The Australian grocery market is experiencing its biggest change in recent years as German discounter Aldi is eating away at the established grocers' market share. While US-retailer Hastings Entertainment is going out of business, European companies Les Mousquetaires, WHSmith, and Hobbs are all expanding abroad. Enjoy the read!
Asia & South Pacific
Baidu boss scraps plan Robin Li, CEO of Chinese search giant Baidu, has dropped his plan to buy out the shares of the company’s video-streaming service Qiyi.com in a US$ 2.8 billion bid following an objection of a major shareholder.
Aldi shakes Australian market The Australian Competition and Consumer Commission finds the German discounter to have caused the "biggest change" in the grocery market there in recent years as Aldi's share reaches about 10%. Data trends suggest a danger of deflation or a persistent fall in the general level of prices in Australia.
Expanding internationally The owner of Intermarché, French retail group Les Mousquetaires, plans to invest EUR 200 million to open 63 new stores in Portugal by 2020 +++ British bookseller and stationer WHSmith has opened its first store in Norway at Stavanger airport +++ Following a recent jump in profits, UK clothing retailer Hobbs is making plans to accelerate its US expansion.
Authorities decide Brussels has given the nod to the Spanish agricultural sector to rise the farm gate price of fruit and vegetables during situations of crisis. Farm gate prices for Spanish fruit and veg will rise by about 30% +++ European retailers have expressed their concern over the bill imposing a progressive levy on retailers in Poland. The parliament passed the bill late last Friday.
Out of business Creditors of the bankrupt sporting goods chain Sports Authority have filed for the case to be converted to Chapter 7, which would expedite store closings and have a trustee appointed to oversee the end +++ Retail chain Hastings Entertainment started going-out-of-business sales at all Hastings locations as it failed to find a buyer.