Hello, dear reader,
Facebook continues its foray into retail by launching a new ad format, which has already attracted global giants such as Adidas and Tommy Hilfiger. Speaking of social media, have a look at our new RetailUpdate Facebook page, which has just been launched. Feel free to follow or like us, or both. Have a great weekend!
Latin America & Africa
Walmart bets on Chile
Despite slow economic growth, the US big-box retailer sees future potential and its Chilean unit will invest US$ 800 million in the country over the next years. The company plans to open 55 to 60 new supermarkets as well as a large distribution centre near Santiago and create more than 5,000 jobs.
Pick n Pay lowers price tag
The South African retailer is set to spend millions to reduce the cost of essential goods in celebration of its 50th birthday. The company says that it will cut prices of more than 1,300 items, including fruit, vegetables and meat, between 10 and 20%.
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Tesco excludes Heineken
Many of the Dutch brewers leading beer labels, among them Amstel, Sol and Kingfisher, have been removed from Tesco's shelves as the British supermarket major once again refuses to pay suppliers increased prices. Heineken has blamed higher production costs.
USA & Canada
Gamestop slims down
Hard hit by consumers increasingly passing up stores to download games digitally and a less-than-stellar holiday-shopping season, the US video game and consumer electronics retailer said it plans to close at least 150 of its 7,500 stores worldwide.
Lowe's simplifies search
The home improvement retailer is making it easier for shoppers to locate home improvement necessities in its stores and has introduced a retail application of indoor mapping, using augmented reality. The navigation app leverages Google's Tango technology.
Asia & South Pacific
Saigon Co.op announced that it will open nearly 600 new stores by the year's end. Around 500 of them will be convenience stores and located in Ho Chi Minh City and the southern provinces of the country.
Fonterra stays strong
The New Zealand-based dairy co-operative has posted a revenue increase of 5% to NZ$ 9.2 billion in the first half of its financial year and is optimistic for the second half, but warned that it still has to deal with the world milk price volatility.