Toys 'R' Us goes out of business. Now it is official that the toy retailer will shut down stores in the US and in Britain. UK grocer Morrisons, German sportswear giant Adidas and Spain’s Inditex Group enjoyed solid profit jumps, and Walmart is ramping up its battle with Amazon.




Thursday, 15 March 2018





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Toys 'R' Us goes out of business. Now it is official that the toy retailer will shut down stores in the US and in Britain. UK grocer Morrisons, German sportswear giant Adidas and Spain’s Inditex Group enjoyed solid profit jumps, and Walmart is ramping up its battle with Amazon.

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US & Canada


Toy tragedy ▪ Toys ‘R’ Us Inc will shutter or sell its stores in the United States after failing to find a buyer, putting at risk about 30,000 jobs. For its operations in Asia and Central Europe the company will pursue a reorganization and sale process. The already announced administration of its UK business will continue.



Online grocery push ▪ Competition continues to ramp up in the digital grocery aisle as Walmart will expand its online delivery service to more than 40% households by year-end, which means it will be making deliveries from 800 stores in total. The announcement is seen as a sign that its food fight with Amazon is heating up.



Canadian debuts ▪ US confectionary chain Dylan's Candy Bar has opened its first store in the country at Toronto Airport and aims to launch more locations outside its homeland. Nova Scotia-based retailer Sobeys is seeking to become a dominant e-commerce provider in Canada with the help of its online partner Ocado.



Solid performances ▪ Department store chain Sears has announced it has made "progress" in 2017 after posting a smaller-than-anticipated loss in the holiday quarter, while upscale home retailer Williams-Sonoma reported robust sales growth in the same period and delivered a better-than-expected forecast for 2018.




Europe


Sourcing local pays off ▪ Morrisons has announced a double-digit jump in full-year profits. A surge in sales of British foods has helped UK's fourth-largest grocer fight off competition from the discounters. Sales of food from local suppliers had risen 50% in the past after signing deals with more than 200 farmers.



More profit jumps ▪ Spanish fashion house Inditex, owner of Zara, reported a 7% rise in its annual net profit and revealed that its online sales grew by 41%. German sportswear firm Adidas has also seen a double-digit growth across all regions, encouraging the brand to upgrade its profitability targets.




Asia & Australia


Eyeing foreign markets ▪ Adding Cambodia, Myanmar, Laos and the Philippines, Alibaba's payment service Alipay has doubled the number of countries accepting the system in Southeast Asia. Also keen on expanding overseas is Kikki.K. The Australian stationery brand has partnered to accelerate its growth across North America.



Staffless in Hong Kong ▪ Chinese online major JD.com plans to bring technologies such as unstaffed stores and drone delivery services to Hong Kong as it steps up its push into online commerce in the city. The company is also targeting fashion brands to connect with mainland buyers.




Africa


Battleground Kenya ▪ South African grocer Shoprite and French rival Carrefour are fiercely competing in Kenya as the middle class of the country and their disposable income is on the rise. The former plans to open in seven shopping malls in 2018 and the latter will expand its presence with the launch of a fifth store.