lloyd Griffiths is Wales director for the ICAEW.

This article was written by

Follow