By Planet Retail2012-07-20T07:00:00+01:00
Zara owner Inditex is to absorb the Spanish government-imposed VAT increase from 18% to 21%, so as not to increase prices. In 2010, when VAT rose from 16% to 18%, Inditex also kept prices stable.
“With this decision, Inditex maintains its policy of price stability as it has already absorbed a previous increase of VAT in Spain by identifying efficiencies in various areas of its business,” the retailer said.
Nike has unveiled its third House of Innovation store and first in Europe, on Paris’ iconic Champs-Élysées. Retail Week spoke to Nike’s Cathy Sparks about the opening
Primark has announced that it will pay its suppliers in full for any outstanding finished garments and fabric costs incurred since its stores closed in March.
Burberry and Chinese technology giant Tencent have collaborated on a new concept store in China, which has been dubbed a ‘social retail’ experience.
With both Tesco and Superdry pulling out of international ventures on the same day, Retail Week asks whether UK retail is scaling back its global ambitions.
The coronavirus crisis will wipe $2.1trn (£1.7trn) off of global retail sales in 2020, new data has predicted.
The coronavirus outbreak has sparked fears and headlines worldwide since emerging in the Chinese city of Wuhan at the start of the year.
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