Retail Update - powered by LebensmittelZeitung
Retail Update - powered by LebensmittelZeitung

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US retailer Target is selling its furnishing unit. British High Street chain Poundworld has been snapped up by an American buyout group and Australia's Metcash is considering to get rid of its automotive businesses. Read about these consolidation efforts and do not miss our exclusive article about Aldi's foray in to one of Europe's favourite holiday destinations. 

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asia & south pacific
Australian announcements    Woolworths has taken a 25% stake in beauty e-tailer Adore Beauty +++ Shopping centre operator Westfield, which saw its sales rise yesterday, intends to shift its head office overseas +++ Wholesaler Metcash is considering spinning off its automotive businesses +++ Nespresso will open its first ever pop-up boutiques at three Sydney locations this month. ▪
Sharp posts mega loss and cuts jobs    The Osaka-based consumer electronics maker reported a larger-than-expected net loss of US$ 2.3 billion for the year ended March 2015 and said it would cut about 10% of its global workforce, including 3,500 jobs in Japan. The lay-offs will not affect the operations in India. ▪
SAP names new MD in India   The German software firm appointed Deb Deep Sengupta as their new managing director for the Indian subcontinent. He will report to Adaire Fox-Martin, the president of SAP Asia Pacific and Japan. ▪
europe
Aldi challenges Lidl in Majorca   The German discount giant intends to power away on the Mediterranean holiday island in order to catch up with archrival Lidl who has already opened 14 outlets. Aldi wants to kick off with six stores next week. German Retail Blog has the story. ▪
Poundworld sells majority stake   The British High Street retailer has agreed to a GBP 150 million takeover by US private equity firm TPG. The deal follows Poundworld's controversial acquisition of 99p Stores. ▪
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Unite wants to talk job security   UK’s largest union has written to supermarket bosses asking for one-to-one meetings to "explore constructive avenues" for securing jobs”. Unite said it had written to Tesco, Asda, Morrisons , Sainsbury’s and more. ▪
usa & Canada
H&M pushes ahead in America   The Swedish fast-fashion retailer is looking to hire thousands of employees to support its rapid expansion in the US, which is its second largest market behind Germany. The company has just launched a national recruiting campaign and expects to open 400-plus US stores by end of 2015. ▪
Target sheds furnishing unit     America's second largest discount retailer is selling its Target Commercial Interiors subsidiary to Minneapolis-based Omni Workspace Company, commonly known as A&M Business Interior Services. ▪
Avon shares soar after hoax   Shares in the cosmetics company Avon rose by 20% after an apparently nonexistent firm offered to buy the company for almost three times its market value. The Securities and Exchange Commission (Paywall) reviews the dubious Avon bid. ▪
interesting reads
75 years of McDonald's    What started with one drive-in burger joint in California became an empire with 36,000 restaurants in more than 100 countries. McDonald's turns 75 this week, but the company is likely wishing it had more to celebrate.  ▪
Tycoons in Chinese business   China's successful entrepreneurs have created some of the world's biggest companies and amassed stunning fortunes, yet they are little known outside of China. Take a look at key figures in Chinese business. ▪

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