Latest Retail Insight, News, Information & Articles from all top sources for the Internet.

With the onset of the pandemic, consumers needed a contactless way to shop. Today, they are hopping across multiple channels, while shopping brands and retailers are compelled to ensure that they offer a consistent experience across all touchpoints. The pandemic has accelerated the need for an Omnichannel marketing strategy across all brands and retail businesses […] from Indiaretailing.com https://ift.tt/3bJh0p8 via IFTTT

Traders’ body CAIT on Sunday said it would launch a nation-wide agitation against issues related to the goods and services tax and alleged malpractices of foreign e-commerce firms. The day-long ‘Bharat Vyapar Bandh’, called by the Confederation of All India Traders (CAIT) on February 26, had evoked a lukewarm response. “The campaign will begin from March 5 and continue till April […] from Indiaretailing.com https://ift.tt/3e1JwoV via IFTTT

The 15th edition of RAI’s Retail Leadership Summit (RLS) 2021 was hosted online on the 24th, 25th & 26th of February 2021, enabling wider participation and audience. Witnessing stimulating exchange of ideas between retail industry stalwarts on the way forward for the Indian Retail Industry into the Next Normal. The Indian Retail industry was impacted greatly due to the pandemic and is […] from Indiaretailing.com https://ift.tt/37UMNlQ via IFTTT

Swedish furniture major IKEA, which has a range of over 1,000 products as part of its children’s range, is looking to scale up sourcing of toys from India for its operations in New Delhi, said a top company official. Besides, IKEA India is also aiming to have around 12 per cent of sales from kids’ range of products […] from Indiaretailing.com https://ift.tt/3bPIQAc via IFTTT

The pandemic has been a once-in-a-lifetime test of business continuity planning for retail businesses across the globe. Even when things have stabilised to an extent and economies are gradually opening up, the industry is being confronted by a hard question – what’s next? With little to no revenue in sight for months, the sector turned […] from Indiaretailing.com https://ift.tt/3bQdXvd via IFTTT

Essential retailers are being urged to sure up their COVID-19 safety measures and ensure they meet regulatory standards as the country looks to reopen begin reopening in April. Bureau Veritas, the UK’s leading testing, inspection, and certification organisation, has warned grocers, supermarkets and other essential retailers to assess and evaluate their COVID safety measures. It warned that with “supermarkets now offering a greater diversity of services – from in-store shopping to delivery and click and collect – ensuring the same level of compliance across the whole business could be challenging”. Bureau Veritas, which has been working with organisations throughout the pandemic to minimise risk, has urged retailers to “think outside the box” to ensure they meet high customer expectations. It cautioned that why retailers now had more work to do thanks to an 85 per cent rise in online shopping, customers’ expectations of cleanliness and safety was now higher than ever. “For supermar...

While almost everyone enjoys a chocolate egg during Easter, the plastic and cardboard packaging typically accounts for over a quarter of the total weight of the most popular Easter eggs on sale, according to Which?. As more retailers up their sustainability efforts, these are the ones that have so far pledged to reduce the amount of plastic used in their Easter egg packaging: Waitrose Last week Waitrose announced it would be halving the single-use plastic on all of its own-brand Easter eggs and confectionery. Thousands of the grocer’s own-brand Easter eggs will contain 44 per cent less plastic and 18 per cent less cardboard. Instead, the majority of the Easter egg packaging will now be made from recycled materials, including the Waitrose Squiggle Eggs and Milk Chocolate Hen with Speckled Eggs which are made from 80 per cent recycled content. Waitrose has pledged to make all packaging either widely recycled, reusable or home compostable by 2023 Aldi Aldi has committed to rem...

