All International articles – Page 245
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AnalysisNew Wal-Mart chief Mike Duke: ‘This is our time’
Changing consumer habits create opportunities, new Wal-Mart chief Mike Duke believes – but the retailer can’t afford to be complacent. George MacDonald reports from the US
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Aggressive Ackman falls flat after failed Target coup
The latest boardroom battle that William Ackman, head of US hedge fund Pershing Square Capital Management, has waged has ended in tears – literally, according to US reports.
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Wal-Mart will not “accelerate” Marketside openings
Wal-Mart will not “accelerate” openings of Marketside, the store format developed in response to Tesco’s Fresh & Easy US chain.Wal-Mart Stores vice-chairman Eduardo Castro-Wright said: “The test we’ve had in Phoenix, we’re pleased with. Given the current economic conditions we are not accelerating the effort until we have better data ...
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X5 moots expansion into Ukraine
X5, the largest grocer in Russia, is considering expanding in Ukraine.Group chief executive Lev Khasis said X5 is looking at a “big” merger, which would lead to the issue of new shares. He said the initiative in the country is a “theoretical opportunity” and the retailer has not made any ...
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NewsArcandor files for bankruptcy protection
German retail group Arcandor has filed for bankruptcy protection after yesterday’s decision by the German government not to provide rescue funds. An administrator is expected to be appointed today.
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Lidl seeks sites in Romania
Discount chain Lidl is looking for store sites as it prepares to enter the Romanian market, according to local media.The German group wants plots ranging from between 43,000 and 86,000 sq ft in towns with 30,000 inhabitants or more. Lidl plans to open stores in Galati, Bistrita-Nasaud, Lasi, Medias and ...
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Shoprite and Pick ’n Pay welcome investigation
Africa’s two largest retailers – Shoprite and Pick ’n Pay – have said they have nothing to hide about their supplier relationships and would welcome an investigation by the Competition Commission.The National Agriculture Marketing Council is expected to recommend an investigation into retailers’ “dominating” role with South Africa’s food producers.Shoprite ...
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Fnac to launch second-hand selling section on website
Electricals giant Fnac is to sell second-hand products from a new section of its website. According to reports, the retailer expects the new channel to account for 15 per cent of all online sales within the next 18 months.Fnac, which is owned by PPR, will offer up to 2 million ...
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Luxury retailers struggle as sector’s immunity fails
The usually polished and aloof world of luxury retail has become an unusually tense and anxious place as some of its biggest names battle for survival.
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Jysk ramps up expansion plans for China
Danish furniture giant Jysk has ramped up its expansion plans for China, with plans for up to 10 stores next year – an increase on the four it had initially slated.The move will see it take on Ikea in the country, which aims to have nine stores in China by ...
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Praktiker chief exec expects German economy to pick up soon
Wolfgang Werner, chief executive of DIY chain Praktiker, has called the bottom of the market in Germany and said he expects the economy there to be picking up soon. Werner said sales had “distinctly stabilised” over April and May, meaning it has “largely” compensated for the sales decline in the ...
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Future of Arcandor remains unclear
The future of Karstadt owner Arcandor remains unclear after rival group Metro proposed that it acquire and merge Karstadt’s stores with its own Kaufhof fascia.But Arcandor chief executive Karl-Gerhard Eick remains confident of a state-backed solution after lobbying for a €650m (£564m) loan. Arcandor argues that Metro’s idea could cost ...
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Grupo Cortefiel appoints new chief executive
Fashion retailer Grupo Cortefiel has appointed Juan Carlos Escribano García-Bosque as its new chief executive.He replaces former chief Anselm Van den Auwelant, who will now take on a new role as non-executive president of the group.Van den Auwelant has driven the mid-market fashion group through an intense international expansion period ...
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Profits at Office Depot’s North American retail division decline
Operating profits at Office Depot’s North American retail division declined from $82m (£50m) to $81m ($49.4m) in the first quarter to March 28. Like-for-likes plummeted 17 per cent while total sales slumped 16 per cent to $1.4bn (£854.4m).The company, which includes a business solutions arm, reported a net loss of ...
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Target shareholders reject alternative director list
Shareholders in general merchandise retail powerhouse Target last week rejected an alternative list of directors put up by activist shareholder William Ackman.In a heated battle, Ackman, the head of Pershing Square Capital Management, sought to have his own roster of directors, including himself, replace the existing board to better compete ...
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NewsNew Look to revamp all shops as it steams into new markets
New Look is to revamp all of its stores after a successful trial, and move into new markets including Ukraine, Poland and Singapore.
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Toys R Us acquires the FAO Schwarz toy stores
The world’s largest toy specialist Toys R Us has acquired the FAO Schwarz toy stores for an undisclosed sum.FAO Schwarz, which first opened in 1862, describes itself as the oldest toy retailer in the US. Toys R Us will operate all three FAO Schwarz stores – two in New York ...
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Unexpected profit revealed by Sears
Department store group Sears posted an unexpected first-quarter profit after slashing advertising costs and payroll expenses.The retailer also extended a credit agreement to increase the amount available to $4.1bn (£2.6bn) until March 24, 2010, and $2.4bn (£1.5bn) from March 25, 2010, to June 2012.Net income in the three months to ...
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Foreign retailers welcome new Indian government
Last week India’s new government, with Manmohan Singh as prime minister, was sworn in in Delhi. Singh and the Congress Party won a decisive mandate with his pledge to tackle the impact of the global economic crisis and by ensuring growth for the country.
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Target experiences profit fall
General merchandise retailer Target experienced a profit fall from $602m to $522m (£379.4m to £329m) in the first quarter to May 2.Like-for-like sales in its retail arm deteriorated 3.2 per cent while total sales rose 0.4 per cent to $14.4bn (£9.08bn). It is the fifth consecutive quarter that Target’s sales ...