Hello, dear reader!
Although J.C. Penney reported a modest shrink in sales, it enjoyed its first annual profit since 2010 and is determined to get its house in order. Not so lucky are book chain Family Christian and electronics retailer HHGregg - both companies are calling it quits. Read these stories and a lot more in today's issue. Have a great start to the week.
USA & Canada
Growth strategies across Spain
German discounter Lidl has opened its first store in Las Palmas de Gran Canaria after an investment of EUR 6.2 million. Three more chains announced expansion plans in various Spanish regions, among them international retailer Spar, Spanish supermarket operator Condis and distribution chain Gadisa.
Fashion contender Morrisons
The British supermarket operator has launched its first women's clothing range, Nutmeg. The collection will be available in 50 selected stores and includes a variety of basic articles as well as dresses, coats, jackets and culottes.
Asia & Australia
JD.com goes offline
Following Alibaba and Amazon, China’s second largest e-commerce platform, JD.com, has opened three bricks-and mortar stores in central Beijing, offering a variety of items, including consumer electronics. In addition, the store showcases foreign brand cosmetics and healthcare products.
What to watch
No Brexit plans
Although the UK is close from leaving the EU, 68% of retailers have yet to start planning for Brexit. This is according to a new survey of 250 British retail decision-makers commissioned by Global-e, which comes to the conclusion that most are taking a wait-and-see approach.
Department store forecast
Analysts at Moody's see department store operators planning more cautiously for 2017 while re-evaluating how to compete in a rapidly changing retail environment. As the industry readjusts its infrastructure with demand, store rationalisation is accelerating, says the rating agency.