Retail news round-up on October 10, 2014: Amazon plans to open first physical store, investors back Mothercare’s rights issue, Ocado launches Sizzle website, and Carl Icahn urges Apple to buy more stocks.
Amazon mulls first physical shop in New York
Amazon is planning to open its first physical store in Manhattan, New York, for the holiday shopping season, according to a report in the Wall Street Journal.
It is not clear if the outlet will be permanent or a holiday pop up. The newspaper says the store could function as a warehouse and a showcase for inventory.
Investors in Mothercare back £100m rights issue
Mothercare shareholders have overwhelmingly supported a £100m rescue rights issue following a warning by the troubled childrenswear retailer that it could breach its banking covenants without the money, The Times reported.
At a meeting, 99% of the votes were cast in favour of the cash call, which is pitched at 125p a share. The chain’s chief executive Mark Newton-Jones aims to use the fresh proceeds of the £95m call to shut a quarter of Mothercare’s 220 UK stores, overhaul the rest and improve the company’s online shopping offering.
Ocado launches Sizzle online kitchen and dining room outlet
Online supermarket Ocado has launched a premium kitchen and dining outlet website called Sizzle, The Drum reported.
The new brand strategy, name, positioning and identity for Sizzle were developed by consultancy agency the Clearing which was awarded the contract earlier this year. The site now hosts over 12,000 products from thousands of suppliers.
Carl Icahn urges Apple to buy back more stocks
Billionaire activist investor Carl Icahn said Apple’s shares could double in value and urged the company’s board to buy back more shares using its $133bn (£82.53bn) cash pile. In an interview on CNBC, Icahn urged Apple to buy back as much as $100bn in stock and said he hoped other investors would also press for a buy back.