Tuesday, 28 March 2017
Even giants have to deal with problems. Amazon's takeover bid for online retailer Suoq is in jeopardy after another bidder appeared on the stage. Back home, the e-commerce leader is also delaying the opening of its cashier-less convenience store due to technical complications. Read about the challenges and feel free to share the news.
Asia & Middle East
Bidding war in Middle East
Dubai's Emaar Malls, operator of glitzy shopping malls, has challenged Amazon , submitting an US$ 800 million bid to buy Souq.com, the largest online retailer in the Middle East. Only last week it was confirmed that the US e-commerce giant had agreed to buy the company.
UK supermarket chain Booths will soon be selling its products in the country via a joint venture with Hong Kong-listed retailer, Dairy Farm. Department store operator Marks & Spencer will launch its premium 'boutique' concept in Kuala Lumpur this month.
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More store closures
Discount chain 99p Stores has gone into administration, less than two years after it was bought by retailer Poundland. Around 60 shops are affected, the group blames previous management for failure of the ‘unprofitable’ outlets.
Challenges for Amazon
The online heavyweight is delaying launch of its cashier-less convenience store, Amazon Go, reportedly experiencing operational issues when more than 20 people are in the space at one time. On a brighter note, its drone delivery venture has been more successful, completing its first delivery in the US at an invite-only event.
Kraft Heinz streamlines
The food and beverage group said it will cut about 200 jobs, without specifying which areas will be affected. The company axed around 1,000 jobs last year, as part of its overall aim to reduce staff numbers by around 5,000 to reduce costs and streamline operations.
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Retailers cleared to sue
In a big win for retailers, the US Supreme Court has rejected attempts to revive a $7.25 billion credit card settlement. The decision effectively opens the doors for retailers to sue the credit card heavyweights for additional charges incurred in recent years.
Targeting fitness fans
415 million millennials, a booming middle class and a rapidly growing appetite for sportswear, China is a perfect mix for brands like Nike, Lululemon and Adidas. The latter plans to bolster its retail sales network to 12,000 outlets in China by 2020.
Trading with China is complex and its business character is different to other markets. Entering the Chinese market is all about diligence and vigilance. The New Zealand Herald informs about the possible pitfalls when dealing with China.