All International articles – Page 257
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News
Luxury goods market falls globally
The luxury goods market is expected to fall 6 per cent globally to €211bn (£130.8bn) this year as the sector heads for one of its toughest ever years.According to a report by Verdict some of the luxury sector’s key markets, including US and Japan – both of which are experiencing ...
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NewsMatalan heads to Jordan for first overseas foray
Value fashion and homewares retailer Matalan has opened its first overseas store in Amman, Jordan.
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News
Kmart launches money-off initiative for the unemployed
Kmart has launched a money-off initiative for the unemployed in its original home state of Michigan.The general merchandiser’s Smart Assist Savings Scheme entitles the jobless to discounts of 20 per cent on own-label basics such as baby products, groceries and toilet roll.Shoppers registered as unemployed are entitled to discount cards ...
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News
Magnit plans secondary share offering in London and Moscow
Grocer Magnit is planning a secondary share offering this autumn in London and Moscow as it aims to raise more than $300m (£186m). Magnit wants to sell up to 10 per cent of its shares on the London Stock Exchange and Moscow’s MICEX and RTS.Morgan Stanley and Russia’s VTB Capital ...
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NewsIBM to run Carrefour's IT systems in France
International retail giant Carrefour has signed a €180m (£155m) agreement with IBM, that will see the technology services provider take over the transformation, management and maintenance of Carrefour’s IT infrastructure and applications in France.
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OpinionNow the UK needs a ban on upward-only rent reviews
There hasn’t been much cheer coming out of Ireland over the last year, but the news that upward-only rent reviews have been banned in the Republic of Ireland will definitely have heartened retailers with stores there.
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NewsFirst overseas Matalan store opens
Matalan opened its first store outside the UK last week, in Amman, Jordan.
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NewsClem Constantine takes over as Marks & Spencer international boss
Marks & Spencer property director Clem Constantine has assumed responsibility for the retailer’s international division.
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News
X5 Retail to slash prices after Vladimir Putin visit
X5 Retail is slashing prices after Prime Minister Vladimir Putin scolded its bosses on a visit to one of its Perekryostok supermarkets.Putin said the retailer, which is Russia’s biggest grocer, was charging too much for sausages and meat in front of astounded shoppers. X5 has since announced a “grand Sale”, ...
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News
Retail sales drop in Japan again
The country’s retail sales dropped 2.8 per cent in May – the ninth consecutive monthly slip. Analysts had forecast a 2.6 per cent decline. Falling wages and rising unemployment have resulted in consumers tightening their purse strings. The jobless rate rose to 5 per cent in April – the highest ...
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News
Auchan to undergo restructuring
Auchan is to undergo a restructuring affecting 1,400 jobs up to 2012, according to French press reports.There will be 2,500 jobs created in a distribution project but jobs will be cut in its 116 hypermarkets and logistics operations.Separately, the retailer said it will develop new offers, such as a shopping ...
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News
Brian Dunn officially takes up Best Buy chief executive role
Brian Dunn has officially taken up the position of chief executive of Best Buy. Dunn, a 24-year veteran of the consumer electronics retailer, had been the president and chief operating officer. He succeeds Brad Anderson, who served as Best Buy’s vice-chairman and chief executive for seven years.Dunn joined Best Buy ...
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NewsCastorama holds firm as French DIY sector shrinks
Castorama holds firm as French DIY sector shrinks
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News
Meijer to test a smaller format grocers in Chicago suburb
Meijer is to test a smaller format grocery-focused shop in the Chicago suburb of Niles.The 102,000 sq ft shop is about half the size of most Meijer supercentres and will open in the first quarter of 2010. Alongside grocery, it will also have a pharmacy and some general merchandise. The ...
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News
Colruyt’s pre-tax profits rise
Discount grocer Colruyt’s pre-tax profits rose 8 per cent to €549m (£467m) in the year to March 31, missing forecasts of €559m (£475m). Total sales increased 11.2 per cent to E6.3bn (£5.35bn), in line with forecasts.The retailer said: “Despite the economic crisis the Colruyt Group continues to invest in future ...
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GalleryStore of the week: Esprit, Stockholm
Trying to get shoppers into your store when you’re positioned on the third floor of a glass and steel tower block is probably a matter of having a very substantial shout. In the pedestrianised Drottninggattan area of Stockholm, fashion retailer Esprit has overcome this by making a feature of the ...
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News
Sobeys reveals net profit hike
Grocer Sobeys has revealed a net profit hike of 21.1 per cent to C$226m (£118m) in the year to May 2.Like-for-like sales increased 5.2 per cent while total sales climbed 7.2 per cent to C$14.76bn (£7.7bn) as a result of new stores and extensions, as well as sales and ...
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News
Pre-tax profits rise at H&M
Pre-tax profits at H&M rose 6 per cent to Skr5.78bn (£452.9m) in the second quarter to the end of May. Sales excluding VAT soared 23 per cent to Skr26.5bn (£2.1bn), an 8 per cent increase in local currencies and a decline of 2 per cent on a like-for-like basis.Gross margins ...
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News
Wesfarmers sells shops and supermarkets
Wesfarmers has sold 45 of its Coles supermarkets and eight Liquorland shops to independent grocer FoodWorks.The deal will reduce Wesfarmers’ costs and allow it to invest in other Coles stores. FoodWorks, which now has 750 Australian stores, paid around Aus$35m (£17m).The shops sold generated a combined annual turnover of around ...
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NewsCrabtree & Evelyn files for bankruptcy protection in the US
The US arm of Crabtree & Evelyn has filed for Chapter 11 bankruptcy protection.