// M&S is offering 360 new jobs by way of work placements through the government’s Kickstarter scheme // M&S said it would deliver two cohorts of placements in April and June this year, with 180 people each // Kickstart provides funding to create new job placements for 16-24 year-olds who are on Universal Credit Marks & Spencer is offering 360 work placement jobs that provide training and skills in retail as part of a scheme to give 16-24-year-olds a step onto the career ladder. In partnership with The Prince’s Trust charity, M&S said it would deliver two cohorts of placements in April and June this year, with 180 people each. M&S said the scheme was in support of the UK Government’s Kickstart programme, which provides funding to create new job placements for 16-24 year-olds who are on Universal Credit and are at risk of long-term unemployment. READ MORE:  M&S CEO Steve Rowe warns of further job losses if business rates are not overhauled M...

// Debenhams to shut down all 15 Scottish stores, resulting in 647 job losses // However, in England it will reopen its stores briefly once lockdown restrictions are lifted // It’s the latest in Debenhams’ liquidation & wind-down process, which will eventually see all of its stores shut down for good Debenhams is to shut down all 15 of its stores in Scotland, resulting in almost 650 job losses, as administrators provide an update on the retailer’s liquidation and wind-down process. However, following the announcements of the plans for easing lockdown for non-essential retailers, the collapsed department store chain confirmed that it intends to re-open its stores in England, Wales and Northern Ireland “for a short period” to complete its stock liquidation process as soon as government restrictions allow. In England this is expected to be no earlier than April 12 based on the latest government guidance. READ MORE:  Debenhams empty units to remain on high streets for ...

This week The Very Group, parent company of online retailers Very and Littlewoods, donated 300 new laptops as part of educational bundles for 30 primary schools. The schools, located across Liverpool, Bolton and the East Midlands, each received 10 new laptops as part of a bundle that also includes two printers, books, Crayola bundles, data wifi spots and headphones. The donations were done in partnership with Coram Beanstalk, a charity that provides literary support to primary schools. The educational bundles were designed to help pupils and schools as they continue to educate amid the ongoing pandemic, as well as support their long-term development through reading. “Covid-19 has created unprecedented challenges for schools, teachers and pupils,” Very Group chief financial officer Ben Fletcher said. “We hope these resources can go some way to support children’s learning during this hugely difficult time, and, in the long-term, help their development through reading.” The schools...

// Chancellor Rishi Sunak to end Covid-19 business support loans in next week’s Budget // He will reveal a new UK state-guaranteed loan programme // The emergency coronavirus schemes have so far allowed businesses to borrow £73bn Rishi Sunak is reportedly planning on scrapping the government’s current Covid-19 business support loans in next week’s Budget. The Chancellor will use the Budget next week to reveal a new UK state-guaranteed loan programme as ministers scrap emergency coronavirus schemes, which have allowed businesses to borrow £73 billion, Financial Times reported. Businesses will have until the end of March to apply for loans under those programmes, including the bounce back loans. READ MORE: Rishi Sunak expected to extend furlough support until May Unions warn of jobs uncertainty amid lockdown exit roadmap Sunak will also use the Budget to extend a package of other Covid-19 support measures for business until June, including business rates and VAT relief,...

A whopping 93 per cent of the UK say they have shopped on Amazon at least once over the past 12 months, as the online giant solidifies its dominance during lockdown. According to a new research from ecommerce specialist Pattern, just seven in 100 UK citizens avoided Amazon all together over the last year. The UK’s successive national lockdowns were unsurprisingly a key factor in driving shoppers to Amazon’s vast marketplace, with 43 per cent of respondents stating closure of non-essential stores was the key reason behind them making a purchase. A further 40 per cent said they were now buying items online which they previously would have bought in store, with 39 per cent stating they were now buying more with Amazon as a result. READ MORE:   Amazon could soon be forced to collect your old phones and laptops for free Looking ahead throughout 2021, 39 per cent of shoppers said they expect to spend more online on non-food items, while 30 per cent said they expect to purchase more...

// John Lewis to provide funding to train 420 herders to safeguard future of the cashmere sector // The programme is run by the Sustainable Fibre Alliance (SFA) // The initiative will promote best practice in land management, animal welfare, fibre processing and supply chain transparency John Lewis has announced new funding for the training of 420 herders as part of a three-year sustainable cashmere programme. The retailer said the initiative will be launched in an effort to safeguard the future of the cashmere sector. The programme is run by the Sustainable Fibre Alliance (SFA) and will support the expansion of the Alliance’s new cashmere standard from Mongolia to the Inner Mongolia region of China. READ MORE: John Lewis fashion buying director Christine Kasoulis to exit Are we witnessing the end of retail empires? The initiative will promote best practice in land management, animal welfare, fibre processing and supply chain transparency to help secure the long-term v...

