All International articles – Page 261
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News
Quarantined Mexicans boost sales
Mexican retailers have witnessed a sales surge as President Felipe Calderón ordered all 103 million Mexicans to stay at home in a bid to contain swine flu. The five-day quarantine led to shoppers stocking up on food, DVDs and video games.In the northern city of San Luis Potosí, Blockbuster store ...
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Abercrombie & Fitch to cut jobs
Fashion retailer Abercrombie & Fitch is to cut 170 roles at its head office in Columbus, Ohio. The retailer will cut 9 per cent of its 2,000-strong positions to reduce costs.Abercrombie & Fitch has suffered from a downturn in sales as US consumers rein in spending. Chief financial officer Jonathan ...
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Shopper’s Stop sales rise 9 per cent
Indian retail group Shopper’s Stop has revealed sales rose 9 per cent to INR3.5bn (£46.9m) for the quarter to the end of March.The group – which operates large-format department stores, home stores and speciality retailers including Mothercare in the country – said margin for the quarter increased 4 per cent. ...
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Retail sales fall 8.2 per cent
Spanish retail sales fell 8.2 per cent in March. It is the second largest fall on record and the 16th consecutive month of decline as unemployment soared and consumer confidence dropped.
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Overseas retailers advised to focus on regional expansion in China
Overseas retailers wanting to enter the booming Chinese retail market should focus on regional expansion and not attempt a national launch, delegates were told at the World Retail Congress on Thursday.
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Retailers must ‘think global, act local’ for international success
International retailers outlined the key to overseas expansion in developing markets and remained bullish about prospects during the recession.
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US retail needs structural changes
Structural change is still required in US retail before the sector can emerge from the downturn, the World Retail Congress heard on Wednesday afternoon.
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Forever21 eyes London store to kick-start international expansion
US fashion retailer Forever21 has revealed that it wants to open a store on London’s Oxford Street as the first step in a possible expansion into Europe.
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OpinionRetail IT: international ideas
UK retailers must not get complacent despite holding their own in the nominations for the awards to be held at this year’s World Retail Congress.
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Styles & Wood announces massive drop in profits
Shopfitter Styles & Wood has unveiled a catastrophic drop in profits for 2008 as it was hit by a combination of cancelled and scaled-down retail contracts and substantial restructuring costs. Profits for the year to December 31 were £3.8m , down more than two thirds from £11.8m in the previous year.
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NewsTesco lowers prices to stop Irish shoppers crossing the border
Tesco is re-opening some of its stores in the border counties of the Republic of Ireland with marked-down stock reflecting sterling prices in an effort to curb customers crossing the border to buy their groceries in Northern Ireland.
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Interest in Woolworths Germany
Several parties have expressed an interest in Woolworths Germany after the retailer filed for insolvency last month.The department store group, which was backed by British investor Argyll Partners, has received interest from local parties as well as some foreign investors. Administrator Ottmar Hermann is said to be in talks with ...
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Refinancing package for Escada
Luxury fashion group Escada has arranged a E30m (£27m) refinancing package to help secure its survival. The company said it needed to raise the capital to cover liquidity demands and described the initiative as “urgent and unavoidable”.As well as raising funds, Escada plans to cut its debt and replace a ...
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LVMH denies sale of spirits division
LVMH, the world’s largest luxury goods retailer, revealed first-quarter same-store sales fell 7 per cent and denied reports that it is to sell its wine and spirits division Moët Hennessy.In the quarter to March 31, total sales were flat at E4.02bn (£3.61bn) after demand fell for alcohol, watches and jewellery, ...
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Praktiker continues to suffer
Home improvement group Praktiker’s first-quarter losses widened from €20.8m (£18.7m) to €49.2m (£4.4m), and group sales dropped 8 per cent to €795.6m (£713.4m).The retailer said the performance was “materially attributable to its international business” as currency depreciation hit. However, Praktiker expects “adequate, positive EBITA” for the full year.Domestic sales in ...
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Irish government considers rent legislation to protect retail sector
Ireland’s Justice Minister Dermot Ahern has threatened to legislate against upwards-only rent reviews unless landlords take a “flexible and pragmatic approach” to helping retailers through the recession as the country suffers its worst retail sales slump for 25 years.
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Coast follows in Karen Millen’s Russian footsteps
Aurora-owned fashion retailer Coast is to debut in Russia this autumn with a store in Moscow, and roll out to other Russian cities if successful.
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Wal-Mart payroll deal revised in China
Wal-Mart’s plans to reduce staff costs in China have stalled after trade union action.The Shenzhen Federation of Trade Unions has spoken to Wal-Mart, which has agreed to revise its plans to implement a payroll cut across 2,000 mid-level managers, who were being offered lower positions with less pay.The US giant ...
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Internet shopping soars in China
Online sales are soaring as shoppers in China turn to the internet as the recession deepens.According to Analysis International, e-commerce sales across the country rocketed 173 per cent year on year to Yn3.5bn (£350.1m) in the first quarter of 2009. Sales rose 24.1 per cent on the previous quarter as ...
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Ikea hires new chief executive
Ikea has promoted Mikael Ohlsson to chief executive of the furniture and homewares giant. He will replace Anders Dahlvig, who has been at the helm for 10 years.Ohlsson, who has worked at Ikea for 30 years, will take up the position on September 1. At present he is regional manager ...