Hello and good day!
German retail chains are in demand. Yesterday we learned that CVC Capital is set to buy Douglas and today we read that Canadian retailer Hudson's Bay has made an indicative offer for Metro's department store chain Kaufhof. Read about this and what else has caught our eye in today's issue.
Asia & australia
Bunnings focuses on upsizing The Wesfarmers-owned hardware giant spends up to A$ 700 million on its store developments, which has shifted from smaller "home centres" to larger-format "warehouse" stores in response to changing consumer preferences.
C-star is China's most international retail show
The first edition C-star was a huge success. On a net exhibition space of 5000 square meters, C-star featured 162 exhibitors from 23 countries. Despite being held for the first time, 5721 visitors from 59 countries and regions came to visit the show, with 18% coming from overseas. This makes C-star China's most international retail trade show.
Join us next year for another exciting edition of C-star!
Alibaba opens in Russia The Chinese online retailer has opened an office in Russia to get closer to one of its strategic global markets. The company is already present in the country with its popular online store, AliExpress, which has a monthly customer base estimated at 15.6 million people.
Morrisons reports sales growth The British supermarket operator is the only one of the UK's “big four” to enjoy growth over the last three months. Sales rose 0.1% in the 12 weeks to 24 May, according to the latest grocery market share data from analysis firm Kantar Worldpanel.
AO World reports huge loss The British online domestic appliance retailer has reported a full-year pre-tax loss of GBP 2.9 million and says trading in the UK "remains challenging". The company's share price fell after the revelation.
usa & canada
Walmart plans more wage increases The American big box retailer has announced its intention to raise wages for more than 100,000 US-department managers and workers. The wage hikes go into effect next month. Only recently, Walmart said that it would raise minimum wages for 500,000 US employees.
New bosses for Toys 'R' Us and Ahold Former chief executive of Domino’s Pizza David A. Brandon will be the new chairman and CEO for toy retailer Toys ‘R’ Us +++ Ahold USA has named Paul Kneeland for its new ‘Fresh Formats’ division.
matters of debate
Tobacco giants ordered to pay billions British American Tobacco, Philip Morris International and Japan Tobacco have been ordered by a Canadian court to pay US 12.4 billion to smokers. All three tobacco firms say they plan to contest the decision. BAT shares have dropped almost 2%.
Sponsors welcome FIFA boss resignation Several of FIFA’s big corporate sponsors including Coca-Cola and Adidas say they welcome the resignation of Sepp Blatter. Law enforcement officials in the United States have confirmed that the FIFA-president was the focus of a federal corruption investigation.