// Sainsbury’s & Argos shop staff to receive £9.50p/hr, while those in central London stores will receive £10.10p/hr // Sainsbury’s staff currently receive £9.30 an hour while Argos workers get £9 an hour // A 3% annual bonus will also be paid out to frontline staff, meaning a full-time worker will take home an extra £530 Sainsbury’s will increase salaries for staff at its supermarkets and Argos stores and pay a bonus to frontline workers – the third since the pandemic started, the retailer said. Sainsbury’s staff currently receive £9.30 an hour while Argos workers get £9 an hour, but from March this will rise to £9.50 per hour. Staff at central London stores will see their hourly pay rise to £10.10. READ MORE:  Sainsbury’s reveals new brand slogan to support sustainability Sainsbury’s criticised for raising prices to match Aldi’s Sainsbury’s to trial new in-store recycling system for flexible plastic A three per cent annual bonus will also be paid out to fron...

// 40% of small retailers still not clear on new rules for posting goods to the EU since the start of the year // 16% said they were not even aware of the new posting requirements, a report suggests Two out of five small businesses are not clear about new rules for posting goods to the EU since the start of the year, new research suggests. A survey of 500 small to medium sized enterprises (SMEs), many of which are retailers, found that one in six were not even aware of new EU posting requirements. Many of those questioned by the Post Office said they had experienced problems trying to post goods abroad since January 1. READ MORE:  NI protocol checks “could be overwhelmed when supermarket exemption ends” Ongoing post-Brexit delays prompts warning on stock shortages & price rises Retailers face “perfect storm” as Northern Ireland delivery disruption continues When posting outside the UK from England, Scotland or Wales, all goods or gifts must now have a customs de...

// Mytheresa sales rose over 30% to £247.1 million for the 6 months to December 31 // Gross profit increased over 30% to £119.1 million // Adjusted EBITDA soared over 89% to £28.3 million Mytheresa has recorded a sales rise of 30.4 per cent year on year to €285 million (£247.1 million) for the six months to December 31. The online retailer increased its gross profit by 31.1 per cent year on year to €137.3 million (£119.1 million). Adjusted EBITDA rose by 89.1 per cent year on year to €32.6 million (£28.3 million). READ MORE: Mytheresa raises £297m for New York IPO Its adjusted operating profit rose to €28.5 million (£24.7 million), a colossal 113.3 per cent rise on the previous year. Mytheresa has expanded its menswear collection and launched exclusive capsule collections and pre-launches with designers including Valentino, Moncler, Dolce & Gabbana, Loewe, Christian Louboutin and Max Mara. The retailer achieved a record number of first time buyers, totalling over 10...

// Sainsbury’s will replace its ‘Live Well for Less’ brand slogan with ‘Helping Everyone Eat Better’ // The new motto focuses on “how delicious food can also be healthy, sustainable and affordable” // Sainsbury’s is set to be the key supermarket partner of the COP26 climate summit Sainsbury’s is set to drop its ‘Live Well for Less’ brand slogan this spring and replace it with ‘Helping Everyone Eat Better’. The grocer’s new motto seeks to focus on “how delicious food can also be healthy, sustainable and affordable”. Sainsbury’s made the announcement at the same time as it said it would be the key supermarket partner of the COP26 climate summit – set to be held in Glasgow this November. READ MORE: Sainsbury’s criticised for raising prices to match Aldi’s Sainsbury’s to trial new in-store recycling system for flexible plastic The grocer has pledged to become carbon neutral by 2040 and cited research on how shifting customers away from red meat, dairy and high-fat food con...

