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

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In the UK, Morrisons follows Lidl’s lead and increases wages. In New Zealand, the countries largest listed retailer, The Warehouse, buys out its financial services joint partner. And over in the US, Costco plans expansion. All these stories and more are in today’s RetailUpdate — oh, and if you enjoy this edition, please share it. Have a great day!

asia & New Zealand
Samsung India reshuffles divisions   Hoping to emulate its success with smartphone sales, the electronics giant has restructured its consumer electronics and home appliances businesses into two geographical divisions. ▪
Warehouse buys out finance partner   As part of its goal to develop an in-house financial services business, New Zealand's largest listed retailer spent NZ$ 7.3 million to purchase Westpac Banking Corp's stake of its financial services joint venture +++ Meanwhile, struggling children’s clothing retailer Pumpkin Patch has been thrown a lifeline from its bank, which has extended facilities for the company until 2017. ▪
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Tag Heuer partners with   The Swiss luxury watchmaker has partnered with to open its first online store in China. The store will target China’s increasingly sophisticated online consumers and will feature cutting-edge designs across several price points. ▪
Sainsbury’s profits exceed expectations     As the price war rages between UK and German grocers, Britain’s third-largest supermarket company has announced that their full-year profit will "moderately" beat analysts' expectations of GBP 548. Click here (paywall)to find out what the analysts say. ▪
Nestle sees opportunities    Despite plunging oil prices and a devalued ruble, the world's largest food maker, believes Russia is one of the most promising markets to grow its coffee business. Nestle also plans to sell its Cailler premium brand worldwide, marking an entry into the global super-premium chocolate segment. ▪
Morrisons to increase wages   Following Lidl’s move to pay their staff more, Britain’s fourth-largest retail chain has pledged to do the same. Morrisons say they will increase their hourly rate.  Meanwhile, Lidl has revealed profits in Denmark (paywall) for three years straight. ▪
Target declares price wars   Leading up to the prime holiday season, the US retailer has announced a new price-match policy. Starting today, Target will match the prices of 29 major retailers — in stores and for online orders.   ▪
Costco profit exceeds expectations   Fourth-quarter earnings for the warehouse-club chain have exceeded analysts’ expectations, with net income rising 10%. Costco now plans to open 12 more clubs by the end of the year. ▪
Ebay appoints former Gap CEO   The e-commerce company has appointed former president and CEO of Gap, Paul Pressler, to their board. He will serve on the Audit Committee as well as the Corporate Governance and Nominating Committee. ▪
Spar opens in Lagos   The Dutch retail chain, which boasts the largest chain of supermarkets in Nigeria, has launched a new store at the Murtala Muhammed Airport 2 in Lagos. The store is designed to cater to passengers and employees working in and around the airport. ▪
OLX tightens security   In an effort to combat fraud, the Kenya-based online shopping platform OLX has announced a new verification system that will require users to provide some details for identification. The system will not, however, impede free access for buyers and sellers. ▪

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