Online growth through mobile devices slows August 27, 2015 ONLINE sales growth through smartphones and tablets came to a standstill in the second quarter , suggesting the boom in mobile growth may have peaked, new figures showed. The amount of sales through mobile devices stood at 42 per cent in the first three months of the year and stayed at that rate in the [...]
Westfield ramps up expansion with launch of $2.5bn projects August 27, 2015 AUSTRALIAN shopping centre owner Westfield is gearing up its expansion with plans to kick-off $2.5bn (£970m) of projects this year, including its £600m extension of Westfield London. The retail giant spun off its Australian and New Zealand operations into a separate business last year to focus on its growing international business. Westfield’s joint chief executives [...]
China’s stock market turmoil could spell bad news for London flotations August 26, 2015 When China sneezes, IPO-hungry investment bankers in London catch colds: it’s not quite as catchy as the original epithet, but it contains a distinct ring of truth. China’s stock market turmoil is unlikely to be a short-term phenomenon: the schizophrenic exhortations of Beijing to simultaneously beware of, and embrace, the ultimate expression of a [...]
Abercrombie share price surges as second quarter beats expectations August 26, 2015 Shares in struggling US fashion chain Abercrombie & Fitch surged more than 13 per cent in pre-market trading in New York, after the company reported better than expected earnings. Sales at the company, which also owns the teen-friendly Hollister brand, dipped eight per cent in the second quarter to $817.8m, but came in ahead of [...]
M Local selloff: Morrisons’ ill-fated attempt to build a convenience arm has become a lesson for the industry August 26, 2015 It was a cold day in February 2013 when Morrisons’ former chief executive Dalton Philips was faced with a tough decision. Film rental chain Blockbuster had just collapsed and Morrisons was one of several suitors circling a portfolio of 50 stores administrators had put up for sale. Read more: It's a deal – Morrisons [...]
Supermarket wars: Big Four in big trouble as Tesco, Asda and Morrisons register more declines August 25, 2015 Tesco is still struggling to shrug off competition from the discount supermarkets, as data released this morning reveals yet more declines. While consumer spend within the grocery sector rose 0.9 per cent for the 12 weeks to 16 August, at Tesco it dropped by the same proportion. The price of a comparable basket of [...]
Chinese economic slowdown: Devaluation and volatility should not put off Western retailers August 25, 2015 The surprise decision by the China's central bank to devalue its currency on three consecutive days has been linked to China’s state authorities’ attempts to boost its struggling economy. It is, however, unlikely to cause significant disruption to many Western retailers who are supplying in the region. The correction may have been a gesture to [...]
Former Marks & Spencer boss Lord Stuart Rose backs Select Property Group August 24, 2015 There is a new new retail club in town and it’s called Select Property Group. Former Marks & Spencer chairman Lord Stuart Rose has emerged as a surprise backer in the privately-owned developer, which operates a swathe of student housing and is about to launch its first block of serviced flats in Manchester. He has [...]
UK gambling firms bet on strong results – London Report August 23, 2015 UK SALES data and GDP estimates are due out this week, while on the corporate calendar several bookmakers are set to issue results, with both 888 Holdings and its takeover target Bwin.party due to report on Friday. Tomorrow, the British Bankers’ Association will release its latest mortgage approvals data, while on Wednesday, Nationwide will publish [...]
Competition heats up for Tesco’s Korea unit ahead of Monday deadline August 23, 2015 Competition for Tesco's South Korean unit Homeplus valued at about £4bn is heating up ahead of the deadline for final bids on Monday. Media reports suggest that private equity firms have formed three separate teams to bid for the supermarket's largest operation outside of the UK. Asia-based Affinity Equity Partners has allied with US private [...]