// Farfetch posts full-year loss after tax of £1.65bn // Full year revenue increased by 64% year-on-year to £1.17bn // Revenue for the quarter ending December 31, 2020, rose by 41% year-on-year, to £387m Farfetch has reported a full-year loss after tax of $2.3 billion (£1.65 billion), despite a soar in its revenues and profits. Full year revenue at the online fashion retailer increased by 64 per cent year-on-year to $1.64 billion (£1.17 billion). Revenue for the quarter ending December 31, 2020, rose by 41 per cent year-on-year, to $540 million (£387 million). READ MORE: Farfetch swings to £402m loss in third quarter Alibaba and Richemont invest over £200m in Farfetch with focus on China Gross Merchandise Value (GMV) for 2020 exceeded $3 billion (£2 billion), up 49 per cent for the year. The retailer’s loss before tax included $2.1 billion non-cash impact of higher share price on items held at fair value and remeasurements. It made a loss after tax of $110 million (£...

// Pets At Home now expect underlying pre-tax profits to hit £85m as pandemic boost in pet ownership continues // This is ahead of previous guidance of £77m – itself an upgrade on previously announced forecasts // Pets At Home says Q4 was stronger than expected during the current lockdown measures Pets At Home has upgraded its profits guidance for the City for the fourth time since September, as the pandemic boost in pet ownership shows no sign of letting up. Bosses said they now expect underlying pre-tax profits to hit £85 million, ahead of previous guidance of £77 million – itself an upgrade on previously announced forecasts. The pet goods retailer said it made the call because trading during the fourth quarter of its current financial year – January to March – was stronger than expected during the new lockdown measures introduced at the start of 2021. READ MORE:  Pets at Home sales reach £302m in “challenging environment” Pets at Home in “strong position” for 2021 ...

// Boots to cut 300 jobs from its Nottinghamshire head office // The proposed cuts equate to about 10% of the head count of the head office in Beeston // No store or pharmacy roles will be impacted by the proposed job cuts Boots has revealed plans to axe 300 office jobs as it continues to grapple with “changed consumer behaviours forever” in the wake of the Covid-19 pandemic. The proposed job cuts will see health and beauty retailer lose about 10 per cent of its workforce at its Beeston head office in Nottinghamshire. The roles affected will range from various divisions and seniority levels. READ MORE:  Boots parent company hires former Starbucks exec as new CEO Walgreens Boots Alliance beats forecasts thanks to strong Boots trading Boots owner agrees £4.8bn sale of wholesale arm to focus on retail operations No store or pharmacy roles will be impacted by the proposed job cuts. The proposed restructure is part of Boots’ transformation strategy that features digit...

// Made.com hires advisors from JP Morgan, Morgan Stanley & Liberum to launch an IPO // It’s thought its London stock market listing could be worth up to £1bn // Made.com could still consider selling a stake or the outright sale of the business Made.com is closing in on a London stock market listing worth up to £1 billion after picking a trio of investment banks to advise on its flotation. The furniture retailer has seen sales spike over the past year as locked-down customers sought to freshen up their homes and repurpose rooms in order to work from home. It has now appointed JP Morgan, Morgan Stanley and Liberum to draw up plans for a potential initial public offering (IPO) later this year, in a move first reported by Sky News . READ MORE:  Made.com mulls stock market listing Made.com gives out share options to staff after “extremely strong” 2020 sales Big Interview: Philippe Chainieux, CEO, Made.com It is understood Made.com is most likely to push for a publ...

The pandemic has been a once-in-a-lifetime test of business continuity planning for retail businesses across the globe. Even when things have stabilised to an extent and economies are gradually opening up, the industry is being confronted by a hard question – what’s next? With little to no revenue in sight for months, the sector turned […] from Indiaretailing.com https://ift.tt/3dNcad3 via IFTTT

Deloitte India has unveiled the 2021 edition of the report ‘Know your consumer – What you see is what you get’ at Retail Leadership Summit (RLS) organized by Retail Association of India (RAI), highlighting key trends that will drive a new wave of growth strategy in the retail consumer industry. Adoption of digital technologies has […] from Indiaretailing.com https://ift.tt/3qR2CS5 via IFTTT

The South African economy is forecast to expand by 3.6 per cent this year, despite the Covid-19 pandemic. However, the figure is 0.1 per cent down from last month’s forecast, and 2.5 per cent in 2022, according to Focus Economics . The retail sector in Africa has been one of the biggest success stories of the past decade, driven initially by a consumer boom in a handful of high-growth economies, demographics and a growing middle class. While South African retailers have ridden this wave, last October the World Bank said the country was expected to see weak recovery in 2021.This is due to high unemployment figures at the hands of Covid-19, which could weigh on the country’s economic growth. In a 2019 Statista report , South Africa’s GDP was worth $350 billion (£251.4 billion). It was ranked as the second highest on the African continent – after Nigeria – with the retail sector representing about 14 per cent of the total GDP. South Africa’s GDP was ranked as the second highest in A...

Retailers could soon turn to cryptocurrencies to minimise costs as Mastercard and Visa prepare to hike up interchange fees fivefold. Card giant Mastercard announced in January that from October 15 2021 it will dramatically increase interchange fees for UK customers now that transactions with the EU are deemed “inter-regional”. Mastercard collects an interchange fee on behalf of banks every time a transaction is made using its cards, a small fee which is used to cover the costs of things like fraud prevention and systems maintenance to keep its card payment network running smoothly. Analysts are now suggesting that retailers could turn to cryptocurrencies to keep the costs of transaction fees to a minimum. READ MORE:   Mastercard to “hike up” fees fivefold for UK shoppers buying from EU While market-leading digital assets like Bitcoin and Ethereum have transaction fees similar or even higher than current interchange fees, many “altcoins” incur much cheaper costs for the merchan...

// Phase Eight MD Simon Pickering is set to leave the company this year // The fashion retailer promoted its head of buying Sally Piasecki to product director Phase Eight has announced that its managing director Simon Pickering will leave the business at the end of April. Pickering joined the fashion retailer as managing director in 2019 from rival brand Reiss, where he had served as chief digital officer since 2017. Prior to this, he held several director roles at House of Fraser, Fat Face and Arcadia Group. READ MORE: M&S signs deals with Phase Eight, Joules, Hobbs and Seasalt Phase Eight brand exec Judith Bremner exits after 18 years Meanwhile, Phase Eight has promoted its head of buying Sally Piasecki, to the role of product director. She will report directly into Phase Eight’s owner TFG London managing director Justin Hampshire, and will work alongside the existing senior team. “Against a backdrop of significant disruption and change, I am really proud of what...

// Councils should be given the power to repurpose commercial properties that have been vacant for at least 12 months, Labor proposes // Labor also calls for the reversal of rules that could allow shops to be sold off for conversion to housing without planning permission Councils should be given the power to take over the management of empty shops as part of a plan to revive ailing high streets, Labour is set to announce today. Local authorities should be given the power to repurpose commercial properties that have been vacant for at least 12 months to bring them back into use, shadow chancellor Anneliese Dodds will say. She will also use a speech today to call for the reversal of rules that could allow shops to be sold off for conversion to housing without planning permission. READ MORE: Planning applications for stores drop 22% as retailers focus on digital Plan for vacant shop-to-residential conversions “will not save our high streets” London vacancy rates at highest le...

// Asda launches consultations with 5000 staff amid major restructuring scheme & online transformation // The move could place around 3000 jobs at risk, mostly back office store workers // Also plans to create around 4500 separate jobs across the country in its online operations this year Asda has launched consultations with around 5000 staff over a major restructuring scheme that could put around 3000 back office store workers at risk. The Big 4 grocer said the restructuring was being driven by the “structural shift” towards online grocery shopping during the Covid-19 pandemic, and that redundancy would only be “the last option” for the roles up for consultation. Asda stressed it would try and move “as many colleagues as possible into alternative roles” within the business, with plans to create around 4500 separate jobs across the country in its online operations this year. READ MORE: Asda owners consider spinning off fashion label George Asda sales bolstered by dema...